Yuga Labs Agrees to Acquire Technology Innovator Roar Studios

Roar's passion for creating virtual, immersive social experiences brings talent and technology to Yuga that greatly complements Yuga's expansive vision for Otherside.

Roar Studios' Founder and CEO, Eric Reid, to join Yuga as the General Manager of Otherside.

MIAMI, July 31, 2023 /PRNewswire/ -- Yuga Labs, web3 leader and home of Bored Ape Yacht Club (BAYC), CryptoPunks, Meebits, 10KTF, and Otherside today announced it has agreed to acquire Roar Studios, a company at the convergence of gaming, social media, and the metaverse with deep technology and AI roots.

Roar Studios is the developer of ROAR, an immersive media experience where artists and fans connect, collaborate, and compete in real time from anywhere.

Developed by Roar's leading team of audio, game, and AI engineers, ROAR combines innovative proprietary technology with established MMO game and platform systems to produce an entirely new product category: an experiential, semi-autonomous music and entertainment world driven by individual content creators and community consensus.

As Yuga Labs develops Otherside – its ambitious, interoperable metaverse – the Roar team will contribute their innovative technology, specialized expertise, and leadership.

"Roar Studios has redefined what it means to experience media content in the metaverse," said Daniel Alegre, CEO of Yuga Labs. "Yuga's North Star is creating new ways for communities to connect and express themselves, and I am excited to welcome Roar's talented team to our Yuga family. Roar's dedication to creative content creation and social connections will accelerate our execution of our bold vision for Otherside and Yuga's ecosystem more broadly."

Roar Studios' Founder and CEO, Eric Reid, added, "Our team's mission is to empower players to create and be social in a community-driven, open media experience, so our work fundamentally aligns with Yuga's larger web3 metaverse strategy. When Daniel and Mike Seavers opened the door for us to contribute to Yuga's paradigm-shifting approach to content and immersive experiences, we jumped at the opportunity."

Following the acquisition, Reid will join Yuga as the General Manager of Otherside. He will be charged with evolving the vision and leading the development and production of the platform, together with the highly experienced Yuga executive team. Prior to Roar, Reid spent more than two decades building teams and creating and distributing film, television, and music content for audiences worldwide (including film franchises such as UNDERWORLD).

About Yuga Labs
Yuga Labs is a web3 company shaping the future through storytelling, experiences, and community. Guided by the belief that the potential of web3 can be realized when we start with imagination, not limitations, Yuga's initiatives aim to reinvent what real-world utility for NFTs look like and push the space forward as a whole. Since their launch in April 2021 with flagship collection Bored Ape Yacht Club, they've made headlines as one of the first companies to release IP licenses to their NFT holders, acquired and released rights to other top collections (CryptoPunks and Meebits), and made web3 history with record-breaking synchronized player participation in their newest initiative, Otherside. One of the most ambitious interactive metaverse projects to date, Otherside is built with the community, rebelling against traditional walled gardens in gaming spaces. In March 2022, Yuga Labs raised a $450M seed round at a $4B valuation.

SOURCE Yuga Labs