Gfinity plans to relaunch Elite Series with a new format

Image credit: Joe Brady

Esports solutions provider Gfinity has spoken about its plans for its Elite Series tournaments, some 10 months after the most recent Elite Series concluded.

In Gfinity’s latest financial results, published today, it said: “Over the last few months we took the decision to review the Elite Series, to relook, reimagine and relaunch it when we have a model that delivers on the strict financial metrics that we have set ourselves.

“The Elite Series delivered significant value to the business, showcasing our tournament and content creation abilities and driving multiple new commercial relationships. It also became a creative hot house that allowed us to trial formats that had never been seen before, a number of which have now become common practice for publisher-driven global esports programmes.

“We plan to relaunch the Elite Series with a new format when we have finalised the proposition that works for all stakeholders.”

Gfinity reports that revenue from its Elite Series during its most recent financial year (ending June 30th 2019) grew 89% to £1.5m, with the net investment required reducing to £0.4m. It says this ‘reflects both the increase in revenue and the fact that only one season was delivered during the year, compared to three in the prior year’.

“The Elite Series has gained significant traction in the industry, however, over the past two years it has also drawn on a lot of resources from Gfinity’s business. We are currently looking at restructuring this property, with a view to relaunching it in a revised format, with stronger commercial performance.”

GFINITY

Gfinity posted an operating loss of £8.6m for its financial year ending June 30th 2019, an improvement over the £12.2m loss made during the year prior.

Elsewhere in the financial results, Gfinity announced that Graham Wallace, Global COO, has been promoted to CEO and will be responsible for leading the business on a day-to-day basis. Garry Cook will continue as executive chairman.

Gfinity has made changes to its business over the past year, running tournaments like the F1 Esports Series and several FIFA competitions, as well as posting news on its channels and partnering with brands to help them reach the gaming and esports demographic.

Gfinity stated: “Over the last year we started to evolve our financial model from one dominated by service provision, where Gfinity is contracted to create a solution which the business client then monetises, to a broader partnership model.

“This is where Gfinity and partners own or co-own a solution, create IP and then monetises it, sharing the commercial rights. Over time this model will become a key offering and contribution to the group. We have also seen a significant increase in the demand for Gfinity’s advisory services and the growth in our community building is also going to open up multiple new, recurring revenue streams.”

Gfinity said it is ‘on the pathway to break even (on an Adjusted EBITDA basis) within the next two years’.

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