BAG Entertainment Co., Ltd. announced that they recently concluded the Memorandum of Understanding (MOU) with Bungalo Interactive Inc. at COEX in Samsung-dong, southern Seoul. The two companies have merged and are now sharing strategies to enter the global market in developing and publishing SNG games for Facebook.
James Ryu / Sean Lee, CEO of BAG Entertainment Co., Ltd. shared his vision to develop a competitive and high quality SNG within the global market. He also said that he will use this opportunity to show the strength of the Korean Game Developing enterprise.
Erik Stroman, CEO of Bungalo Interactive was introduced and made a speech on “How to Succeed from Facebook with SNG?”. His speech revealed that Bungalo has secured around 10 Million Dollars in funds to support their partner BAG
Entertainment Co., Ltd. in developing and publishing games which are planned for 2011. With stable funds and a pool of professionals with extensive experience in game marketing will lead to global success for both Bungalo Interactive and BAG Entertainment Co., Ltd.
James/ Sean have revealed that the “MMORPG Web Game Carian” developed by Jay Soft is planned to be launched in October. Other games developed by BAG Entertainment like “Driven” a Racing Game and “Mongni Land” an RTS are lined up to launch at the latter part of 2011 and the first half of 2012. He also claimed 6-10 games will be launched per year, an opportunity he wanted to share with other web-game developers.
Bungalo Interactive Inc. and BAG Entertainment Co., Ltd. signed a 10 year publishing and sourcing management contract and concluded the merger in this event. With this contract, BAG Entertainment Co., Ltd. will develop and publish 6-10 games a year and Bungalo Interactive will support the launch of these games by giving out 10 Million Dollars in marketing funds.
Bungalo Interactive Inc.’s parent company Bungalo Records Inc. holds an exclusive contract to provide records for Universal Records for the past decade and is one of the top 10 Record Company within Universal Records. Bugalo Interactive Inc. scouted famous game publishers and marketers including Erik Stroman to open a new market of SNGs with bases of Facebook (SNS). From this contract, Bungalo Interactive will spend more than 2 Million Dollars a year for marketing purposes on each game published and developed by BAG Entertainment Co., Ltd.