Gaming hardware manufacturing company Razer – which listed on the Hong Kong Exchange in 2017 and was one of the earliest unicorns from Southeast Asia to IPO – is closing its digital game store after less than a year of operations.
According to a statement on its website, Razer said it is shutting the Razer Game Store on February 28 as part of the company’s realignment plans. It added that it will be “investing in other ways to deliver great content and introduce game promotions through Razer Gold”, its virtual credits system.
The Razer Game Store was launched in April 2018 with the aim of entering a potentially lucrative games sales business dominated by Steam. According to TechCrunch, Steam made $4.7 billion in 2017, while Epic Games made $3 billion in profits last year due to the success of Fornite.
Razer did not provide further explanation behind the reasons for its game store closure.
However it added in the statement that it would “continue bringing games to gamers via other services”, assuring customers that all purchased games will continue to work and pre-ordered titles will ship as planned.
In a Channel NewsAsia report, Razer added that its Lazada store front will also shut as a result of this closure. Razer partnered Lazada to launch its game store in Southeast Asia in order to cater to the diversity of customer behaviour across the region.