London-based esports business Gfinity has posted a ‘significant reduction’ in adjusted operating loss during its past financial year.
It made a loss of £2.7m in the year ending June 30th 2021, down 50% from the £5.5m loss in the year prior.
Revenues rose 27% to £5.7m during the period. Of this, revenue specifically relating to Gfinity’s owned and co-owned content increased by 768% to £2.3m, up from £0.3m year-on-year.
This £2.3m figure includes £1.6m in revenues related t o Gfinity’s Digital Media Network, including editorial online publications, and £0.7m related to jointly owned esports properties, including the Global Racing Series in conjunction with Abu Dhabi Motorsports Management.
The news comes after Gfinity has acquired several online publications, including Gfinity’s recent acquisition of Rainbow Six esports site SiegeGG.
Gfinity also hosts various esports tournaments including white label offerings. It’s signed several commercial agreements with well-known brands and publishers including Activision, Manchester United, Cadburys, Formula 1, Premier League and Red Bull.
Gfinity CEO John Clarke said: “Over the past year, Gfinity has continued to embed itself into the gaming ecosystem by providing unique esports solutions and establishing a highly engaged community of gamers through the Gfinity Digital Media Group (GDM) and our proprietary technology IP.
“GDM continues to expand following several strategically important acquisitions, including Stock Informer and SiegeGG post-period, and we have grown our gaming community and enhanced our ecommerce capabilities.
“While our tournament platform is driving competitions of significant scale, our sharpened focus has also allowed us to make significant savings in operating expenditure.
“Looking ahead, we are now in a position to grow and monetise at scale. Despite ongoing uncertainty around Covid-19, macro trends around gaming are attractive and we remain focused on delivering against our strategy.”
Gfinity has seen a rise in revenues and a fall in overall losses for several years now – the key will be the day it turns a profit, and for now it seems like it’s on track to doing so.
Dom is an award-winning writer who graduated from Bournemouth University with a 2:1 degree in Multi-Media Journalism in 2007.
As a long-time gamer having first picked up the NES controller in the late ’80s, he has written for a range of publications including GamesTM, Nintendo Official Magazine, industry publication MCV as well as Riot Games and others. He worked as head of content for the British Esports Association up until February 2021, when he stepped back to work full-time on Esports News UK and as an esports consultant helping brands and businesses better understand the industry.