KUALA LUMPUR, Malaysia, April 15, 2024 (GLOBE NEWSWIRE) -- VCI Global Limited (NASDAQ: VCIG) (VCI Global, VCIG, or the Company), a disruptive technology and IP aggregator and capital markets advisor based in Southeast Asia, announced the acquisition of two leading AI gamification brand engagement platforms on mobile from a UK-based games developer. The acquisition of the ENGAGE and Interact platforms opens up vast new monetization channels in brand marketing to VCIG, with global mobile advertising spending projected to hit $400 billion in 2024, with $136 billion (Martech) being spent on mobile games alone by 2025, and 65% of all US digital advertising spend directed towards mobile platforms (Oberlo). With opportunities across both Western and Asian markets alike, VCIG will sit at the center of global brand spend, bridging the digital and real-world consumer engagement and interactions.
Focused on data-driven customization of user and brand interaction, ENGAGE and Interact are creating a vast new digital engagement vertical in brand management with global reach across brands and retailers of all sizes. During its trial period ENGAGE generated over 1 million downloads and over 500,000 monetized retail footfall check-ins in the UK alone, building strong relationships with over 300 brands, including global companies such as Unilever (LON:ULVR), Warner Bros, Sky TV and Danone. With each consumer interaction event earning approximately $1.50, the opportunity to grow revenues is vast given its global application and targeted reach, and with most revenues being digital, the opportunity to deliver scalable high margin growth is enormous.
These platforms represent a paradigm shift in brand marketing, leveraging gamification, artificial intelligence (AI), and augmented reality (AR) to engage users and brands alike, driving retention, spending, and activations to maximize brand visibility on mobile devices globally. VCIG will license this technology to existing reward and loyalty platforms, global brands and large fan-based sports and music events, providing multiple opportunities to expand its reach to millions of consumers and thousands of brands and events and to integrate and enhance monetization of existing and future VCIG relationships and investments.
Following the recent acquisition of the Socializer Messenger, we are proud to announce VCI Global's successful acquisition of ENGAGE and Interact, further bolstering our technology venture portfolio in gamification. We anticipate that incubating these two platforms, and in time, spinning them off into Nasdaq listings will enrich our technological offerings and deliver material financial upside to VCIG, said Dato' Victor Hoo, Group Executive Chairman and Chief Executive Officer of VCI Global.
About VCI Global Limited
VCI Global is a diversified holding company. Through its subsidiaries, it focuses on consulting, fintech, AI, robotics, cybersecurity, and gamification. Based in Kuala Lumpur, Malaysia, our main operations are centered in Asia, with significant visibility across Asia Pacific, the United States, Europe, and the Middle East. VCIG primarily offers consulting services in capital markets, real estate, AI, and technology. In technology businesses, the company operates a proprietary financing platform that serves companies and individuals, as well as a secured messaging platform serving governments and organizations. We also invest, incubate, accelerate, and commercialize businesses and technologies in AI, robotics, and gamification.
For more information on the Company, please log on to https://v-capital.co/.
About Playstack Limited
Playstack is a leading UK games publisher and games technology business with offices in the UK, USA and Poland. Playstack has published over 30 titles including the highly successful Mortal Shell (LON:SHEL) and Balatro games, across all major games platforms including mobile and console.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements that are subject to various risks and uncertainties. Such statements include statements regarding the Company's ability to grow its business and other statements that are not historical facts, including statements which may be accompanied by the words intends, may, will, plans, expects, anticipates, projects, predicts, estimates, aims, believes, hopes, potential or similar words. Actual results could differ materially from those described in these forward-looking statements due to certain factors, including without limitation, the Company's ability to achieve profitable operations, customer acceptance of new products, the effects of the spread of Coronavirus (COVID-19) and future measures taken by authorities in the countries wherein the Company has supply chain partners, the demand for the Company's products and the Company's customers' economic condition, the impact of competitive products and pricing, successfully managing and, general economic conditions and other risk factors detailed in the Company's filings with the United States Securities and Exchange Commission (SEC). The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake any responsibility to update the forward-looking statements in this release, except in accordance with applicable law.
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