From sponsorships to industry-wide announcements, Insider Sport has you covered when it comes to the world of esports.
This week’s edition highlights the latest developments in the esports sector, including the North American esports and gaming company GameSquare releasing its financial report for 2023 after restructuring.
Gamesquare reports $31m net loss amid record revenues
North American esports and gaming company GameSquare has released its financial report for 2023.
The company reported record revenues of $52m, marking a significant jump from the previous year’s $28.1m, which has been attributed to organic growth and the recent acquisition of Engine Gaming.
Despite this landmark year, the company has recorded a net loss of $31.3m, increasing from its $18.1m loss in 2022. Overall for 2023, GameSquare reported a gross profit of $13.4m , up from $9.7m in the previous year.
GameSquare CEO, Justin Kenna, commented: “The restructuring of our sales and marketing organisation to align better with our new business model has had a temporary impact on our revenue opportunities.
“However, our team’s efforts to maintain strong partnerships have poised our media business for accelerated growth when the market improves.”
Looking forward, the company looks to generate $100m in revenue and expects a gross margin between 22.5% to 27.5%. The company has also stated that it aims to focus on eliminating costs and enhancing profitability.
Kenna added: “Our shareholders should feel the impact of our recent acquisitions and our revamped operational model throughout 2024. I am thrilled about the direction we are heading.”
Beyond Gaming shuts down amid rising operating costs
Beyond Gaming, a Taiwanese esports organisation, has shut down and left the Pacific Championship Series (PCS), a League of Legends’ Asia-Pacific competition.
The announcement was made on PCS’ social media platforms and Beyond Gaming’s channels, with the latter attributing the decision to shut down to a lack of funding and increased costs.
Based in Taiwan, Beyond Gaming was created by former Taipei Assassins and Hong Kong Esports player Xue ‘DinTer’ Hong-wei in 2021, following his acquisition of the PCS spot of ahq eSports Club.
The organisation was a renowned competitor in the PCS, finishing second three times and appearing at both the 2021 and 2022 League of Legends World Championships.
However, as aforementioned, this closure is the result of rising operating costs, which wasn’t helped by the team struggling to find sponsors. Unfortunately, this negatively impacted the mental health of Hong-wei, with a statement sharing that he has become incapable of operating Beyond Gaming due to his deteriorating health.
Via social media, the PCS commented: “We regretfully acknowledge Beyond Gaming’s decision to withdraw from the Pacific Championship Series. We thank them for their contribution and their role in growing the sport in our region. We are now focused on Summer Split preparation and MSI.”
The league’s organisers will need to find a new team to fill the vacant spot, but further details about this decision have not yet been made public.
Logitech agrees multi-year deal with BIG to target German market
German esports organisation Berlin International Gaming (BIG) has partnered with gaming peripherals company Logitech for its Logitech G brand in a multi-year deal.
Under the agreement, Logitech will provide BIG’s players with its G PRO Series products. Additionally, BIG’s players will feature in Logitech G marketing materials and activations in Germany.
Although the exact length of the deal has not been announced, the pair have noted that the partnership is a part of the hardware brand’s expansion in offline activations and experiences, with Logitech wanting to further engage with the gaming community in the German market.
Following this aim, BIG’s players will be ‘the new faces’ of Logitech G campaigns, attempting to promote Logitech’s G PRO lineup, which consists of a headset, mouse and keyboard.
Daniel Finkler, CEO of BIG, commented: “This partnership is a testament to Logitech’s faith in BIG as the leading esports club in Germany. With their multi-year support and provision of high-end products for our teams, Logitech G will play an instrumental role in promoting the development of German esports on a global level in the coming years.”
ESIC launches educational platform to ‘champion’ integrity in esports
The Esports Integrity Commission (ESIC) has launched FairPlay Academy, an online learning platform, to foster integrity and fair play within esports.
The learning platform will provide educational programmes to players, coaches, organisers and fans, with the first of its programmes, the ESIC Anti-Corruption Tutorial, already available.
This first programme aims to teach stakeholders about corruption as well as mitigating strategies. The programme features self-paced learning modules about match-fixing, betting and fraud.
FairPlay Academy has said that it aims to become a ‘dynamic hub for educational content’ with a continuously growing selection of tutorials, addressing issues such as anti-doping, responsible gaming, professional conduct and conflict of interest management.
Since its foundation in 2016, ESIC has pursued its mission to reduce corruption and improve integrity in the esports industry.
ESIC has already partnered with the likes of GG.Bet, Australia’s Victoria Police and anti-piracy technology provider Denuvo by Irdeto. This year, the organisation joined forces with the World Intellectual Property Organization to develop strategies to resolve conflicts that arise within the esports and gaming industries.
Stephen Hanna, CEO of ESIC, commented on the newly-established FairPlay Academy: “The introduction of the FairPlay Academy marks another step forward in our ongoing efforts to champion integrity within esports.
“With the Anti-Corruption Tutorial leading the way, we are laying the foundation for a comprehensive educational framework that will empower stakeholders across the global esports industry.”
