The first week of December resulted in a relatively quiet box office, albeit with a few pleasant surprises. Among them is Renaissance: A Film by Beyonce, which took the top domestic spot with $22 million, per Deadline. Sure, this latest concert venture is far from the $92M opening of Taylor Swift’s Eras Tour in October. Still, it’s also the second-best start for a film in this timeframe, trailing only Tom Cruise’s The Last Samurai ($24.2M in 2003). Compared to other concert pics, Renaissance remains behind Justin Bieber: Never Say Never ($29.5M in 2011) and Michael Jackson’s This Is It ($23.2M in 2009). PLF and Imax represented 49% of ticket sales, bringing in $5.1M globally.
GameSquare Q3 results show FaZe acquisition fills funding gap
16.11.2023 - 01:03 / venturebeat.com
Esports and gaming media conglomerate GameSquare holdings announced its financial results for the third quarter of 2023. The company’s revenue for the first three quarters totaled $35.2 million, up 38% from the same period in 2022.
While revenue is up, the holding company’s cost of sales and expenses have also gone up significantly. Its cost of sales climbed 83% to $24.8 million, leaving $10.4 million in gross profit. GameSquare’s expenses totaled nearly $24.3 million, up 28% from the same period last year. The majority of the increase was a result of salaries, consulting and management fees growing 81% year-on-year.
The company showcased these results in a Twitch stream on Tyler “Ninja” Blevins channel instead of a typical conference call. Ninja joined GameSquare as its chief innovation officer in February 2023.
Notably, GameSquare’s adjusted EBITDA loss is trending away from profitability. In the first three quarters of 2023, the company’s adjusted EBITDA loss totaled $10 million. This is up 37% from a loss of $7.3 million in the same period in 2022.
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Critically, GameSquare’s results revealed one of the underlying reasons why it acquired ailing esports and lifestyle organization FaZe Clan in October 2023. In its going concerns, GameSquare disclosed it needed about $16 million before the end of 2023 as its current assets could not cover its current liabilities.
GameSquare’s all-stock acquisition of FaZe Clan helps to solve this immediate problem. FaZe’s final financial report shows that the company lost about $36.6 million during the first three quarters of 2023. However, the esports and lifestyle organization still had about $34.5 million in current assets including $16.6 million in cash. With its $18 million in current liabilities, this leaves about $16.5 million for GameSquare to fill its working capital gap.
Similarly, GameSquare also sold its subsidiary Frankly Media’s radio business assets for up to $4 million to SoCast. GameSquare will take in $3 million once the deal closes and up to an additional $1 million based on performance.
Through its FaZe acquisition and its Frankly Media sale, GameSquare now has the resources to fulfill its payment obligations for the rest of the current year. Without additional funding, GameSquare now has about a year to turn a profit.
GameSquare clearly sees acquisitions and consolidation as its path to profitability. On top of FaZe, the company acquired Engine Gaming in April. Engine’s subsidiaries included viewership analytics platform Stream Hatchet,
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gamingbolt.com
02.12.2023 / 14:25
Unknown 9: Awakening Rated in Singapore, Seemingly Coming in 2024
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tech.hindustantimes.com
29.11.2023 / 13:43
Does Internet use harm mental health? This new Oxford study shows surprising result
The effect of the internet use on mental health has always been a controversial topic. While many claim that social media in particular and internet use, in general, are addictive, a recent Oxford study shows that it does not have a major effect on mental health globally. The Oxford Internet Institute found no evidence or link between internet and psychological harm. Check out what the Oxford study reveals about internet use in detail.
comingsoon.net
29.11.2023 / 11:23
Bigg Boss 7 Tamil Week 9 Voting Results: Vichithra Leads the Race
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tech.hindustantimes.com
29.11.2023 / 09:21
HSSC Group D CET result 2023 to be declared online soon! Here is how to check score
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gadgets.ndtv.com
27.11.2023 / 09:07
Assassin’s Creed Mirage Pop-Up Advert in Other AC Games Was Result of a ‘Technical Error,’ Ubisoft Claims
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rockpapershotgun.com
24.11.2023 / 13:17
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gamesindustry.biz
23.11.2023 / 00:38
Layer AI raises $1.8m in funding
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gamesindustry.biz
22.11.2023 / 20:33
Steam's USD currency change for Argentina and Turkey results in game price hikes
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venturebeat.com
22.11.2023 / 00:45
Nvidia reports record Q3 results driven by surging demand for AI
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comingsoon.net
20.11.2023 / 09:17
Box Office Results: Hunger Games Prequel Rises to the Top as Marvels Sinks
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wccftech.com
17.11.2023 / 13:47
Dragon’s Dogma 2 Showcase Set for Late November, Will Show New Gameplay and Info
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