We've been like, you know, the entire industry. We've been struggling post privacy changes on Apple, and we are looking into new channels and new ways of promoting our products. That's what we've been very much focused and we continue to be focused on in the coming months. The, the right box, the fourth point of focus is the portfolio that we have that relates to new games. We have new games where we're working intensively across all our portfolio from Fishing Clash all the way to Wings of Heroes. We are also at the late stage of development of Undead Clash and Fishing Masters, and the teams are focused on working across all of these products. The one thing we've been dealing with is the overall macroeconomic uncertainty.
We've seen that impacting our business as well. We've been talking about it throughout 2022. And we've seen some impacts on our portfolio. We'll talk a little bit about that in a moment. Okay. On Fishing Clash, I think that's the game that had a slightly weaker performance in Q4. I think it's more important for everyone to think about what happened in Q1 of this year. We've seen a weaker start to the year. We observing what we call internally a new year's resolution syndrome within our players. We see players being in the game but spending less in the game. We think that's also related partially to the overall macro environment.
Slightly on the better news side is we've seen recovery in March from, you know, the down in February, that's good news for us. You know, we are working very much on improving the product. There's a lot of new efforts that are going into bringing more interesting content to the Fishing Clash users. In the next few months, we'll be releasing that content and testing if this is improving the parameters of the game. On the user acquisition side, we've run in Q3, and in Q2, we've tried to increase the budgets for user acquisition quite successfully.
With the current market environment, what we've been seeing in Q4, especially, you know, December and throughout January, February and March, is, you know, our ability to invest into user acquisition is closely related to the expected performance of acquired cohorts and users. We have a long history of investing in that product. The decisions we've taken recently is to optimize marketing to the level of profitability that we expect. What you see, the result of it is lower user acquisition spend. As I said, on the previous slide, we are working on new channels and deepening the current channels and bringing improvements to user acquisition operations. That's something that's going to be our main focus.
The one point to mention is Fishing Clash distribution in China. This is now discontinued or is being discontinued due to reorganization. NetEase, our partner in China, our main distributor, and there's only one way the license was with NetEase. Their decision is to discontinue large part of their portfolio, and that includes Fishing Clash. What it means for us is it wasn't a big impact on our operation, but that means we are not operating the game very soon in China. That's it for now. If we have any further news, we'll inform the market. Hunting Clash, I think, you know, very important, we had stable bookings in Q4 2022.
We, you know, the team there is working, on the game, on bringing improvements, on making changes to the game. There's lots of very good ideas about the game and also, you know, how we can operate the game. What you saw in Q1, especially in February, we've run some tests across the game, and what it allow us to do is to achieve the best ever results in February 2023. That gives us a lot of insight into how we should build the game and operate. We'll keep on investing in Hunting Clash, make changes to the game and try to grow it going forward.
The user acquisition was a little bit easier on Hunting Clash and but we're also very closely looking at how much we can invest into promotion and user acquisition of that product. Regarding the RORTOS performance, in Q4, we saw increase of 29% over the previous quarter. It marked the highest booking quarter in the RORTOS history. It's also worth noting that since the acquisition, the RORTOS revenues increased twice. One of the main drivers of those increases is, of course, the successful launch of Wings of Heroes in Q4, and also continuous improvement in Real Flight Simulator.
Regarding the Wings of Heroes, right now the focus is on adding more content, adding more monetization features, adding the social features and more competition features. We believe that the product is in a very early stage of the development, and there is still a lot of things to be done. In the meantime, the RORTOS team is also working on Airline Commander and Real Flight Simulator as usual.
If we look at our RORTOS strategy and the niche that is occupying, we can see like the revenues and the share are growing within that market. Hopefully, as we did it with Hunting Clash, we'll be able to grow that flight simulator portfolio and other aircraft titles will be able to grow and grow in market share and grow in revenue as well. If we compare the data that we gathered from the first few months of the life of Wings of Heroes, we can see like our main engagement KPIs are above above our core titles, which is Fishing Clash and Hunting Clash.
If we look at the revenue per user, we can see like there is a very nice uptick especially in the first initial days of the player journey. What we see that in the later we go, the LTV curves are a little bit flattening in comparison to our core Clash titles. Therefore, we decided to scale up the team. We scale up the team by 35%. We added a few key people that were working during the Fishing Clash development and Hunting Clash development, and that has huge e-experience with deep meta and social features, and also with running the game with the Liveops.
Right now our main challenge is to improve the title, improve the long-term LTVs, and that will allow us to scale up the marketing expenses. Right now the title is on marketing ROI positive, we saw a small decline in marketing spends due to the performance of some of the marketing campaigns. That's why we will be working on the product. We'll improve the product a lot over the next, I believe, 18 months' time. However, the first improvements can be seen in upcoming months. Therefore we'll be able to increase our marketing spend and also grow the revenues from that title.
Regarding our current new products, new productions, in Undead Clash, as you know, we had a writedown of some part of the development cost due to the pivot that we are right now doing with that title. The first marketing test of the game resulted in the KPIs below our expectations. The marketing conditions were a little bit tough in that segment. However, with a new pivot that we are addressing, we have high hopes of also targeting to have a different marketing costs for user, per user and also improve the core engagement KPIs. Right now that pivot is in a very late development stage, and we are expecting to run the first test in upcoming weeks.
We'll inform you about any further data that we'll gather from those tests. Regarding Fishing Masters, this is the, you know, another fishing game, but with very much more casual audience. It has a lot of idle RPG elements in that. It's a little bit different than our core Clash titles. On October, we had the first release where we saw the promising KPIs. In February, we saw a major update that improved those KPIs. However, we are still looking to improve two KPIs that are very important for a game success. We are constantly monitoring those numbers. The soft launch of the title is planned for still for the first half of 2023.
The other project, Magical District, we had a writedown of PLN 9 million, and the team is right now focusing only on Fishing Masters and deliver it, and delivering the best product possible. Now moving to Gamesture, the studio in which we've invested last year, increased our engagement as well throughout last 6 months. That company has grown in last 12 months about 2.5 times its revenue, that is thanks to development of their portfolio. When we're looking at the business, it had 1 game, now operates 3 games successfully.
We think that the core portfolio, which is Slash & Roll and The Gang, these are the two games that we call or Gamesture calls them the social wars. That's a very interesting genre for us and Gamesture is looking into developing more of these games in the coming months. The major focus for the company is to scale up the marketing and increase the reach of the games, and that's an ongoing work. Especially, you know, you can see
Increasing in Q1, that is exactly, you know, following the game changes, increase in marketing budgets and trying to grow the games profitably. There is a new game coming up from Gamesture in the forthcoming months. It's going through. Actually, the technical launch has started, and the game is called Hero Legacy. It's a different game. It's not a, it's not a social wars IP. It's a completely new game from the portfolio that the team is going to be tested. As I said, the Gamesture's looking to add more games to their portfolio in the coming months. I think so far so good. It's a good acquisition. I think both of the acquisitions were good for us.
Gamesture has grown 2.5 times, RORTOS 2 times since the acquisition. In revenue, there's, you know, lots of interactions between our companies and we're looking to leverage value in all of them.
Okay. A few words about financial statements and a summary of P&L. Last 2 quarters, so third quarter and fourth quarter, were pretty stable in terms of bookings and user acquisition costs. G&A costs, we see a decline, thanks to our organization and decision we've taken in May 2022. Thanks all of that, adjusted EBITDA is very similar to third quarter, so PLN 55 million. Net profit, strongly affected by write-offs of two games, so Magical District and part of Undead Clash. Bookings. In terms of all games, of course, we are still strong on Western markets, so North America and Europe.
Fishing Clash is our, like, main source of revenue, but the share is slightly decreasing thanks to Hunting Clash and right now also RORTOS games. Cash flow. Each quarter we generate cash from operating activities. We are closing last year with cash position at 127 million zlotys, which is more than enough to self-finance our investments or our gains, to think about other potential M&As and what's going on in next quarters.
Just a summary on what is that we are, we're focusing on. Obviously, the core focus goes to our main portfolio. As you've seen, you know, Fishing Clash requires more efforts on our side, and we've been working over the last several months to increase the team, to make the team working into three different streams. There's new content coming through through Fishing Clash, and that's something that we believe is the main leverage for this game to help it to go back to growth. On Hunting Clash, it's exactly the same thing that we've done, which is scaling up the team so we can, so we can iterate and try more new things for our players. That's, that's happening.
We're seeing very good signs of that, and there's lots of more trying to be done in both titles. Wings of Heroes is a new game which we believe has a long-term development potential. We are starting to scale up the team. We're trying to blend the team of our RORTOS colleagues and also, you know, blending experience from TSG of scaling Fishing and Hunting Clash, and that's something we'll really need to focus over the next few months. We are also, you know, finalizing the work on Fishing Masters and Undead Clash. I think, you know, the efforts are going to be able to test more KPIs and conclude both of these developments in the next few months.
The very important thing for us is to prove our kind of platform capabilities. We're working on integrating and exchanging knowhow between the companies in TSG group. We think there's lots of value from the knowhow exchange across, you know, product development, BI, using our systems and leveraging user acquisition. That's something that we've been working on quite extensively. We'll keep on working on that. Then the thing is, you know, not to forget, I'm coming off the largest gaming conference in San Francisco last week. I had a lot of discussions with our colleagues in the industry. It's very clear that that market has been disrupted post-pandemic. Market has gone down. Also macroeconomic uncertainties are overlaying this.
We are following our players closely. The good news is that, you know, we see the player space being kind of with us and active. The thing is, you know, the willingness to spend in, across our games is something that's being pulled back a little bit. The good news is we keep our players and we need to bring them more entertainment. Market uncertainty stays with us, and the only thing we can do is to focus on our own doing and trying to deliver the best we can. I guess that's it. I think there's been one change, and maybe Nina you can explain, yeah, what's in the calendar.
Hi, everyone. as you know, we will publish our financial results for the first quarter in May, on 22nd May 2023. With the publication of the financial results, the company is planning also to present its strategic update that was previously planned for the fourth quarter. we will also publish sales update soon in the beginning of April, with the more precise results for the first quarter bookings.
The company is also planning its presence on the conferences in the early of June, and I hope we will be able to see each other there in person and discuss the results of the company. Thank you. Let's move to the Q&A session. Let's start with the questions. The first one relates to the Google privacy changes. When do you expect it to happen, and what might it mean for your marketing expenses?
Sorry, can you repeat?
Of course. The first question relates to the planned changes in the Google privacy policy.
Mm-hmm.
When do you expect it to happen, and what it may mean for your marketing expenses?
Okay. When it comes to privacy changes on Google, I think those are expected to come still this year. I think there's no clear date. There's been no indication on the date when it happens. There's a lot of discussion in the market, you know, what is it going to mean. I think, you know, Apple and Google are different companies. Some of the discussion that we're hearing is, you know, Google will look from a perspective of how to, you know, while making privacy changes, you know, how to take into consideration the operations of companies like ours and, you know, to be able to provide a service that will help us to market our products effectively.
That's the kind of major assumption for us. We're waiting for the change to arrive. I think there's lots of things, you know, we're trying to prepare, like we tried to prepare for IDFA. There isn't much visibility on what's going to happen. The IDFA will be able to be more effective. Also we've learned on IDFA change as well on Apple.
Thank you. The next question regards games development. Excluding RORTOS and Gamesture, it has been 4 years since TSG launched the last game, Hunting Clash. What are the plans to improve the situation?
Well, we know that this industry has a success rate smaller than other industries. What does it mean? In order to have a successful game, at least in our terms, we need to have an ROI positive marketing, which is more and more challenging. I believe, in our history, our success rate was around 30%-40% if we include all our productions. It doesn't mean that this number will drop significantly. What it means, it means like, in order to have a success, you need different circumstances to be aligned. On our side, we can do what we can do the best, so we work on the products.
We are trying to improve our product market fit exploration and with proper research, we will be able to find nice, good niches that are very close to our core. Also, we believe that we are trying sometimes to do things that are outside of our core in order to explore the market. But the things that are working and worked in the past are the titles that are very close to our core. The other part of the strategy is to, of course, look at any partnerships and any publishing deals and, of course, and M&As, and we are continue to do that.
With those products, we can use our, know-how and our other tools that we developed and over the last, 10 years and, to make those titles even more successful.
Thank you. The next question regards RORTOS. A really big part of RORTOS' valuation was made on Airline Commander and Real Flight Simulator potential. Can you elaborate on those games? In financial statements, it seems the most focus is set on Wings of Heroes, while two others are omitted.
I believe it's all connected to in what stage those two games are. I mean, Airline Commander and Real Flight Simulator. Also, if we compare Wings of Heroes, which is a new title and which basically still lacks a lot of crucial features that modern free-to-play games all have in common. That's why we see that Wings of Heroes has much higher potential, much higher upside than the previous two. However, the works on Airline Commander, for example, are also, they also involve a big team. We are working in different in different directions with that project.
What I mean, like, we introduced a lot of features. Right now we are working on a version that will combine all those new features into very nice player journey. Those tests will also be, let's say, concluded by April. Yes, Wings of Heroes, huge potential in our, in our eyes. That's why it requires the highest investment.
Thank you. The next question regards dividend payment. What are your plans regarding dividend payment in 2023?
Okay, we haven't decided yet, but I think that, as always, in April, we will publish our decision and then shareholder meeting.
Related question. Do you consider buyback program?
Right now, no. We also need shareholders' approval to do it, not now.
Are there any ABB transactions planned?
No, we're not aware of any ABB transactions, as management.
Thank you. The next question regards Fishing Masters. In what phase of production is Fishing Master right now? Is it currently being tested in the U.S.A? Is the company satisfied with the KPIs achieved by this product?
We are not satisfied with all the KPIs. We are satisfied with the engagement KPIs and marketing KPIs. We are working heavily on the monetization KPIs. The game is in the test phase in U.S., U.S.A. We are conducting a lot of marketing tests with these different creatives, this is the stage we are right now at. We are also looking at the dynamics of the development of the KPIs, which I already mentioned from October to February release. We saw a very nice uptake in those KPIs. However, not all KPIs are satisfactory as of yet.
Thank you. The next question regards the game Wings of Heroes. What is the reason for such a drop in revenues in March?
As we mentioned on the previous conference, our marketing spending will be connected to the performance of the to the performance of all the cohorts. We will be monitoring carefully how the LTV curves behave and how much we can spend efficiently. We saw that there is a point where the LTV curves are flattening, which means the players don't pay as much as in the initial weeks. What does it mean? We basically had to scale down the marketing expenses. Right now, the revenues that we are gathering, generating are very much connected to the number of new users that we acquire, like, in short. Right now we are working to improve those LTVs.
If those LTVs will resemble more, LTVs that we have, in Fishing Clash or Hunting Clash, then we'll be able to scale up the marketing by much.
Thank you. The other question also regards Wings of Heroes. How many people were working on the game at the end of 2022, and how many is right now?
If I'm not wrong, by the end of 2022, it was around 20, 23 people. Right now, it's 30. Right now, the team was scaled up. Of course, if that team, the output of that team will be much higher, and that's what we actually expect. We'll be considering maybe even further strengthening that team.
Thank you. The next question regards future plans of the company. Do you plan to increase your ownership in Gamesture?
The kind of agreement between Gamesture shareholders and us has been such that, you know, we'll have a right to increase our engagement in Gamesture in time, over the time of five years since the acquisition. Yes, currently that's the plan that will, in time, increase our engagement in Gamesture.
Thank you. If the company had to create the game Fishing Clash from the scratch, what would be the main change compared to the current version?
It's a hard question. It's a very hard question, on one side because probably we wouldn't like to share this secret know-how right now, as we are also having some plans for new fishing games. I won't be able to answer that question, sorry.
Thank you. The next question regards buyback program and dividend. We already answered it, let's move to the other one. Are you considering switching to low maintenance model in Hunting Clash, given that the game does not grow on revenues and showed the best net result in December 2021, when there was no user acquisition?
The best result, net result, yes, was in fact in December 2021. However, we still see a growth opportunity there. Right now we are adding a lot of nice game modes. If some of you are playing that title, you can see, like, there is a lot of momentum in the title. We still give ourselves some time in order to prove that we can actually break that ceiling and have a much more impactful on net revenue title in our portfolio.
Thank you. What is the future of Undead Clash? What do you want to change in the game this year?
Without giving too much details, we are pivoting the title that will be not that far away from the original version. However, the user flow will be much, much more appropriate for the shooting players that are downloading and installing our game. I don't want to give too many details. The new version will be updated soon on the stores. This is our bet that this version will be much better for the players. We'll be able to accommodate a wider range of the players, we'll be able to lower the CPIs, cost per install, on the marketing side. Those are our bets.
Thank you. I think that this also answers the next question regarding Undead Clash about the changes. We will move to another one. It regards cost discipline programs in the company. Do you plan to introduce such programs? What do you think about implementing profitability first approach similar to Huuuge?
When you look at THQ, I mean, the way we run business, we always look at the profitability of the company and trying to outweigh, you know, what proportion of profits do we want to invest in the future. The profitability analysis goes into long-term analysis of future profits coming from expected cash flows from our games and products. We're looking into that very carefully, taking decisions almost instantly and all the time. If you look at our history, what has happened in the last 12 months, we've been 550 people. That's one of our major cost lines.
About a year ago, we're at 450 people, you know, trying to deliver value across our portfolio. We are looking at our cost base on a daily basis. Always this is how much I can comment. I wouldn't like to comment on, you know, Huuuge performance and decisions. This is always related to the particular situation of the company. I let Huuuge comment on their own decisions. We are looking at our business from a cost management perspective very thoroughly. Almost all the time, as long as I've been with the company, that's always been the case.
Thank you. The next question was on the same topic. The answer is already there. Let's move to another one. Could you tell us once again how RORTOS earn-out can be seen in the financial statements, both in P&L and in cash flow statement?
Okay. Earn-out is something we need to pay first time within the next few weeks. After one year, two years, and three years, so last time for 2025. From a balance sheet perspective, it's just a simple liability. P&L, we need to unwind the discount factor. As a whole liability is made as a DCF. We unwind it for present present data. We see a financial cost in our P&L, and that's all. Cash flow statement, when we already pay it, like within a few weeks, first time we're gonna see an outflow in investing part of our cash flow.
Thank you. The next question regards Airline Commander. It generates a lot of downloads but little revenue. It seems like a lost potential and problems with monetization. Would the subscription model be a better option for this game?
It's of course one of the options that we consider. We also diagnosed that this game might have a huge potential. That's why we invested in that title, and we are developing many features and adding all those features. Right now, this month, we'll have some answers on, you know, how big that title can grow. We believe it is a very nice really state. It attracts a lot of organic installs, organic users. People like this game. We try to deeper the monetization systems in that title and also present players long-term goals and social goals and competitive goals. I believe in a month time, we'll be able to see if we see that the potential can be unlocked.
If nothing changes, however, we strongly believe that we improve that product over the last year time. If we still won't be able to successfully market that title with the user acquisition, we might consider other monetization options like subscription, for example.
Thank you very much. The next question regards Gangster. What is the potential of Gamesture to break even in terms of profitability?
Well, I can answer like this. This is obviously one of the key considerations for us to let the company go through the break-even. There's been an investment in the team to be able to build certain types of games that's been proven. Now the last round of investment was to support the marketing growth, obviously with a view to go through the break-even in foreseeable future. There's a number of scenarios for that that really depends on how far and how quickly those games can be scaled. We're looking for answers now by basically, you know, the company is trying to scale up or it's scaling up the marketing of the games. I think in time we'll be able to see a progress in that.
We have a view. There are a few scenarios. Some are looking very good. All of them are looking, you know, at breakeven at some point in time in the future at the back of analysis of LTV curves and profitability of this product in the future, the way the players behave, and how they're paying these games.
Thank you very much. The next question regards, Wings of Heroes, it reads: if we deduct distribution fees, first quarter 2023 implies the title was below breakeven. Should we expect further scaling up to be affecting the results or return to profitability already in the second quarter?
Like from my perspective, we are always looking into long-term, into the long-term performance. As long as we see that this product requires the investment and that the investment has high chance of being paid off and basically also to have a huge upside, we'll be investing. We are not focusing on just the Q2 financial results of Wings of Heroes. I believe, in Q2 it will be too early to stop any development and any updates on Wings of Heroes. As I said, we diagnosed all, let's say, the weak points and all the missing parts.
Some of them, of course, are on the roadmap, since, let's say, the project started, and they are being continuously developed and added to the game. Some of the things that we are adding to the roadmap are derivative of, you know, our data insights and analytics.
Thank you. The other question regards wages increased planned in the company. Can the market expect such increases? Other gaming companies are guiding for inflation percentage at least. Do you see the same pressure at your side?
Well, we see of course the inflation rise in Poland, but we also see what IT industry is going on, so reduction plans, et cetera. Therefore, we cannot say, like, what's going on with salary increases within the next few months.
Thank you. The next question also regards team and the plans to reduce the size of the team during the year.
Yeah. If I may answer to that question, as I said previously, when you ask about the costs and how we manage the business, we're reviewing our operations on daily basis and we are adjusting on as needed basis. That depends on, you know, our perspective on our view on the perspective of the company products we're developing, et cetera. There's number of inputs to all of these decisions, and that's how we've been running this business, thoroughly for the last months and years.
Thank you. I would like just to remember everyone that we ask kindly people asking the question to sign their name and last name with the questions. Thank you. The next question regards the forecast of the mobile gaming market in 2023. Do you think it will notice further drops? When do you think the market will see the uptick?
Okay. On the market, I think it's not very easy to predict the next several months as we see a lot of disruptions in the market and, you know, a kind of recessionary behavior of players and consumers in wider industry. That's what we've been seeing. If you take a look on the long-term perspective, and I would only point at one driver for the gaming market, is the generational trend. What we will be seeing for next several years is the growth of user base and also we expect a higher engagement of players because new generations are more used to gaming.
You know, a lot of our core audience is 35 plus, and I think, you know, with every year you'll see more players in every cohort of 35 plus. You know, from our micro kind of market perspective where we sit, I think those are good news. Also good news for the gaming industry in the longer term perspective. That's how we are thinking. The short term is very hard. It's very unpredictable at the moment. It may go up, it may go down. It really depends on many different factors, from players' behavior to the pipeline of new products or, you know, the changes to the existing portfolio of games. It's very hard. We're looking individually, we're looking from the niche perspective.
Looking from the segments in which we operate and what is the potential to develop there, we think there is potential in all the segments that we are operating in. I also would like to make some comments on, you know, how we are behaving as a company, how we're performing versus the market. Just a small reminder, we hopefully will talk a little bit more about in May just to frame up all the decisions we've taken in the past. When the market was growing at 20% during COVID time, the company grew two and a half times in 2021 and 2020, the reason for that was our investment in marketing.
We grew primarily Fishing Clash exponentially, much farther beyond the growth of the market. The aftermath of that decision is we've generated significant cash flows for the company, but we are also going down from that top performance of 2021. That is the situation that we're trying to manage. We hoped we can grow from a higher base of users in Fishing Clash and also grow Hunting Clash. The challenge and the reality we found ourselves in is, we weren't able to, and that's what happened to the company. We're trying to find the bottom and try to grow again. We believe in the niche. We believe in the potential of players in those segments. Our performance is normalizing as we speak.
That's what happened to Ten Square Games. I know it's causing some frustrations or a lot of frustrations around us, but that was the reality we had to deal with. We see the future for our games and portfolio. We just need to focus on what we're doing on the games we have in the portfolio and also, you know, taking the best chances of the things that have been developed in TSG. Namely, Wings of Heroes is the game we'll be very much focused on. Then we need to finish the current development. That's the thing. We conclude it.
Thank you. The next question regards Undead Clash and plans of the company regarding the product. The previous, during previous conferences, it seemed that there are huge assumptions regarding good results of the game. Where does the impairment comes from, and what are further plans regarding the title?
If we go back to the beginning, after successful launch of Hunting Clash, we decided to try even bigger niche. Not niche. To go to the mass market audience. We performed different marketing tests, different researches over the first months of development. We scaled up the team. We strongly believe that this title can be a huge success. After the first releases and after reading the first data, we saw on par with Fishing Clash and Hunting Clash engagement KPIs, which for us was a good benchmark, and was giving us the hope that this title can actually be what we planned to be.
The fact is that there is one KPI, which is a marketing marketing cost per user, was much higher than in our initial test and all the tests that we performed over the development phase. Maybe that's the current marketing situation or maybe it's something with the product market fit. That's why our assumption is right now that conducting a nice pivot that includes not only our expertise and not only the market environment but also what we read in the data and how we can approach, and let's say attack the market. We believe that this test will show us if that mass market audience is still within the reach of Undead Clash.
Thank you. What are the plans regarding the Fishing Masters? Is the company planning to introduce the game to the market in 2023?
Yes, as I said, right now we have the tests on the U.S. market. We are running different marketing campaigns. We are looking at the dynamics of how the KPIs are changing. We are still lagging on one of the very crucial KPIs and with the upcoming updates, we'll be able to better predict what are the market chances for that title.
Thank you. How many people are employed in the group right now, and what are the plans regarding the employment in 2023?
We are employing about 450 people at Ten Square Games, plus around 100 people between Gamesture and Gamesture. We're not commenting on the plans of the employment of the company.
Thank you. We already answered the questions regarding dividends. The next question regards future strategic update and what are you going to change and what are the milestones you are going to introduce?
Our strategy is based on three pillars. One is the course to doing Wrocław. You know, what is that we do in Wrocław. The second is development of new studios, which, of which Warsaw is an example. The third one is adding games to portfolio through acquisitions of companies. We'll comment and we'll make updates to the strategy across those three pillars on each one of them. We'll specifically inform market and what our plans are for the future.
Thank you. As we already said, we will provide the information with the results for the first quarter, 2023.
Yes.
Because this was the next question.
Yeah. Thank you
... when are we going to do, to do that. The next question regards payment to RORTOS shareholders. Did the company pay anything to the, from the earn-out, to date? When is going to be the first payment?
Okay. To today's date, we haven't paid anything to RORTOS shareholders. We're gonna pay first earn-out in April this year.
Thank you. The next question regards Gamesture. What are the plans of the company? When Ten Square Games, can have, like, over 50% of Gamesture share?
Okay. I know, but I'm not sure we... That's part of our disclosure so far.
Yeah.
Do we disclose? We can talk?
Like, long-term perspective, like.
Yeah.
Just yeah.
... it's been a few years since the day one acquisition, which happened in July 2022.
Thank you. Mm-hmm.
I'm sorry. Okay.
The next question regards Fishing Clash China, whether the project was profitable, or whether the costs were higher than revenues?
Okay. In general, the project was profitable because the revenue part, which we book in our financial statement was after provision, after NetEase share. Yeah, it was profitable, but please remember that was even below 1% of our total revenue, it wasn't an like important part of our business.
Thank you. I guess this is the last questions with the name, and the last name of the person asking the question. Are you considering to change communication with investors and give more frequent updates?
Yeah. I think, you know, the One thing is, you know, we are updating on quarterly basis, so just like, you know, all similar companies. There's no plans to extend that. Also, you know, the nature of our businesses, we're working daily, but changes that are brought into products takes months and years to develop, to develop games. I think increasing frequency would not add much value to our communication.
Thank you so much. These were all the questions that had the author signed with the name and last name, so thank you very much. If any of you have additional questions, I will be happy to help with the answers after the conference. Thank you so much.
Thank you.
Thank you very much.