9th Oct 2020 11:26
(Alliance News) - Gfinity PLC on Friday said it is on track for profitability after good progress across all core areas over the last year.
The electronic sports solutions provider said it will be focusing on three strategic areas going forward, including: joint ventures and partnerships with an initial focus on virtual motorsports; expanding the company's own community franchise; and building communities for others, utilising its proprietary tech platforms.
Gfinity believes that it is now well positioned to drive significant future revenue growth across the board.
The company has seen good digital media progress with the launch of Gfinity Digital Media in July. This builds on the growth of Gfinity's web channels and social platforms which now have more than 10 million users and generated over GBP130,000 in revenue in September.
Gfinity is on track to deliver target revenue from digital media for the year ending June 30, 2021, of GBP2 million.
The company has seen three major progressions with regards to joint ventures and partnerships, including: a partnership with BT Sport to deliver a series of celebrity led gaming entertainment shows; a partnership with ViacomCBS to deliver Street Fighter experiential event at Vidcon London; and a partnership with Abu Dhabi Motorsport Management to design, develop and deliver a new virtual motorsport racing championship.
Gfinity has also worked with numerous brands to provide esports solutions and build communities for others, including EA Sports; ePremier League; Activision's Blizzard and the Forza Racing Championship.
Going forward, the company said: "The board of Gfinity remains highly confident in the prospects and position of the company, especially as market dynamics are rapidly, and permanently, changing in favour of the group's offering.
"As gaming has become more and more mainstream, Gfinity have increasingly noticed a number of trends: global publishers at all levels are seeking to expand the life time value of their audiences; brands are looking for new and innovative ways to expand into the space; sports rights holders are increasingly looking to connect with the younger audiences, and; broadcasters are in growing need of new competitive gaming entertainment content.
"The board of Gfinity, as a consequence believes that with the group's well positioned diverse offering it now has the opportunity to significantly expand its growth projections."
The company is targeting profitability by the end of the first quarter of the 2021 calendar year.
Gfinity shares were up 22% at 4.08 pence each in London on Friday morning.
By Greg Roxburgh; [email protected]
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