OnLive bought for just $4.8million USD

Cloud gaming service OnLive was recently acquired for just $4.8million USD, it has been revealed.

The business was saved from bankruptcy by investor Gary Lauder, after being $18.7million USD in debt.

In comparison, Sony bought cloud gaming rival Gaikai for $380million USD this summer.

OnLive UK director, Bruce Grove, told CVG about the business strategy for OnLive going forward.

He said: "We have a road map for how soon we start with certain things, what the focus is, what we're going to be doing, what the next 12 months will be.

"And that's a big shift for the company: Having a 12-month plan. That's something that's going to show how we'll build this into a long-term sustainable business.

"In the past we've been very focused on OnLive being the driving force of wherever we've gone. Now, it's much more about engagement with our partners. That's going to be the way we reach the new customer market."