- Esports Mogul (ESH) grows quarter-on-quarter revenue through branded engagements by 234 per cent over the June period
- The gaming platform provider has been working to revamp its business model with a focus on financial viability and meeting client demands
- Mogul has signed deals with the International Esports Federation and Cookies Digital, and continues to develop its Sit & Go tournament format
- ESH ended the June period with close to $5.7 million in available funding
- Shares have dipped by 6.2 per cent to 0.8 cents each at 1:04 pm AEST
Esports Mogul (ESH) has tripled its quarter-on-quarter revenue over the three months to June 31 thanks to branded engagements.
The tournament platform provider generated more than $104,000 in revenue over the period, representing a 234 per cent increase compared with the March quarter, and a 42 per cent rise compared to the prior corresponding period.
Off the back of 2020, the company has been working to revamp its business model with a focus on financial viability and meeting evolving client demands across the gaming industry.
In a quarterly update this morning, Esports CEO Michael Rubinelli said he was excited to share progress against the company’s goals.
“Last quarter, I discussed building simple and repeatable revenue through our platform-as-a-service business model,” he said.
“My team continues to engage global brands daily with discussions focussed on opening an always-on channel as a means of building a one-to-one relationship with esports gamers.”
Mogul partners with IEFS, Cookies Digital
Highlights for the June quarter included paid engagements with the International Esports Federation (IEFS) and European marketing firm, Cookies Digital.
Under the agreement with IEFS, Mogul signed on as the official host and platform partner of the upcoming 13th Esports World Championship.
Meanwhile, the deal with Cookies grants brands managed by the agency with an “always-on” channel to speak directly to esports players on a consistent basis.
In this way, Esports said the platform could assist agencies in selling a solution to their brands, including tournament hosting, content delivery and testing.
Rather than holding any particular material value, the company considers these engagements important for bolstering ESH’s credibility and position in the broader market.
Platform development
Meanwhile, the quarter saw ESH continue development of its Sit & Go tournament format for the Mogul platform with the express intent of providing always-on engagement opportunities with higher gratification for players.
The development reportedly speaks to players’ desire to define their own schedules, removing the participant cap on tournament play as well as the friction tied to waiting for a time slot to compete.
Esports identified scaling and efficiency as crucial points of focus for its development team, which spent the quarter working on the product’s codebase and infrastructure refactor.
Finances
Finally, despite its reported increase in quarter-on-quarter revenue, ESH finished the period with less than the $7 million in cash and equivalents recorded at the end of March.
Accordingly, and with expenditure for the period falling within budget expectations, the company rounded out the June period with close to $5.7 million in available funding — enough to see it through the next six quarters.
Shares were down by 6.2 per cent to 0.8 cents each at 1:04 pm AEST.