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Report
19 pages
Results: What's Next - Focus on Cash Flow
The company reported 2024 revenue of PLN 190.4 million, but incurred a net loss of PLN 175.3 million and an EBITDA of PLN 12.9 million due to project write-offs and revenue declines.
Management is pivoting away from VR development following the withdrawal of platform subsidies, shifting focus toward AAA and compact-AAA titles.
The organization is implementing a cost-reduction strategy that includes restructuring office space and realigning the workforce, which had grown to 756 employees by the end of 2024.
Game Development
Game Publishing
VR
+3
PCF Group
Report
1 pages
Zawarcie umowy produkcyjno-wydawniczej z Incuvo S.A.
PCF Group S.A. and Incuvo S.A. signed a production and publishing agreement on 13 December 2021 to adapt a title from the People Can Fly portfolio for virtual reality.
Incuvo S.A. is responsible for all code adjustments and technical adaptations required to meet the hardware specifications of all major VR platforms.
PCF Group S.A. will fully fund the VR production through milestone-based payments tied to specific development stages.
Game Development
Game Publishing
VR
+2
PCF Group
Report
1 pages
Current Report No. 24/2023: Signing of a Letter of Intent Regarding a Production Agreement
PCF Group S.A. has signed a non-binding Letter of Intent to develop a virtual-reality action/combat game codenamed “Dolphin” for a major U.S. entertainment company.
The project is structured as a work-for-hire agreement, with the publisher retaining intellectual property rights within contractual limits.
The estimated production budget for the title is between 16 million and 24 million USD.
Game Development
Mergers & Acquisitions
Investment
+4
PCF Group
Report
1 pages
Wyznaczenie daty premiery gry Bulletstorm VR
Bulletstorm VR (formerly codenamed "Thunder") is scheduled for official release on 14 December 2023.
The title will be available across three major VR platforms: META Oculus Store, Sony PlayStation Store, and Steam.
The release announcement was issued by the board of PCF Group S.A. on 22 August 2023.
Game Publishing
Game Development
VR
+4
PCF Group
Report
1 pages
Raport Bieżący nr 51/2023: Wstrzymanie Negocjacji Umowy Produkcyjnej
PCF Group S.A. has indefinitely suspended negotiations for a production agreement regarding the virtual-reality action game code-named “Dolphin.”
The project was terminated after the U.S.-based publisher notified PCF Group on 22 September 2023 that all work on the title would be halted permanently.
The partnership originated from a non-binding letter of intent signed between the two companies on 17 June 2023.
Game Development
Mergers & Acquisitions
VR
+2
PCF Group
Report
1 pages
Raport Bieżący Nr 56/2023: Przesunięcie Daty Premiery Gry Bulletstorm VR
The release date for Bulletstorm VR has been rescheduled from 14 December 2023 to 18 January 2024.
The decision to delay the launch was finalized by the board of PCF Group S.A. on 17 November 2023.
The postponement follows consultations between PCF Group S.A., the development team at Incuvo S.A., and internal publishing staff.
Game Development
Game Publishing
VR
+3
PCF Group
Report
1 pages
Current Report No. 7/2024: Settlement of Bulletstorm VR Production Costs and Termination of Production-Publishing Agreement
PCF Group S.A. has terminated its production-publishing agreement with Incuvo S.A. for Bulletstorm VR, effective January 19, 2024, following the game's poor commercial performance.
PCF Group has assumed full control over the title's ongoing commercialization and future development lifecycle.
Incuvo S.A. has forfeited all rights to future royalty payments generated by Bulletstorm VR sales as part of the contractual dissolution.
Game Development
Game Publishing
VR
+2
PCF Group
Report
2 pages
Raport Bieżący Nr 2/2025: Wycofanie się PCF Group S.A. z działalności wydawniczej gier VR
PCF Group S.A. is exiting the VR gaming publishing market to focus exclusively on AAA and compact-AAA titles for PC and consoles.
The strategic withdrawal is driven by a significant decline in investment from major VR platform holders, which the company deems to have reduced the segment's commercial viability.
Project Bison will be the final VR title published by the company, with a scheduled release in the fourth quarter of 2025.
Game Publishing
VR
Investment
PCF Group
Report
1 pages
Raport bieżący nr 41/2025: Wyznaczenie daty premiery gry „Tracked: Shoot to Survive”
PCF Group S.A. will release the game 'Tracked: Shoot to Survive' globally on November 13, 2025.
The title is developed exclusively for the Meta Quest 3 and Meta Quest 3S virtual reality hardware platforms.
The project was previously managed under the internal codename 'Bison' and has been in development since at least late 2023.
Game Publishing
Game Development
VR
+1
PCF Group
Report
231 pages
The State of Video Gaming: 2025
The video game industry is undergoing a structural correction characterized by a 12% decline in real-term content spending following the post-2021 plateau of previous growth engines.
Market polarization has intensified as AAA production budgets reach $500 million, causing revenue and engagement to concentrate within established franchises while crowding out new releases.
Chinese developers have significantly expanded their global footprint, increasing their share of non-domestic content spending from 0.5% to 12.5% over the last 13 years.
Market Analysis
Market Forecast
Global
+4
Epyllion
Jan 2026
Presentation
19 pages
People Can Fly Q4 2024 Financial Results Presentation
People Can Fly is exiting the virtual reality market following the release of Project Bison in late 2025, citing the cessation of platform subsidies as the primary driver.
The company reported a net loss of PLN 175.3 million for fiscal year 2024, driven by significant one-off write-offs for Projects Red and Bifrost and the impairment of its Incuvo subsidiary.
Annual revenue grew to PLN 190.4 million in 2024, up from PLN 150.1 million in 2023, bolstered by work-for-hire contributions from Project Maverick and Project Echo.
Market Analysis
Investment
Game Publishing
+1
PCF Group
Apr 2025
Report
15 pages
Interactive Entertainment: Global Market Sizing & Forecast 2025
The global interactive entertainment market is projected to reach $250.2 billion in 2025, marking a 4.6% year-over-year recovery.
Software publishing remains the dominant revenue driver at $196 billion, with mobile gaming leading the sector at $115.7 billion despite rising user acquisition costs.
The console hardware sector is in a significant downturn, evidenced by a 31% decline in revenue during 2024 as the current cycle concludes.
Market Analysis
Market Forecast
Mobile
+3
Aldora
Jan 2025
Report
15 pages
Interactive Entertainment 2025: Global Market Sizing and Forecast
The global interactive entertainment market is forecast to reach $250.2 billion in 2025, marking a 4.6% year-over-year recovery driven by software publishing and established intellectual property.
Mobile gaming remains the industry's primary revenue driver, generating $115.7 billion in 2025, while PC gaming leads in growth rate at 4.2%.
Console hardware revenue is projected to contract by 31% in 2024 as the current hardware cycle concludes, though this is partially mitigated by a 5% increase in accessory sales.
Market Analysis
Market Forecast
Mobile
+3
Aldora
Jan 2025
Report
29 pages
Gaming Industry Report: Q4 2022
The global gaming market reached $184.4 billion in 2022, a 2.3% year-over-year increase, with projections estimating growth to $283 billion by 2027.
Mobile gaming remains the primary revenue driver, accounting for 64% of total industry spend, or $116 billion in 2021.
Venture capital funding for the gaming sector contracted significantly in 2022, falling from $8.8 billion to $5.3 billion, with web3 gaming experiencing a global downturn and an 83% funding collapse in Latin America.
Market Analysis
Investment
Global
+2
Konvoy
Oct 2022
Report
44 pages
Newzoo Trend Report 2022: An Overview and Outlook of Virtual Reality
The global active VR hardware install base is projected to reach 46 million units by the end of 2024, representing a 42.0% compound annual growth rate since 2019.
Market growth is primarily driven by the transition to affordable standalone 6DoF devices, such as the Meta Quest and Pico 4, which have significantly lowered barriers to mainstream entry.
VR gaming shows strong user retention, with nearly 60% of gamers engaging with their headsets at least once a week.
Market Analysis
VR
Global
+1
Newzoo
Jan 2022
Report
44 pages
VR Games Market Report 2022
The global active VR hardware install base is projected to reach 46 million units by 2024, driven by a 42% compound annual growth rate.
Gaming is the primary driver of the VR ecosystem, with 72% of headset owners using devices for gaming and nearly 60% engaging with them on a weekly basis.
Standalone headsets, such as the Meta Quest 2, are the primary catalysts for market expansion by increasing accessibility compared to traditional PC-based hardware.
Market Analysis
VR
Global
+1
Newzoo
Jan 2022
Report
38 pages
Global Games Market Report 2021: The VR & Metaverse Edition
The global games market is projected to reach $175.8 billion in 2021, a 1.1% year-on-year decline caused by hardware shortages and AAA game delays.
Mobile gaming remains the industry's largest segment, generating $90.7 billion and accounting for 51% of total market revenue despite privacy-related marketing hurdles.
The industry is forecast to reach $218 billion in total revenue by 2024, driven by the long-term growth of the metaverse and social gaming hubs.
Market Analysis
Market Forecast
VR
+2
Newzoo
Jan 2021
Whitepaper
18 pages
Recommendations for Implementation of Virtual Reality Applications in Other Industries
The VR Best Practice Catalogue serves as a strategic tool for game developers to expand into new business sectors.
Implementing virtual reality applications is essential for stabilizing existing markets and capturing new ones.
The Baltic Sea Region (BSR) is positioned to become a high-potential actor within the global virtual reality industry.
VR
Europe
Market Analysis
+1
Baltic Game Industry
Nov 2020
Report
33 pages
State of the Game Industry 2020
The industry is experiencing a significant shift in revenue expectations, as most developers reject the standard 30% platform fee in favor of a 10-15% revenue split.
Workforce demographics remain stagnant, with 75% of professionals identifying as male and nearly 50% of studios lacking formal diversity or accessibility initiatives.
Labor concerns persist as workweeks exceeding 40 hours remain common, and while a majority of developers support unionization, there is widespread skepticism regarding its near-term feasibility.
Market Analysis
Employment
VR
+4
Game Developers Conference
Jan 2020
Report
14 pages
State of the Game Industry 2017
The HTC Vive has overtaken the Oculus Rift as the primary platform for VR/AR development, with 40% of developers planning to support it for their next project.
Despite 61% of developers not currently working in VR, 75% of the industry views immersive technology as a sustainable long-term business, with AR expected to dominate within 20 years.
For the first time in the survey's history, developer interest in Android (54%) has surpassed iOS (51%) as a primary mobile target.
Market Analysis
Esports
VR
+1
Game Developers Conference
Jan 2017
