Publicly traded esports and gaming company GameSquare Holdings, Inc. (NASDAQ: GAME) announced Tuesday that it closed new contracts in August valued at over $14M USD. These new contracts represent “a record month of new business development for GameSquare,” the company added, which will contribute to revenue in 2024 and 2025.
GameSquare said in its announcement that this was driven by growing demand across all of GameSquare’s operating segments. Some of the highlights included new brand partnerships with TopGolf and Dairy Max; a new agency partnership with 5-Hour ENERGY; FaZe Clan Esports collectively winning of over $2M at the Esports World Cup; a multi-year, multi-million dollar sponsorship renewal with online gambling company Rollbit; and a new multi-year, multi-million-dollar sponsorship and licensing deal between FaZe Media and G FUEL.
GameSquare CEO Justin Kenna said the following on Tuesday’s announcement:
“After growing pro-forma revenue by 22% in the 2024 second quarter, momentum across our business has remained strong and we ended August 2024 with record new monthly contract wins. I believe these positive trends reflect the growing success of the next-generation media platform we have created, strong execution across our global teams, and expanding demand for our services,” The amount of multi-year revenue is especially encouraging as more brands are pursuing long-term relationships. This reflects strategies underway to develop a more predictable backlog of revenue.
“The mix of contracts in August was primarily focused on higher-margin areas of our business, including our Agency, IP and Teams segments. As a result, we believe we are well positioned for gross margin to expand on a sequential and year-over-year basis in the second half of 2024.”
Earlier this month GameSquare announced a strategic partnership with the National Football League (NFL) to launch a new event series called “NFL 4 THE FANS LIVE.”