Sound of the Underground: Subway Surfers cash registers in overdrive

Kiloo earned profits of 122 million kroner in 2013, up from 22 million kroner the year before

April 29th, 2014 1:20 pm| by admin

The Danish games development company Kiloo has unveiled its financial results for 2013 which showed profits of 122 million kroner, up from 22 million kroner the year before.

Headquartered in Aarhus and run by the two brothers Jacob and Simon Møller Jensen, Kiloo’s success has been driven by the success it has enjoyed with its popular cell phone game Subway Surfers, which involves graffiti-spraying characters fleeing from the police and dodging oncoming trains.

The company has been evaluated to be worth at least one billion kroner by experts, including Audon Partners, which specialises in consulting in purchases, sales and fusions of companies.

“Value based on the future is difficult to predict in this market,” Frederik Aakard, a partner in Audon, told Børsen newspaper. “Customers can quickly turn their backs on the game and then income depends on the company having a new blockbuster in the pipeline. But if Kiloo can continue developing the company worth can be sky high.”

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Surfing to billions
Several sources told Børsen that they had no doubts that the brothers could easily sell Kiloo for over one billion kroner.

Subway Surfers is a free game and income is generated primarily from the millions of users that purchase upgrades and perks in order to complete missions.

The brothers have been rather media shy and said that they are not quite ready to open up and would rather focus on running their business.