Apparently all is not well over at gaming service provider OnLive, with the company reportedly liquidating its assets to Lauder Partners for a mere $4.8 million according to a report today from GamesIndustry International. The company is reportedly $18.7 million dollars in the hole as well, ouch. The bill will reportedly be footed by Lauder Partners.
The future is not looking particularly bright for a company that once tried to sell itself to consumers as the future of accessible gaming.
“Had the sale to the buyer not taken place, the assignee would have been left with inadequate capital to fund the significant costs to preserve and market OnLive’s patents and other intellectual property, thus greatly reducing expected recoveries essentially to those of a forced piecemeal auction,” said Joel Weinberg, CEO of Insolvency Services Group which is handling the liquidation of OnLive.
OnLive was acquired by Lauder Partners in August, and considering the amount of debt the company had racked up, it’s not overly surprising to see the company restructured .
Unlike playing online arcade games, streaming gaming allows you to enjoy full length and fully featured games on your computer without installing the game or purchasing a hard copy of it.
Personally, I never bought into the idea of streaming gaming. It’s a cool concept, but I want higher available resolutions than 720p and better performance as well. Plus, the need for a constant internet connection can be a hassle for many, especially those who may have a less than stellar ISP.
It will be interesting to see if the company can turn itself around though, and I wish them well. Check back soon for more updates on OnLive and Lauder Partners.
Until then, I guess I’ll have to settle with online games sites as a non-installation gaming solution.