IndyCar fans hoping to play the first officially licensed game based on the series for years will have to wait longer.
A financial update issued by the company today confirmed the decision had been taken as part of a range of cost-saving measures which also included the closure of a development studio in Australia.
Other motorsport series have recently split with with the publisher. Last month Motorsport Games sold its licence to America’s leading motorsport series NASCAR to iRacing, which previously owned the rights to IndyCar.
Yesterday the British Touring Car Championship, Britain’s leading domestic motorsport series, announced it had ended its relationship with Motorsport Games.
“This quarter has continued to be one of business transformation,” said Motorsport Games CEO Stephen Hood. “We have continued to reduce costs under the previously announced 2022 restructuring programme with the first signs of forward momentum starting to become apparent.
“This includes our recent announcement on the strategic sale of our NASCAR licence, which we believe improves the business outlook by reducing our financial commitments and allowing the company to focus its limited resources on near-term projects that are anticipated to come to market. We retain the ability to continue selling the NASCAR game back catalogue through to the end of 2024 ahead of an anticipated 2025 game by the new developer, which we believe will offer some revenue stability as we aim to bring new products to market, albeit with this revenue expected to decline over time.
“Additional cost-saving measures have included the recent closure of our Australian development studio, with corresponding global headcount reductions, and the suspension of the development of our previously planned IndyCar game, to decrease operating expenses whilst also removing projects that are underperforming or are unlikely to generate revenue.”
IndyCar has been approached for comment.
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