Today the formation of Music Video Games (MvG) was announced, a music-based game company focused on delivering interactive entertainment experiences for both casual gamers and music fans. MvG was founded by David Warhol, president of video game studio Realtime Associates, Inc., and Vincent Bitetti, a video game publishing executive and former CEO of TDK Mediactive, which was sold to Take Two Interactive (NASDAQ:TTWO) in 2004.
"MvG has been created with the goal of bringing fun and easily accessible music games to an audience that has largely remained unnoticed to this point," said Vincent Bitetti, CEO of MvG. "The music video game market and the online casual games market both continue to grow exponentially. MvG will provide games that will appeal to both demographics."
Mr. Bitetti will act as the company's CEO while Mr. Warhol will be the Chief Creative Officer. Acting as strategic advisors to the new company are music industry veteran Mark Goldstein, former Senior Vice President of Business and Legal Affairs at Warner Bros Records Inc. (NYSE:WMG), and interactive entertainment guru Tim Walsh, formerly the Senior Vice President of International Publishing, President of THQ Wireless, and a Corporate Officer at THQ (NASDAQ:THQI).
According to Pacific Crest Securities the online casual games business will grow to $725 million in 2008 from $375 million in 2006, with casual games becoming a primary industry growth driver for 2008 and beyond.