While its acquisition by Microsoft has been pushed back, Activision Blizzard put another highly profitable quarter on the books. The American video game holding company published its financial earnings for the second quarter of 2023 on Wednesday morning. The company generated net revenues of $2.21B USD, up 34.8% from $1.64B in the same period of 2022. Activision Blizzard reports key performance indicators for its three business segments, Activision Publishing (console games), Blizzard Entertainment (PC games), and King (mobile games). Spread...

Dubai-based Riva Technology and Entertainment (RTE), a subsidiary of MSM Corporation International Limited (MSM), and esports organization Galaxy Racer (GXR) have signed what they call an "implementation agreement." This formal agreement outlines the steps to finalize their planned merger as part of which RTE will acquire all the remaining parts of GXR it doesn't already own. The deal is expected to close by the end of August depending on several closing conditions being met. The merged companies will be rebranded...

OverActive Media, a Canadian esports company listed on the TSXV, faced a challenging start to 2023. Despite the company’s esports assets continuing to deliver competitive successes and attracting new sponsors, the revenues and net loss for the first quarter of 2023 worsened on a year-over-year basis. Operational Highlights OverActive Media entered into the Valorant esports ecosystem, not only securing an NA Valorant Challengers League spot but also signed its first all-female esports team, MAD Lions Laurë, to compete in Valorant...

Aspirations of building an esports-focused sports media company were a driving force in Nodwin Gaming’s latest fundraiser. The Indian gaming and esports media company, a material subsidiary of BSE-listed Nazara Technologies Limited, entered a binding agreement to raise $28M USD. Investors in the funding round include existing investors Nazara, Krafton Inc. (who announced Friday that its most popular game in the region—Battlegrounds Mobile India had finally been unbanned by the government), Jetsynthesys Private Limited, and Good Game Investment Trust; and...

FaZe Clan continues to burn through its cash reserves while the company is trying to make its “strategy of driving brand sponsorships, enhancing our talent network, and managing our costs” work. The Nasdaq-listed esports, gaming, and lifestyle organization ended the first quarter of 2023 with a cash position of $26.83M USD ($27.4M in cash and equivalents), a position that is significantly smaller than FaZe’s $37.21M cash position at the end of Q1 2022 before the company went public and received...

Update: In response to this article, FaZe Clan CEO Lee Trink shared on Twitter, that he has no plans to sell his stake in the company. FaZe Clan co-founder Richard “FaZe Banks” Bengtson II made a similar comment, saying that he and his co-founders have not listed their shares. The reporting in this article is based on an update to FaZe Clan’s original S-1 registration, which outlines an offering of existing shares as of May 4, 2023. While the prospectus...

While gaming industry giant Activision Blizzard suffered a setback in its effort to get acquired by Microsoft the other day, the company was able to share positive first-quarter financial results earlier this week. The Call of Duty and Overwatch maker continues its trend reversal after experiencing declining revenues and profits towards the tail end of the global pandemic with net revenues growing 34.5% year-over-year from $1.77B USD to $2.38B. A player base of 368M monthly active users (MAUs) is responsible...

Esports-focused betting company Rivalry achieved record revenues for 2022 at the cost of record losses. The TSXV-listed company recorded a net loss of $22.84M USD and had to raise a multi-million dollar investment for the second year in a row to avoid running out of funds in its pursuit of profitability. In its annual report published Wednesday, Rivalry revealed that it generated record revenues of $19.55M in 2022, which marks a 140% increase from $8.13M in 2021. According to the...

On the surface, it looks like TSXV-listed esports company OverActive Media experienced a financially adverse 2022 as the company reported a $27.1M USD net loss in its annual financial statements published late on Monday. However, a diligent scan of OverActive Media’s 2023 financials reveals the story of its fight to shed the shackles of Activision Blizzard’s waste of money turned esports leagues and an esports company operating close to breaking even. Judging the company by its core competence in running...

FaZe Clan is seeking approval from its stockholders to consolidate the number of its existing shares in order to regain compliance with Nasdaq listing rules. A filing published Friday by the U.S. Securities and Exchange Commission (SEC), revealed that FaZe Clan’s Chairman of the Board, Daniel Shribman, will invite the company’s stockholders to the 2023 annual shareholders meeting held on June 13 on March 1. The invitation outlines three agenda points, on which FaZe Clan’s stockholders will be asked to...