Elena Grigorian on My.Games: Strengths, Challenges, and Future
Let me start by throwing some impressive numbers your way. About 1500 people full-time in core locations. More than 50 games in the pipeline, at least 10 games per year at the latest stage of development. Present on PC, Mobile, and Console. Remote-friendly, with no layoffs in the last 2 years and not planning any. Looking to expand into new markets as well as into more growth points.
Yes, I am talking about My.Games.
Shifting gears from the numbers, 2023 marked a significant expansion for My.Games. They successfully opened new hubs in Armenia, Georgia, Abu Dhabi, and Serbia, adding to their existing headquarters in Amsterdam and the Cyprus office. I find their goal “to help all teams to work with confidence and joy” truly admirable.
In a recent interview with Venture Beat's Dean Takahashi, the newly appointed CEO, Elena Grigorian, revealed a remarkable milestone – a TENFOLD growth in business over the last six or seven years, from 2015 to 2022. Clearly, there's a lot to celebrate at My.Games.
Despite stepping into her role just a few months ago, Elena's journey with My.Games spans nearly a decade, transitioning from Chief Marketing Officer to Chief Strategy Officer. With over two decades of gaming industry experience, she brings a wealth of insights to the table.
We couldn't pass up the opportunity to sit down with Elena and discuss her new role, the company, and her perspective on industry trajectories. As you may know, on the Deconstructor of Fun podcast, we love to cover both personal and professional aspects. I'm confident you'll find it fascinating to dive into both My.Games' SWOT analysis and Elena's personal tips on handling the challenging initial months of being a CEO. And trust me, there's more to uncover.
So, what are you waiting for? Dive into the podcast now and join us on this insightful journey with My.Games and Elena Grigorian.
Navigating the CEO Onboarding
In her initial couple of months in the CEO position, Elena crafted a comprehensive strategy involving team empowerment, strategic alignment for the upcoming year, expanding the company's reach, effective time management, and fostering a supportive environment both professionally and personally.
“My primary goal for the first two months was definitely my team. Ensuring that our team has all the necessary resources to effectively do what they definitely best at, transform their passion, creativity, and professionalism into great immersive games”
Recognizing the challenge of juggling multiple priorities, Elena wisely decided to focus her efforts on what truly mattered. She understood that attempting to do everything at once could compromise the quality of her contributions. Concentrating on the most urgent tasks became the cornerstone of her approach.
On a personal note, Elena found it crucial to communicate openly with her family before embarking on this significant career move. Acknowledging the potential impact on her availability, she discussed with her family the likelihood of being less accessible, at least for the first three months. Having established this understanding in advance made the situation more manageable for everyone involved.
The SWOT analysis of My.Games
Elena mentions the huge business diversification aspect, considering it both a strength and a weakness of My.Games.
Elena provides a comprehensive look at My.Games through a SWOT analysis, highlighting the company's strengths, weaknesses, opportunities, and threats.
Strengths:
The Team. First and foremost, Elena underscores the backbone of My.Games—their highly skilled and diverse team.T his collective knowledge ensures that every facet of their projects benefits from a rich array of skills and insights.
Diversified Gaming Portfolio. The company's strength lies in a diversified gaming portfolio that spans various genres and platforms, including PC, console, and mobile. This diversity allows them to cater to a broad audience with a versatile and engaging product range.
Varied Business Models. My.Games engages in internal game development, licenses third-party games, and maintains an investment arm. This multi-faceted approach enriches their product lineup and revenue streams, enabling them to adapt to the ever-changing dynamics of the industry.
Weaknesses:
Wide Range of Teams and Products. Elena openly acknowledges that what makes My.Games strong can also pose challenges. The diverse range of teams and products, while adding versatility, brings complexity to the company's operations.
Coordination Challenges. Another aspect is the ongoing challenge of fostering unity. In a company with a substantial team operating on different production cycles, aligning everyone towards a common strategy becomes demanding. Working together to achieve a common direction is essential but not without its complexities.
Opportunities:
Cross-Platform Experience. There is an opportunity to leverage the wide experience across different platforms for marketing and development. For instance, the experience gained from PC gaming can be applied to enhance mobile game marketing, providing a unique advantage.
Broad Partnership Network. Over the years, My.Games has cultivated a broad partnership network. This network serves not only as an asset but also as a crucial opportunity to leverage expertise and backgrounds, contributing significantly to the company's growth journey.
Threats:
Changes in User Behaviour. Elena acknowledges that My.Games faces similar challenges to many other gaming companies worldwide—the shift of players' time from gaming to non-gaming apps. This is a notable threat for them as developers and publishers of mobile games, especially considering the evolving landscape of privacy restrictions.
Industry Competition. The escalating competition in the gaming market poses a significant threat. This challenge is universal, creating a concentrated and competitive environment that all gaming companies, including My.Games, must navigate strategically.
How do you see the industry evolve during the next two years?
Elena agrees that times are tough for the gaming industry right now.
Unlike previous economic hiccups that the industry sailed through, this time feels different. Which means there is a need to figure out how to tweak strategies to keep the gaming industry growing.
While games have always been the go-to affordable entertainment during rough patches, there is a shift happening. Elena attributes this change to the emergence of equally appealing but more affordable entertainment options such as music, video, and non-gaming applications. The time and downloads that once flowed seamlessly into the gaming sector are now diverted elsewhere.
What can we do to fix it?
We need to understand and adapt to this shift. We need to learn to effectively engage a mass, non-targeted audience - not only how to attract this audience but, more crucially, how to retain and monetize it. Blending gaming with other types of entertainment could help.
“If we as an industry have the ambitions to return to the two-digit growth rate path, we need to upgrade our approaches both in product development and marketing.”
Despite the current challenges, Elena expresses optimism about the gaming industry's ability to adapt and find a new path. While acknowledging the taxing nature of being at the epicenter of these changes, she believes it is also an inspiring time for the industry.
Mishka adds an insightful perspective, pointing out the importance of studying the onboarding processes of various apps and how they segment users early on. Understanding different user types can be crucial in navigating the evolving landscape of the gaming industry.
