Wojciech Gattner, Chief Product Strategy. My name is Maciej Zużałek. I'm the CEO of Ten Square. Okay, let's start as usually with the Q3 highlights. What we've seen in Q3 is improved performance over Q2. We've seen the growth of bookings across our old portfolios. All our games grew versus Q2. What we've seen with that growth of bookings, we've seen increase in profitability. EBITDA grew by 23%. The very fundamental thing for us is the recovery of performance and growth of both Fishing Clash and Hunting Clash and, actually, Hunting Clash has done quite significant step up.
Very good news behind this growth of the two titles is most of that growth is driven by a combination of product improvements and also, you know, good marketing. We'll talk about it a bit more. The third highlight of the quarter is we had a few products in the pipeline. The one produced by our Italian studio, Rortos, Wings of Heroes, in just first month from launch, has become the third largest product of TSG in terms of daily revenue. Early days. You know, it's good to have, you know, another significant portfolio asset in our gaming portfolio. All this is happening in quite unstable macroeconomic environment. We're seeing it. We think this environment will stay with us for a while.
You know, the things we are focusing on is to navigate through turbulent times.
Typically, let me invite you to the deep dive into the current performance of our two live and fully maintained titles, so Fishing Clash and Hunting Clash. Let's start with Fishing Clash. After seeing some downtrend in May, we went into a very stable bookings level of circa PLN 30 million monthly. It started in June. It was followed by increased marketing spent especially in July and August. Typically very good months for our outdoor games due to some seasonality we've seen also before. It has all led to a 5% increase in bookings in the third quarter when compared to second quarter of this year. It is followed with good performance of October, which also reported increase of 6% of month-on-month revenue and bookings.
The revenue increase was strictly connected to a good performance of the title, introducing new features, also more frequent introduction of content, so content drops that were coming to the game more and more often, and they were successful, like LiveOps, operations, et cetera. It also resulted in a highly increased user acquisition spend, especially as I said already in July and August. It had an immediate impact on our monthly average users number. That increased by 38% between the second quarter and the third quarter, while in the same time, the average bookings per user were decreased only by 24%. It was an instant influx of new installs. Actually, it was July and August.
These were our record months in terms of installs since January of this year. It was a big influx of new players. That's why we were able to increase our MAU more than keeping our ABPU stable. These results are good, and we are happy. We are following with increased marketing spend in October, and the plan is to continue as long as it brings profitability. Now we are focusing on increasing our margins. We believe that new features deliver increasing product with increased user base of these 2.5 million active users will be followed by an increase in our margin. Let's move to Hunting Clash.
Hunting Clash, we are also performance regarding bookings in the game that similarly to Fishing Clash achieved and kept increased levels starting from June and July. Similarly to Fishing Clash, we also started increasing our marketing spend for the title starting from June, July, August. The increase of bookings between the second and the third quarter of this year was 30%. It was due to new features, more frequent content drops. Very similarly to what was happening in Fishing Clash, we also saw similar results in Hunting Clash. Here, we decided to also increase the user acquisition spend, but you may see that the spend is not followed by the increase of MAU.
It's also because of the structure of the traffic we are buying and delivering to the title. We are focusing on strong tier one geos, which are slightly more expensive, but are also delivering an excellent value of our players. That's why we are also showing here that average bookings per users increased by 30% between the second and the third quarter. This is something to focus on a lot because it's been the highest ABPU we have achieved for the title. The plan is obviously to increase our marketing spend and similarly to Fishing Clash follow with increased margins, increased bookings for the title.
The current focus now is similarly to Fishing Clash, again, on continuous growth, game development, delivering new features and more and more frequent content drops for the title. Thank you.
Let me update you on the Rortos performance. As we can see on the chart, the performance of the studio is growing and despite all the headwinds like closing, you know, the Russian market, we are seeing the increased importance of the revenue stream from the Italian studio. Last month, we had a successful global launch of Wings of Heroes. The metrics that we had in the soft launch phase were confirmed during the global launch phase, which is very optimistic from our point of view. We began scaling this title with the marketing and I will tell you a little bit more shortly what are our upcoming opportunities and challenges for that title.
Also, we continue the work on Airline Commander and Real Flight Simulator. In Airline Commander, we are introducing right now long-awaited feature of LiveOps. Of course, there will be probably ups and downs because this is something very new to this genre, but we strongly believe it will have a very strong impact in the long term. Regarding Wings of Heroes, so last month we globally launched it. The first data kind of confirms that the LTV curve is looking very promising. It's above the curves of Fishing Clash and Hunting Clash during the first weeks of the global launch. The main challenge is here to get the proper scale. From one side, we can see like, the product is good.
The KPIs are solid and we have quality KPIs. On the other side, we know that there's a lot of work in front of us to scale this title, to increase the marketing budget, to improve the product with new features. The roadmap that we have for Wings of Heroes is for the next, at least 12 months' time. There are a few vital features that are needed to this game. That's why we are very optimistic and very happy with the launch, and we are very happy with the quality of the product. Our other productions, let me talk a little bit about Undead Clash.
Right now, we are testing the game on the U.S. market on a little bit bigger scale. We are trying different marketing and user acquisition efforts. We are targeting different type of players, and we are looking for the optimum combination between the cost per install and LTVs. It's still an early phase. The KPIs that we have so far are okay, but we believe that we can improve them much more. This is what we are doing right now during that phase, testing phase. The most important thing is, you know, to add missing features and missing content. Basically the team is working full steam right now. We expect to give you updates in upcoming months regarding the product.
Let me show you a short video clip taken from the game and the ad.
Unidentified virus outbreak turns people into beasts.
I hope you enjoyed it. Now let's get to our second title in the production phase, which is Fishing Masters. Fishing Masters is the third fishing game in our portfolio. Right now, we have the first external test. We are looking at the first KPIs from the real players. We are adjusting the roadmap towards those KPIs. So far, we are also pretty optimistic about the testing phase. The aim of this title is to reach a little bit more casual players. First, because we can see that there is a potential in that market and in that niche. Secondly, because we don't want to cannibalize our existing fishing portfolio games.
I believe that in few months' time, around February, March, we'll have a very big update, which will give us a very good guidance and clear vision on what are the next steps with this project. Sorry. Yes, we also have a movie for that title. Let us present a short clip. Thank you. Now let's get to the Gamesture portfolio and our production pipeline. Basically, the Social Wars IP is growing and the idea is that we want to add more products with the same Social Wars IP.
The idea is to scale the whole portfolio of Social Wars, first by product improvements and by adding more features to the existing titles. The second is also by adding a new team or new teams and adding more products with different teams for different players, but with mainly the same flavor of the games. So far, the KPIs are very good. We are happy with the KPIs, of course. The idea is to always improve them, and this is like the constant iterative process. We look forward to new additions of new games by Gamesture. We are looking for the improvements to the existing products.
We also are working on different scalability options like user acquisition channels and basically business as usual. Yes, we are working on many different dimensions to improve the portfolio and grow the business. Thank you.
Next.
Mm.
Now a few words about our consolidated figures. First of all, profit and loss. To sum up, our bookings increased by 11% quarter-over-quarter. It was mainly thanks to good performance of our core portfolio. In terms of user acquisition, we see higher costs in third quarter, but we treat it as a investment for next period, for next quarters. We hope to monetize our user base in upcoming months. SG&A, we see a decrease. It's mainly thanks to cost optimization, and we talked about it last quarter, so it's exactly this effect. As a result, our adjusted EBITDA increase resulted increase in amount of in percentage, 23% quarter-over-quarter.
Really nice result, uh, and we are happy, uh, how it looks, it looked like in the last, uh, last quarter. Uh, next slide, please. And portfolio diversification. Uh, we are still, uh, more and more diversified thanks to organic, I mean, Hunting Clash, but also thanks to in-inorganic initiatives, uh, Rortos portfolio, Wings of Heroes, uh, et cetera. And we hope that in upcoming, uh, quarters, we will be further diversified thanks to next titles. And in terms of geography, of course, we are still, uh, very strong in Western market, uh, America and Europe. And cash flow. Uh, significant cash flow from operating activities. Uh, every quarter, we generate cash. Uh, strong conversion ratio, uh, operating cash flow, uh, ratio amounting to ninety-one percent in, uh, third quarter. And, uh, we close, uh, this quarter with cash balance approximately, uh, PLN 130 million .
I think it's really nice cash position, which allows us to, you know, plan the future, invest in new titles, maybe in M&A.
Many more so, we want to see this product coming through just to validate that part of a hypothesis. On M&A front, I think we've made really, really nice progress over the last two years. We're seeing, you know, we've made two investments and they are performing well. That's good news. What I wanted to say here is obviously we're finishing a certain cycle of development and decisions we've taken two years on how to develop the company. What we're planning to do is to come to you in early 2023 and talk more about what are the longer term plans and strategy for TSG. On the current focus, it really remains unchanged. We really need to focus. It's a lot of changes.
We've been, you know, last nine months, we've been going down, we've been recovering, we've been struggling on user acquisition front. There's been a lot of changes in different parts of our business. It's one thing, the big lesson learned for us is we can really focus on what we can do and what's in our hands, and this is working with the product and finding new ways to find users for our games. This is something we'll be continuing doing throughout the next quarters. Market is highly uncertain. It's very, you know, it's changing every week, but we are trying to respond the best we can. On pipeline, we kind of, you know, Wings of Heroes, it's good result. It's early days.
There is a potential for the product, but there's also two other products that we need to deliver and test in the market, and that's going to hop-happen o-over the next three to four months. And that will help us to define the, uh, the way forward for TSG. The last bit is, uh, M&A is not just about buying companies. We're very focused on helping our colleagues to share the knowhow we have at TSG, developing our titles, and, uh, and that's something we're working very hard on. While not stopping looking at other, uh, at other opportunities, our M&A team is now on the search, meeting other companies. There are interesting targets out there, but we're not by no means in any rush to do it, the next acquisition.
This year, you will still have the chance to meet with the representatives of the company during Warsaw Stock Exchange Innovation Day on the second of December, and on the eighth of December in Prague during Wood & Company Winter Conference. The company will publish in early January 2023 its status update for fourth quarter to 2022.
I think to flight simulators. That's really good to have a further area for growing. We have two games to finish in the next months to test them with the market, and we'll be coming back in March with an update on, you know, how we want to develop the company going forward.
Let's move to the Q&A session. The first two questions came from Mr. Piotr Poniatowski. The first one regards tax paid in the third quarter 2022. Why is it that low?
Okay, I would say that it's not very good to only look at the one quarter because we calculate tax cumulatively. During this year, there was a lot of changes which reflected our tax position. Of course, we need to remember about at least our tax liability and tax assets, deferral tax assets and liabilities. They have a big impact on tax position in P&L, and we have higher impact of this position during this year than on the previous one. What's more, during this year, there were some changes introduced in tax law, which also had influenced our calculations. The biggest one was in B+R tax relief and the way of calculation of, it's called Nexus from IP Box. That's the reasons.
I think that the second question regarding the tax relates exactly to the answer already given. I will skip it, and let's move to the another one. Maximum amount of earn-out on Rortos could reach up to EBITDA during July 2021-December 2025. Could you explain on what depends the level value of earn-out? What Rortos EBITDA levels?
Well, it's EBITDA. More or less, it's just EBITDA of Rortos which will be paid as an earn-out, yeah.
Yeah, maybe I can add. There will be some mechanics, you know, this whole mechanism about how the earn-out is constructed. I think it's part of our know-how, how we agree on paying earn-out, so that's not something we'll share in public at this stage.
I think that's also the question for the next question, in what circumstances you will need to pay max amount of earn-out. The next question, the results of which games are taken into account when calculating earn-out Rortos? What part of the results of Wings of Heroes is subject to payment to the former owners of Rortos?
As earn-out is based on EBITDA levels, therefore all games are included in this calculation.
The next questions regards bonuses. Having in mind you will not reach assumed EBITDA targets for 2022, does it mean you are not planning to pay any bonuses for TSG staff in 2022?
We have different levels of remunerations and types of bonuses within the company. I think, you know, at the end of the year, we'll review the performance of the company and decide on, you know, how this is going to land. Part of it is performance-related. Part of it is related to individual tasks and we have quite advanced system around this. You know, it's very hard to answer in one sentence.
One more question regarding earn-out payments. Are they made annually or in full after the end of 2025?
First time they are made for 18 months. Starting the July 2021 to December 2022, and then it's made annually.
The next question regards Wings of Heroes. What are your thoughts on the risk of killing, scaling down Wings of Heroes in near future? Is it still substantial or it had significantly deteriorated post-launch?
So far we don't see any signs of deterioration of how the new cohorts behave or the smaller, let's say, amount of registrations. Of course, there is always a bigger number of registration initially as we got featured by both platforms, Android, iOS. So far, the performance of new cohorts is following the same path as the initial cohorts. Of course, we are monitoring how they will behave over the time. There is always this tendency that the, you know, the older cohorts, the worst performance of them is if we don't have any changes to the product.
That's why I wanted to emphasize that working with the game, with the data, improving the game is one of the most important things at this very moment. I believe, you know, we'll be working on the title for many months to come, yeah. So far we are very happy with the KPIs and that's why, well, we see very little chances of killing that project. Very little chances.
Thank you. The next question also regards Wings of Heroes. Some of the answers already were given, but there is one regarding user acquisition. I will read just the whole question. Wings of Heroes. Is the company satisfied with the achieved KPIs of this product? What is the LTV in this game? Does the company intend to further increase user acquisition expenditure and scale this product in the coming months?
Yes. Maybe I will jump to cover the user acquisition and marketing part. Yes, we are happy with early KPIs. Yes, we are into increasing the expenditure on both platforms. We will probably wait until January to increase more. Obviously, we are observing the cost of user acquisition. It is not only about CPI, but also about the LTV and the value of our players in the game. We are really happy, but we are still working on the depth of the game, its monetization. We are observing, we are happy, we are increasing. The plan is to definitely focus on that more in the future. We will have the third leg of user acquisition planned more for January and onward.
The next question regarding Wings of Heroes. What is the difference between Wings of Heroes and your core portfolio? Is Wings of Heroes dedicated for more hardcore players? Could that result in harder scaling or smaller potential user base?
I wouldn't say that the Wings of Heroes is a little bit more hardcore players. Actually, it has a specific niche, which is planes from Second World War, and it actually might be kind of a niche. However, the gameplay is very universal. The way the players control the planes is very casual. Yes? I wouldn't say that this game is only for the hardcore players. We are trying to accommodate all spectrum of the players that is out there. Of course, there will be some features which will be a little bit more for the hardcore players, but we also are planning adding the features like, for example, battle pass, which are very casual and very simple to understand and very engageable.
I will add a small portion of information coming from U.A. We don't see we are acquiring only hardcore players or any signs of being in this niche in the future. We see it both in different creatives we are testing, so we are able to deliver value and reach different groups of players. We are also seeing the cost of user acquisition, which is not showing that these players are super niche, super hardcore. We are pretty satisfied with that, and we see that we can serve with the title to many segments of players, including more casual players, as Wojciech just stated.
Maybe one more point to notice is if you look at the World War II theme, and this is where Wings of Heroes belong with a quite unique gameplay. You don't have a game like this set in this setting. There's quite a lot of big titles related to World War II operated in both AAA, but also in mobile segment. I think there's nothing to tell us it couldn't scale up.
The next question regards one more time earnout liability. It increased from forty-five point four million to fifty-one point nine million year over year, despite a strong increase in the discount rate. Is it due to the increase in the revenue forecast? What else?
Not really. It's not due to forecast update. It's mainly due to, I mean, the interest part and also balance sheet revaluation. That's the main reason.
The next question regards Gamesture Games. Can you tell us more about marketing campaigns in Gamesture Games? Do current products show signs appropriate KPIs to scale them?
Yes. Our cooperation with Gamesture regarding the marketing campaigns is here. Of course, they are running their marketing campaigns, but we are discussing, we are exchanging knowledge, we are sharing some KPIs, supporting each other. We are seeing that Gamesture is spending solid marketing budgets on three of the titles from their portfolio, so nothing changes here. Soon we will be probably ready to scale them. Our approach is similar to the one we always had in Ten Square Games. Smart growing, so we see a chance to increase, we increase. We wanna wait for a moment we do that. We experiment a lot. We exchange the knowledge from the other portfolio from Ten Square Games.
I think it's good to have a couple of titles that are live so we can exchange benchmarks. Yeah, we see signs that we may be into scaling the budgets smartly for Gamesture as well.
What is your strategy regarding marketing spend in November, December 2022?
As always, I don't wanna discuss future too much. You know, our approach is to scale smartly but also descale smartly. Our main goal is to search not only for volumes but also profitability and margin. That's what we are doing now, but I can say for sure that we are not planning to, I don't know, decrease significantly, drastically or increase drastically. We rather wanna keep the solid level of our marketing spend for all the titles into our portfolio, and we've seen that trend for a while already, and we would like to continue that. We haven't seen much increase of the marketing cost. We've seen, for example, in the market last year, and it's pretty common for all of our titles which are in different phase of development, of course.
Also, there are different rules connected to all of them, but I think we will be pretty solid when it comes to that. Obviously, the end of the year shows that there are some featurings. There is a support from platforms. Fishing Clash always is included in some collections. We may decide to decrease slightly because we will be getting traffic coming from organic channels. In general, we plan to keep our approach solid until something drastic happens, but we don't plan it.
Which title, Fishing Clash or Hunting Clash, is currently showing better opportunities for scaling up?
Basically, you know, just giving the age of the titles, in regards of, you know, percentage-wise, we believe, you know, the Hunting Clash has, you know, bigger chance of, you know, scaling up. However, the base of Fishing Clash is still very big, very nice. The ROI are very good. In terms of, you know, relative net revenue change, I would say they both have the same opportunities.
Yeah. I can add from marketing perspective that we've seen good performance of both titles. I wouldn't like to be forced to choose any of them. We are looking at them separately. On the other hand, we are comparing the numbers, the benchmarks, but we have slightly different policies regarding the both. We see a lot of space for scaling for both of the titles, definitely.
The question about Rortos. What was the Rortos EBITDA in the third quarter of 2022?
Well, we don't publish this amount in our financial statement, but to be honest, I just remember the number correctly. It's circa, I think it was PLN 1.5 million for nine months of this year, something like that.
The next two questions I will combine into one. They both regard Magical District. What criteria are taken into account on decision to kill Magical District? If you kill Magical District, should we expect total write-off of PLN 9.2 million, or you may use part of already built assets?
Okay. The decision to suspend the development of Magical District was related to kind of our discussion with the team what to prioritize, and we ended up with Fishing Masters being the priority for the team. That's how we arrived to the decision to suspend Magical District. The way the product was developed, it gives us a lot of opportunity to twist and change in the future if we wanted to. The decision on how we will come back or if we'll come back to this title is strictly related with the performance of Fishing Masters.
As we said, you know, in Q1 this year, we'll be reviewing Fishing Masters and then jointly with the team, we'll be discussing the possibility of development on Magical District and, you know, how we could and if we want to take it forward. We have optionality and, you know, commenting on the potential outcomes, I think everything is possible. We may end up with a full write-off, or we may decide to continue write off parts of it related to the part of the engine that we would use in the future.
Next question. Is the company considering planning to start work on Fishing Clash 2? If yes, when could this happen?
Well, if I may answer maybe. We have been planning for that since the launch of Fishing Clash one because we had a history of Let's Fish. The moment will come. I don't think this is now the moment to comment on, you know, what and when will happen with, you know, Fishing Clash two.
Next question regards Wings of Heroes. The game has been profitable in recent months. What are the reasons for relatively low marketing spend for Wings of Heroes recently? Do you plan to increase it soon?
We want to be smart with this title, so we decided to launch the title in the fourth quarter of the year, which basically hasn't happened to us for a while. We all know that the cost of user acquisition in the fourth quarter is relatively higher than the cost in the third quarter, for example. We decided to offer the budgets we believe can be spent super profitably. This is what we are trying to do now. We are trying to show the product is delivering great value, and we are looking for a space to increase our marketing spend. We could do that already today.
The part of our agreement with our partner also is to wait until January to move forward with marketing spend, to observe, to also work on bigger updates to the title. We are like an aligned team between marketing and product and also between Ten Square Games and Rortos, and we are planning to go for more soon. I would answer this question this way.
The next question, in which quarter do you expect to globally launch Undead Clash, and in which Fishing Masters?
Our expectations are to launch them as soon as possible and as soon as we feel like the titles are ready for the market. Yes, the initial plan was to global launch it soon. However, we can see like, you know, there is a lot of work needed, and I cannot predict right now the exact date. However, this is our policy. You know, we want to have the quality of the product and the KPIs that are optimistic. We have first to achieve them, and then we are globally launching the titles.
How many people currently work in the company? What level of employment will be optimal for company at the moment?
We are now at about 475 people in TSG holding company, and then there's about 100 people in Rortos and Gamesture. I think for what we see now as the opportunity and the task at hand, this is the team to carry on with it, but, you know, please remember our job is to kind of, you know, review and navigate all the time. We're looking at the resources required for today's development, potential future developments and all that. I think the current shape of the company is what we're looking at as a base.
What are the company's current expectations for the Chinese market? Does the company hope to improve the monetization of the Fishing Clash from this destination?
Yes, I think the most important regarding the Chinese market is that we are there already with Fishing Clash. Fishing Clash in China is not our major focus right now. It is a part of a bigger Fishing Clash global project. Every single change to Fishing Clash can be merged and is being merged with Fishing Clash China project with time. All the improvements we are focusing on right now on the global version of the game can and will be introduced to the Chinese version of the game. Obviously, yes, we are still into improving the monetization of Fishing Clash in China. I think we are just, you know, observing, waiting for a good moment, still discussing with the partner.
As I said, this is not the major focus we have right now regarding Fishing Clash. As I said, the most important part of all of that is that we are there already, so we will have more and more chances to improve Fishing Clash in China.
We are going back to Wings of Heroes. Are you going to scale up Wings of Heroes straightforward, or do you see some areas for product improvement to be done before scaling? Could we expect a marketing halt like in the case of Airline Commander?
Well, basically, we are following, you know, the smart growing policy with that title as well. The one component that we are missing with Wings of Heroes, you know, to go full steam with user acquisition is basically the data. Like, I mean, we have only a few months of data. We don't know how the LTV curves will shape in the upcoming months. This is, like, the biggest unknown in compared to our existing portfolio of titles, yeah. For Fishing Clash, Hunting Clash, we have lots of historic data, and we know how to predict the LTVs of the cohorts, and then we can adjust the most efficient way, the budget. Here, we have some risk in terms of, that's in terms of the predictability of the future.
That's why we are a little bit more cautious. However, it doesn't mean that we are not optimistic.
When do you think you may start to define Wings of Heroes as a growth game?
Basically, as I just said, the more data we have, the more we see how the cohorts behave, the more we see if the next cohorts will behave the same way as the first ones. If we see how the marketing costs are scaling, if we reach some peak level or where we cannot scale more with the existing, let's say, title, then we'll see, you know, what's the possibilities of the Wings of Heroes. So far, as I said, we are happy with the launch. We are happy with the first KPIs, and we are working hard on the product, and we are scaling the marketing as we also scaled our previous titles.
The potential of the title is still unknown. However, we are optimistic.
Okay. So how do you compare the addressable market for Wings of Heroes and Fishing Clash? Which round is bigger in terms of revenues?
It's also a very hard question to answer. When we launched Fishing Clash, the market of fishing games was around $2 million a month. If we would judge this, it would be the only indicator of how big is the market, then we exceeded that number more than 5-fold in our peak or at the moment. We can see, like, just looking at the market when there are no strong titles, there is a lot of missing information. As Maciej said before, Wings of Heroes, dog fighting game with World War II theme, there's no such a title like that already there, so we cannot actually measure the market in terms of, you know, how big it can potentially grow.
I believe just looking at the number of registrations that we have initially from the organic sources, we believe there might be a big market out there.
Yeah. I would like to add something here. When we started with Fishing Clash, we were marketing the game as a fishing game. We were going into the simulation niche. We were discussing the outdoor hobby game. We were discussing sports games. We are also those that are creating the environment for ourselves, and this is what we are doing for Wings of Heroes as well. We are trying to define the niche, and we are trying to expand it. We will continue doing that. We see the scale there, and we will definitely take the opportunity to go even beyond some, let's say, limits we may see right now.
During the presentation, there was a name of the game, Hero Legacy. Is it a new game that the company intends to introduce to the market?
Is-- So Hero Legacy is, uh, I don't want to say side project, uh, because it's a proper game, uh, done by Gamesture, um, and, under Gamesture structure, let's say. Uh, it's a project that, uh, that is being developed, uh, and we are looking at this project, uh, from different perspective as it's, uh, something that, uh, we don't want to evaluate, uh, from, um... We don't want to evaluate right now. Um, the KPIs of this pro-- of the, of the project are, let's say, okay. Uh, however, um, there is a lot of things that are needed to be done before we start, uh, evaluating this, uh, this project. It's, it's-- I don't want to say it's experimental project, but it's something, uh, that's something that... It's a game that it's not, uh, it's not comparable to, uh, existing mobile games in general.
Yeah. What I would add is very much outside of the core on what Gamesture is focusing. It's a very interesting option value for Gamesture, but also for us. It's nice to have a development like this, one of the reason we invested, but, you know, it will need a lot of time to develop and test. As Wojciech said, it's quite different and innovative for the market.
The next question, you didn't talk much about Fishing Clash China. What is the situation there?
I think I have partly answered this question. As I said, this is not the major focus for Fishing Clash right now, but it doesn't mean that we don't cooperate with our partner, with NetEase. We do. They spend marketing budgets on the game. We are delivering new quality players to the title. We are deploying new content, new features to the game. We are merging with the global version of the game. There are no highlights we could focus on right now. I would say we are waiting for more. We will be continuing when we have something more to say regarding that. I will just repeat what I said already. The most important part for us was to enter the market, and now we will have more and more chances to do something with that.
Once it happens, we will be sharing this information with you guys.
Yeah, maybe I will add to what we said, I think, during the last quarter's presentation. When you look at Fishing Clash China, this is the product that's been launched. It's an important strategic market, but it doesn't have as much impact as other things, we think, at the moment, looking at all the map of opportunities we have at TSG. You know, it's not going to have, in the short term, meaningful impact. You know, if you keep on asking, it's not happening for now, but we are not letting it go. We're focusing on this market. We're doing a lot of experimentations, working with the partner, and I will continue to do. If anything happens, comes out of it, we'll let you know anything meaningful.
The next question regards Rortos. Does the company has the chance for stronger improvement of financial results despite Wings of Heroes? The question regards Airline Commander and Real Flight Simulator.
As I said before during the presentation, the development of those two products is ongoing. Rortos is working on Real Flight Simulator. They have a robust, also robust roadmap for product improvements. There is a lot of, you know, community involved in that update roadmap. For example, recently, we added a possibility of adding to Real Flight Simulator community created airports, which was amazing thing because, you know, the whole community started to create that airports adding to that game. We can see, like, the community is very strong.
We believe that based just on that core players and loyal customers, the product is very stable and solid, and the constant improvements of that title will equal to the improvements in the revenue. From Airline Commander, as I also said, we added LiveOps to that title. This is the first week the players started playing that. We will be working a lot on iteration of those LiveOps. We want to see what's working, what's not working. There might be some up days, some down days, but overall, the production team, the product team is on full steam. More and more features will be added on in the upcoming months. After that, we will evaluate what's the potential of the product.
Should we continue investing those resources in the title or should we move the resources to other product? Also might be an option of helping Rortos with new product development.
The next question regards Undead Clash. When do you plan the global launch?
As I said before, you know, the plan was to do it as usual, as soon as possible. This is also our goal. However, as soon as possible, the possible means like when the product is ready. In the perfect world, it would be Q1 2023, in this very moment. However, I know that there's always some delays in the dates. We had that also in the past. This is the nature of the business, and we cannot predict how the KPIs will behave. We have some expectations what is gonna move the needle. However, we only will know it when the new updates will come.
The last question we received regards the interest from foreign investors. Has it increased lately? We can observe from the agenda for the conference in Prague that there is some new interest from foreign investors, and we will try to match the expectations of the investors. Thank you.
Okay. Since there's no more questions, thank you very much. We're going back to work, and we'll see you in 2023 to report on the full-year outcome and the outlook for strategy development of TSG. Thank you very much.
Thank you.
Thank you.