The Esports market shows no signs of slowing. In fact, the industry could be worth up to $5.2 billion, says Emergen Research, from $1.165 billion in 2020. A “rise in popularity of video games and rapid growth of live esports coverage platforms are major factors driving market revenue growth. Increasing popularity of gaming – primarily for amusement – as a result of the pandemic is a key factor expected to augment revenue growth of the global esports market during the forecast period,” the analysts noted. That’s big news for companies such as ESE Entertainment Inc. (TSXV:ESE)(OTC:ENTEF), ESports Entertainment Group Inc. (NASDAQ:GMBL), Motorsport Games Inc. (NASDAQ:MSGM), Allied ESports Entertainment Inc. (NASDAQ:AESE), and Gamesquare Esports Inc. (CSE:GSQ)(OTC:GMSQF).
Look at ESE Entertainment Inc. (TSXV:ESE)(OTC:ENTEF), For Example
ESE Entertainment Inc. just announced its unaudited interim consolidated financial results for the three and nine months ended July 31, 2021. All amounts are stated in Canadian dollars unless otherwise indicated.
Third Quarter 2021 Financial and Key Operating Highlights:
– Revenue of $4.23 million for the three months ended July 31, 2021 vs the three months ended July 31, 2020 revenue of $0.14 million.
– Cash balance increased to $9.17 million and zero debt.
– Entered a content production contract with Bitcoin Vault for a major roll out of an esports and gaming talent show, strengthening ESE’s presence in the global esports and gaming markets and expanding its production and media rights capabilities globally.
– Raised gross proceeds of $8.6 million in a bought deal public offering of units of the Company from institutional investors at a price of $1.40 per unit. Each unit is composed of one common share of the Company and one common share purchase warrant of the Company, exercisable at $1.95 for two years from issuance, subject to an acceleration right.
– Entered into a letter of intent to acquire Digital Motorsports, an Ireland-based provider of advanced simulation racing infrastructure, technology and support. This acquisition was subsequently completed on September 14, 2021.
– Improvement in bottom line, net loss of $1.26 million vs a net loss of $3.81 million in the previous quarter.
– Continued investment in platform development as well as improvement in back-office functions.
– Developing new software and technology for gaming and esports.
“After significant growth in the ESE group, launching our…
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