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Analyst estimates Amalur IP worth $20 million, 38 Studios employees head to job fair
The value of 38 Studios' Amalur intellectual property is estimated to be in the range of $20 million. We asked Wedbush Securities analyst Michael Pachter for his valuation following confirmation of layoffs at the studio and coverage of 38 Studios employees flocking to Turbine's recruitment drive in Providence last night."Nobody is buying MMOs after Star Wars fizzled. I think value is low, probably $20 million or so," Pachter said. "There is just no demand for game assets right now, as THQ proved when it tried to sell the Warhammer MMO. I think [Electronic Arts] could step in, since they are the publisher, so you might see some alternative way to get 38 some bridge financing."Electronic Arts had been the publisher on the Big Huge Games developed Kingdoms of Amalur: Reckoning, but has yet to confirm it would publish 38 Studios' "Project Copernicus.""Nope – never been an announcement on that," Jeff Brown of EA corporate communications told Joystiq. "We don't have any new announcements to make regarding 38 Studios. We enjoyed working with Curt and his team on their first game, Kingdoms of Amalur: Reckoning. Like game fans all over the world, we look forward to what 38 Studios creates next."With reports out of Providence delivering an uncertain near future for the studio, it wouldn't be surprising if publishers tried to pick up the Amalur IP for pennies on the dollar. However, with documents showing that 38 Studios put up the IP as collateral against the $75 million loan, anybody trying to pick up the IP will be negotiating with the state of Rhode Island for control of Amalur.
RI governor confirms 38 Studios layoffs
Rhode Island Governor Lincoln Chafee has confirmed layoffs at 38 Studios. The governor made the statement this evening following a scheduled meeting of the Rhode Island Economic Development Corporation (RIEDC), where about as little happened to resolve 38 Studios' troubled situation as at last Wednesday's "emergency meeting."On Friday Gov. Chafee held a surprise press conference about 38 Studios, in which he said the government was done providing easy money for the developer, and gave "Project Copernicus" a launch window of June 2013.WPRI reporter Ted Nesi told Joystiq that Gov. Chafee confirmed the layoffs, but was ambiguous about whether employees at the studio were being paid.38 Studios continues to remain silent and has not made any official statement about anything since this whole mess started early last week. According to the AP, 38 Studios founder Curt Schilling brushed past reporters on his way out of the meeting this evening, saying there was "misinformation" he couldn't clear up in a sound bite.Not at all coincidental, Warner Bros. owned Boston-area MMO developer Turbine will hold a recruitment event at the Hotel Providence Tuesday night from 5-9PM. The studio currently has over 50 open positions.We continue to leave the line open if 38 Studios or any employees wish to share their side of what's going on at the developer.Update: Avalanche Studios, which opened up a studio in New York last year, will also hold a recruitment drive at the Westin Providence Hotel on Thursday, May 24, from 12-7PM.
Layoffs confirmed for 38 Studios, Rhode Island takes no action
If last week's Project Copernicus flythrough had been a hopeful note, the latest news out of 38 Studios is another downturn. Following a meeting today, the Rhode Island EDC board decided to take no action to help the ailing company at this time. Governor Lincoln Chafee said following the meeting that the financial situation of the studio remains unchanged from last week, but did note that the company has seen some layoffs and underwent unspecified internal shifts. Founder Curt Schilling did not directly respond to press inquiries, stating that he would answer questions when he is able to do so. He did, however, state that he was not taking further taxpayer money. Whether or not there will be a company there to take any money in the near future is still very much in doubt, however, and while Chafee has been a bit more diplomatic about aiding the studio, he has stressed that any assistance would be far on the conservative side.
New flythrough video previews Project Copernicus
In the wake of the Rhode Island governor's release announcement, all eyes are on 38 Studios and Project Copernicus. Up until now the title has been talked about only in hushed tones, but today we've gotten a little something more: a flythrough of some areas of the game, showing off what we can expect from the environments. And suddenly that announced release date seems just a touch more plausible because the environments certainly look gorgeous. Players of Kingdoms of Amalur: Reckoning will no doubt recognize some of the environmental looks if not the exact locations, but everyone can appreciate the design that's gone into each region. Of course, it's a long road between showing a pretty place and making a playable game, and 38 Studios is still struggling to keep its head above water. But the MMO the studio has promised seems a bit more plausible now, and hopefully there's a light at the end of this particular tunnel. [Thanks to all the tipsters who sent this in!]
First video of 38 Studios' 'Project Copernicus' MMO flies over Amalur
38 Studios released a "Project Copernicus" sizzle reel this afternoon, featuring locales in Amalur's MMO game world. The timing of this video is certainly interesting, since it comes on the same day that 38 Studios handed over an overdue check to the state of Rhode Island and its governor, Lincoln Chafee, announced "Project Copernicus" would launch in June 2013.
38 Studios' Project Copernicus to release in June 2013, says RI governor
It is not every day that a U.S. governor is the one to announce the launch window for an MMO, so savor the weirdness while you can: Rhode Island Governor Lincoln Chafee announced at a press conference that 38 Studios will be releasing code-name Project Copernicus next summer. "What I understand is Copernicus is June of '13," Chafee said. He also stated that he thought the financial deal was a "risky enterprise" from the start. 38 Studios Founder and Chairman Curt Schilling said on Facebook that rumors of his using the state funds to repay his personal investment in the company was "not true." In a separate post, Schilling attempted to set an optimistic tone: "We will find a way, and the strength, to endure." We have been following the financial turmoil that 38 Studios is in following its default on paying back Rhode Island for its $75 million loan. The studio and state are looking for options, but in the meanwhile, 38 Studios has been struggling to make payments by holding back employee paychecks and seeking additional capital from private investors.
38 Studios paying state back by not paying employees
If you're familiar with the phrase "robbing Peter to pay Paul," you'll understand the latest episode in the ongoing 38 Studios financial crisis. Except replace "Paul" with "the state of Rhode Island" and "Peter" with "the company's employees." Yes, in order to make the most recent payment to the state that sparked this whole crisis, the Rhode Island Economic Development Corporation has been informed that Curt Schilling's company is paying the state but not paying any of the company's employees. According to anonymous sources, all temporary employees and contractors have also been terminated. While this measure might help forestall immediate action, the company is still on the hook for a $75 million loan, and Rhode Island governor Lincoln Chafee has made it clear that the company is looking for more assistance from the state in order to remain viable. 38 Studios continues to make no public statements at this time. We'll no doubt have more on this story in the coming days as it continues to develop.
No relief in sight for 38 Studios after emergency meeting [Updated]
Generally, when your company defaults on a major loan, you might expect an emergency meeting about the loan and the company's future would produce some results. But apparently today's meeting between 38 Studios owner Curt Schilling and Rhode Island governor Lincoln Chafee resulted in... absolutely nothing. Specifically, Rhode Island's Economic Development Corporation will take no immediate action to prevent the studio from going under, with Chafee on record as asking, "How do we avoid throwing good money after bad?" It's a loaded question if you consider that the failure of 38 Studios would put the state's taxpayers on the hook for more than $112 million. Schilling has declined to elaborate on the company's state in interviews, and he has not made public how much more funding the company is seeking. It's bad news for the studio, bad news for the state, and bad news for any fans still looking forward to the possibility of Project Copernicus in the future. [Update: Joystiq reports that "it appears 38 Studios put up all present and future IP by the company as collateral," meaning that if the studio defaults, the state of Rhode Island will own all of its game assets. We've tucked some of the ensuing news coverage in the video behind the break.]
If 38 Studios goes under, Rhode Island taxpayers will be footing the bill [Updated]
Project Copernicus and Kingdoms of Amalur: Reckoning developer 38 Studios is in some hot water, but it looks like that may be the least of your worries if you're a Rhode Island resident. Rhode Island's WPRI reports that if the studio founders and can't pay back the bonds given to it by the state, then the onus of doing so will fall upon Rhode Island taxpayers. How much moolah are we talking about? Something to the tune of $112.6 million US. According to Joystiq, "If 38 Studios can't pay, the governor is required to ask the General Assembly to repay bondholders," which means that Rhode Island taxpayers will be responsible for footing the bill by 2020. For now, though, both the studio and the Rhode Island government are tight-lipped on the studio's future, and by association, the future of Project Copernicus, so we'll just have to wait and see how this plays out. [Update: Our sister site Joystiq reports that 38 Studios "missed its latest loan payment of $1.125 million to the state of Rhode Island on May 1, effectively defaulting [on] its $75 million loan." Rhode Island's Economic Development Corporation will hold an emergency meeting tomorrow morning to discuss the situation.]
38 Studios staffing up with MMO vets for Amalur
Now that Kingdoms of Amalur: Reckoning is out and available, 38 Studios may be in a position to return to its storied "Project Copernicus." A few recent hires at Curt Schilling's studio make it seem that way. 38 has picked up both John Blakely, who worked on DCUO and Everquest 2, and Mark Hanson, who was involved with the now-extinct Lego Universe Online. Blakely will serve as 38's senior VP of development, while Hanson will be senior VP of operations and business.Of course, both of those positions are fairly high up on the management chain, so they don't necessarily mean that 38 is right in the midst of Copernicus' main development just yet. But given that Kingdoms is out with solid sales numbers to back it up, it wouldn't be too surprising to see 38 Studios itching to get rolling on its MMO title set in the land we now know as Amalur.
Todd McFarlane says Project Copernicus is coming this year
Gamers got their first look at the Kingdoms of Amalur universe in Kingdoms of Amalur: Reckoning earlier this year, but we here at Massively are still anxiously awaiting more details on 38 Studios' MMO branch of the setting, Project Copernicus. Thankfully, it looks like we won't have to wait too much longer. In an interview with START, comic artist extraordinaire Todd McFarlane, who is providing art design for Copernicus, nonchalantly dropped news that the studio is aiming to release Project Copernicus "later in the year." He doesn't expound any further on when exactly we can expect to get our hands on the game, but with any luck we'll be getting some more details before long, so stay tuned folks. Oh, and the full interview is embedded past the cut in case you'd like to watch the full thing. The relevant quote hits at about the 11:50 mark, but the full interview is definitely worth a watch. [Thanks to John for the tip!]
The world (wide web) of Amalur grows as 38 Studios works on its MMO
With Kingdoms of Amalur: Reckoning just around the corner and Project Copernicus waiting in the wings, 38 Studios is fattening its golden website for the upcoming feast. The studio has expanded the site devoted to the world that both of these games inhabit, and those looking for hints and portents of the studio's upcoming MMO would do well to seek lore within its pages. Describing the website expansion as a "treasure trove" of new info, 38 Studios has added new landing pages, navigation features, and information about one of the game's races: the Gnomes. The Gnomes are described as "an enigmatic people. They bestow wondrous gifts of knowledge, medicine, and magic to befriend the other kingdoms, yet seldom reveal their plans or intentions to outsiders." It's interesting to note that the Gnomes are divided up into three casts, which does tempt the mind into thinking the word "classes." Kingdoms of Amalur: Reckoning is the single-player RPG that's meant to fill the role of a prologue -- in both real-world and in-game time -- to the much larger Copernicus MMO. [Thanks to Sketchit for the tip!]
The Perfect Ten: The upcoming contenders
While I'm on board the Star Wars: The Old Republic train (at least until SOE's Star Wars: The New Republic comes out in 2014 and forces SWTOR to shut down), I can certainly sympathize with the frustration that non-fans are feeling right about now. There are few things more annoying than not being into the latest craze -- or hating it outright -- and yet being unable to escape it. So I'm here to say to you today that, like World of Warcraft, SWTOR isn't the be-all, end-all of the MMO field. It's a part of it, but just one part, and there are many, many others in the works as we speak. Mama always told me never to put all your eggs in one basket anyway, so I'm spreading my eggcitement across many cyber-nests. This is the bone I'm throwing to all of you this week: a list of 10 Midichlorian-free MMOs that have me -- and should have you -- extremely buzzed about their development. In putting together this list, I realized that there are so many promising prospects that I divided them into two groups. This week I'm presenting the strongest contenders that should make it to launch with a solid product, while next time I'll list promising prospects that may be more of a long shot. I'm 47% confident that I will not forget your most-anticipated title.
38 Studios opens a website portal to Project Copernicus' world
While 38 Studios' top-secret Project Copernicus MMO lacks a proper title or most of its details, at least we can now visit the world that it and its single-player RPG brother, Kingdoms of Amalur: Reckoning, inhabits. The studio launched a pair of websites devoted to the game world and its first game today. Over on Amalur, 38 Studios has unleashed its loremasters to share with you the stories, features, histories, and settings of this fantasy landscape. And while Reckoning is just a prequel to the eventual MMO, its website contains quite a few lore snippets as well as a world map to pour over while you're planning your future conquests. As part of the twin projects, R.A. Salvatore has created over 10,000 years of fictional history for the world of Amalur, stretching from The Deep Gloam to the Age of Heroes. Reckoning takes place during the Age of Arcana, with Copernicus happening some time thereafter.
38 Studios is looking for a few good men -- and women, too, of course!
38 Studios has kept its Project Copernicus MMO under tight security for a while now; however, we do know that the studio has some big names in its pocket. Comic book giant Todd McFarlane, award-winning author R.A. Salvatore, and baseball great Curt Schilling have already added their talents to the roster. Even the government of the state of Rhode Island is excited about what this team is doing, given the guaranteed loans 38 Studios was offered if it moved to the state. Today, Lead Community Manager Charles Dane tweeted that the team is LFM. He posted, "38 Studios is looking for top tier talent. This is a great opportunity to join an awesome team!" A buzz over to the jobs page for the studio shows that it is looking for an abundance of people. QA, engineering, art, and even finance are on the list of departments needing minions. Who knows? Maybe you are the top-tier talent the studio is looking for.
38 Studios set to expand the world of Amalur into merchandising and a newsletter
Kingdoms of Amalur is a familiar name to gamers who are looking forward to Project Copernicus, the mysteriously code-named MMO under development by 38 Studios. If you're finding it hard to wait for more news on this project, 38 Studios has just the thing to distract you. The world of Amalur, created by R.A. Salvatore and Todd McFarlane, is going to begin showing up in the real world soon in the form of comics, toys, novels, and even a few more games. Not a surprise there, amirite? Speaking of other games set in Amalur, you'll see more from Reckoning soon. The single-player game is set to launch fall of 2011, and the game's online newsletter will launch in October. Will all of this activity surrounding Amalur include new information on Copernicus? It seems likely and it's fun to speculate, so here's hoping! [Thanks to everyone who sent this in!]
