A BIRD in the hand may be worth two in the bush but an angry bird in the hands of a software developer can fetch considerably more.
In less than two years, Angry Birdshas become a global cultural phenomenon and the small Finnish company that created the computer game looks to have hit the jackpot.
Financial news service Bloomberg reports that Rovio Entertainment, which released the first version of Angry Birdsin December 2009, is about to get an investment from a major entertainment company which would value it at about $1.2 billion (€0.8 billion).
The game, which involves firing birds at pigs who have stolen their eggs, has been downloaded over 300 million times. Since releasing it for the iPhone, Rovio has added versions for Android and Nokia smartphones and for PCs.
The company has benefited from the explosion in popularity of "casual games" played online or on devices like the iPhone. Rovio has developed a profitable sideline in merchandise, from lunchboxes and slippers to toys, all carrying images of the birds. Twentieth Century Fox also paid Rovio to produce a game and products to promote its animated film Rio.
The Angry Birdsfranchise has proven particularly popular in China, and Rovio last month opened offices there. It predicts it will have downloaded 100 million copies of the game by the end of this year. It plans versions themed for the Chinese market, the first of which will be a "Moon Festival" episode in September, in time for the harvest festival celebrated across China.
Rovio has rejected similar offers from large institutional investors, according to sources interviewed by Bloomberg. Rovio may use any new funds to fuel its expansion.
The company plans to make an Angry Birdsmovie and open offices outside Finland. According to industry analysts the most likely investors in Rovio include game developers Electronic Arts and Zynga, and media giants News Corp and Walt Disney. In March, Rovio got $42 million from investors including Skype Technologies co-founder Niklas Zennström's Atomico and Facebook backer Accel Partners. – (Additional reporting, Bloomberg)
