Odobo forced to close over costs
Games developer and content marketplace Odobo is to cease operations due to unmanageable running costs.
Odobo launched in 2011 but will stop transacting from today (Tuesday), with its offices to close by June 10.
In a statement on its website, Odobo said that although it had set out to address “many of the challenges, costs and barriers associated with content production”, costs have got too high and it has been forced to close its doors.
“As our industry has evolved, it has become clear that marketplaces like ours require wider scale to survive in an increasingly complex and fragmented regulatory landscape,” Odobo said.
“We needed to recognise that the velocity with which the business was growing was outpaced by the costs associated with providing the services that Odobo offered.
“As a result, we have made the very difficult decision to close the business.
“Odobo will stop transacting on May 31, 2016 and close our offices by June 10, 2016.
“This decision was not taken lightly and we sincerely regret that it affects the partners and clients that have supported us.
“We are proud of what we have achieved together and are grateful to the investors, developers, operators and suppliers who have been part of our journey.”
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