Big things are happening in the eSports industry. In 2012, people spent about 1.3 billion hours watching eSports videos. By 2013, it was up to 2.4 billion hours. By 2019, millions of people spent 6.6 billion hours watching eSports. “With the proliferation of smartphones with more and more processing power coupled with 5G network gaining popularity, In the same period, the gaming industry is expected to be more interactive and streaming-based,” says Research and Markets. In addition, according to U.S. News & World Report, “The global eSports audience is expected to double from 335 million in 2017 to 646 million by 2023, according to Business Insider. Newzoo, a source for games market insights and analytics, projects eSports revenue could hit $1.8 billion by 2022.” That excitement is creating big opportunity for related companies, such as Enthusiast Gaming Holdings Inc. (TSX:EGLX)(OTCQB:ENGMF), Penn National Gaming Inc. (NASDAQ:PENN), Snap Inc. (NYSE:SNAP), Draftkings Inc. (NASDAQ:DKNG), and Corsair Gaming Inc. (NASDAQ:CRSR).
Enthusiast Gaming Holdings Inc. (TSX:EGLX)(OTCQB:ENGMF) BREAKING NEWS: Enthusiast Gaming Holdings Inc. announced that it has launched its eighth series for Snapchat called “Luminosity Plays.” The weekly series, which aired its first episode on November 5, will feature content from some of the world’s top gamers on the Luminosity Gaming roster, including: Anomaly, Fresh, xQc and others.
“Luminosity Plays” adds to Enthusiast Gaming’s successful track record of programming on Snapchat, with seven existing gaming shows coming before it, which collectively have reached nearly 9.5 million unique viewers in October 2020. Its long-running show “The Countdown,” a gaming news series with new episodes airing every other day, has 2.1 million subscribers and averages over 1 million viewers per episode. Luminosity Gaming’s additional shows on Snapchat include three series from ArcadeCloud including “The Squad,” “Block Squad” and “ArcadeCloud Originals,” “BCC,” a twice a week Fortnite highlights show, “Best COD Clips,” a weekly Call of Duty highlights show and “GTA Today,” a twice a week Grand Theft Auto highlights series.
“As one of Snap’s key gaming content partners, we’re thrilled to continue expanding our mobile programming with them by creating new, engaging shows for our millions of gaming fans on Snapchat,” said Adrian Montgomery, CEO of Enthusiast Gaming. “The success of our content on Snapchat also further solidifies the massive growth and upward trajectory of gaming in the entertainment world and we’re looking forward to building that future with Snap.
Luminosity Gaming, owned by Enthusiast Gaming, is one of the leading esports organizations in North America with some of the top esports influencers and creators with a collective social following of over 70 million fans. Its talent roster includes the likes of Anomaly, Muselk, RockyNoHands, Problem and more, along with honorary celebrity members including Richard Sherman and Darius Slay.
Other related developments from around the markets include:
Penn National Gaming Inc. (NASDAQ:PENN) reported financial results for the three and nine months ended September 30, 2020. Jay Snowden, President and Chief Executive Officer, commented: “I am pleased to report that our property, interactive, and corporate management teams generated strong third quarter revenues, as well as all time quarterly record Adjusted EBITDAR and Adjusted EBITDAR margins, despite the continuation of social distancing and capacity constraints at all of our reopened properties. The current operating environment has demonstrated the resilience of our teams and operations as we’ve made significant modifications to our business model to respond to the new volumes, offerings, and ongoing restrictions. In addition to the record results of our brick and mortar operations, one of the highlights of the quarter was the launch of our much-anticipated Barstool Sportsbook app in Pennsylvania, which has been well received. As we look ahead, we continue to see solid results across the portfolio in October, which is being driven not only by our margin improvement, but also our sustained revenue performance as we have continued to manage the ongoing COVID-19 restrictions. In sum, we believe we can close out the year with positive momentum.”
Snap Inc. (NYSE:SNAP) announced financial results for the quarter ended September 30, 2020. “Our focus on delivering value for our community and advertising partners is yielding positive results during this challenging time. We’re excited about the growth of our business in Q3 as we continue to make long-term investments in our future,” said Evan Spiegel, CEO. “The adoption of augmented reality is happening faster than we had previously anticipated, and we are working together as a team to execute on the many opportunities in front of us.”
Draftkings Inc. (NASDAQ:DKNG) reported its financial results for the third quarter of 2020. For the three months ended September 30, 2020, DraftKings reported revenue of $133 million, an increase of 98% compared to $67 million during the same period in 2019. After giving pro forma effect to the business combination with SBTech (Global) Limited and Diamond Eagle Acquisition Corp., as if it had occurred on January 1, 2019, revenue grew 42% compared to the three months ended September 30, 2019. “The resumption of major sports such as the NBA, MLB and the NHL in the third quarter, as well as the start of the NFL season, generated tremendous customer engagement,” said Jason Robins, DraftKings’ co-founder, CEO and Chairman of the Board. “In addition to our year-over-year pro forma revenue growth of 42%, DraftKings recorded an increase in monthly unique payers of 64% to over 1 million, demonstrating the effectiveness of our data-driven sales and marketing approach. Our product offerings and scalable platform provide a distinctive and personalized experience for customers across the ten states where we operate mobile sports betting today, and we look forward to entering additional jurisdictions at the earliest opportunity.”
Corsair Gaming Inc. (NASDAQ:CRSR), a world leader in high-performance gaming peripherals and enthusiast components, announced a new AMD-powered gaming PC to its system lineup: the CORSAIR VENGEANCE a7200 Series. The VENGEANCE a7200 Series is the first machine from CORSAIR to offer a blisteringly fast new AMD Ryzen™ 5000-Series CPU coupled with the immense power and speed of an NVIDIA® GeForce RTX™ 3000-Series GPU, supported by a range of award-winning CORSAIR components.
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