12th Jun 2023 09:41
Guild Esports PLC - London-based e-sports team organiser - Signs a technical partnership deal with Fanatec, a provider of simulated racing equipment and hardware for both gaming and motorsport. Says the partnership marks Guild's entry into 'sim racing', which is a "fast-growing" sector of the esports industry. Says Fanatec will supply Guild with a total of eight sim racing rigs, related hardware, and regular technology upgrades under a "value-in-kind deal". Expects the new simulator facility in London to produce revenue from the third quarter of 2023.
Sim racing takes place in simulators that provide near real-life racing experiences at a fraction of the cost. Says the global gaming simulator market, of which sim racing makes up a significant proportion, is expected to reach USD10 billion by 2027.
Chief Executive Officer Jasmine Skee says: "It's an exciting time for Guild as we embark on our maiden venture into the world of sim racing, by leveraging our existing flagship site in London's Shoreditch area at minimal capital cost, to generate incremental revenue streams for the company."
Current stock price: 0.75 pence each, up 7.1% on Monday morning in London
12-month change: down 59%
By Xindi Wei, Alliance News reporter
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