John Reese sent an e-mail to his subscribers, explaining his decision. Here are some quotes :
“I recently signed a ‘brokerage’ agreement with Sedo, one of the top domain name companies in the world, and they’re in the process of selling my income.com domain. They’ve listed it at $1MM but think they can sell it for more. We’ll see. I want to use the additional capital to build the game/apps company. ”
“And as many of my long-time customers and subscribers know, for over 2 years I’ve been “in motion” of following a lifelong dream… to be in the Video Game/Entertainment business. I’ve talked for years about making games and working on other ‘fun’ projects. It’s a much different business than an Internet publishing business, but I really enjoy it — even, though, the new company has been slow with generating revenue (we’re getting there, though.) That industry has really changed in the past few years.
You still need some capital to build a business there, but you no longer need $20MM to create a ‘console’ game for the Xbox, Playstation, etc.
Small indie developers are finding success with iPhone games and Facebook too.
I’d love to create the next “Angry Birds” or “Doodle Jump” but we’ll see.
For those that don’t know, the 99 cent game “Angry Birds” on the iPhone/iPod Touch has now generated over $10,000,000 in sales!
I think that includes their $4.99 version for the iPad too. But it’s amazing especially when the game has barely been out for one year. And they’re already talking about leveraging the game into possibly a cartoon and other merchandising opportunities. And that’s just ONE game idea. I have tons of them. ”