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Changyou's Revenues Up 17% To $77.7M For Q2 2010

Chinese online games company Changyou, a subsidiary of Sohu, saw record high revenues in the second quarter of 2010, with MMOs generating $77.7M for the quarter ending June 30th -- a 17 percent year-over-year increase.
Chinese online games company Changyou, a subsidiary of Sohu, saw record high revenues in the second quarter of 2010, with its MMOs generating $77.7 million for the quarter ending June 30th -- a 17 percent year-over-year increase. That amount also represents an 8 percent growth in revenues compared to the previous quarter, and exceeded the high end of group guidance. Changyou predicts that its online gaming revenues for the third quarter of 2010 will continue to grow to $80-83 million. The firm's titles include free-to-play MMORPGS such as its flagship release Tian Long Ba Bu (known as Dragon Oath in North America) and Zhong Hua Ying Xiong. According to Changyou, the popularity of TLBB helped drive revenues for its game operations up to $75.6 million, an increase of 8 percent quarter-over-quarter and 16 percent year-over-year. It also attributed boosts in the company's Q2 2010 overseas licensing revenues of $2.1 million, a growth of 15 percent quarter-over-quarter and 29 percent year-over-year, to "increased momentum" of TLBB in countries such as Vietnam and Malaysia. The total number of registered accounts across all of Changyou's games jumped up 12 percent quarter-over-quarter and 42 percent year-over-year to 98.2 million, while the amount of active paying accounts for those titles grew 17 percent quarter-over-quarter and year-over-year to around 2.79 million. Changyou notes, though, that its average revenues per active paying account (ARPU) dropped 8 percent quarter-over-quarter and 1 percent year-over-year to RMB 184, or $24. The company says this is consistent with its "intention to have ARPU within a range that keeps the company's games affordable for the majority of Chinese game players." "The double-digit sequential increases in the user base of our games and the record financial results achieved in the second quarter reaffirms our confidence in the future of the online games industry in China and of our company," says Changyou's CEO Mr. Tao Wang, Changyou's chief executive officer. He adds, "We believe our current and past successes with expansion packs and our ongoing pursuit of creativity and quality in new game developments will help enhance our brand equity and deliver greater shareholder value over the long term."

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