The latest financial details of London based firm Gfinity have been released which means we now know the full details of how the company performed for the entirety of 2016.
In a word, it’s better. In two words, it’s much better.
Whilst the company still recorded a loss it brought in revenues of over £900,000 which is a 45% increase on revenues from the same period in 2015. At first glance Gfinity is losing money fast, it recorded a loss of £1.7m, but make any sort of closer inspection and there’s definite reason for optimism. Moreover, this loss is down £200,000 from the same period the year prior.
The company has been investing heavily in its technology, its events and in having the best people on board to sail the ship. The brand is becoming more widely known and new events such as its Challenger and Elite Series should provide a significant boost. The Elite Series will get underway in June, and there is already talk of its potential for international expansion.
The three titles for these Series are Street Fighter V, CS:GO and Rocket League meaning a range of audiences are catered for, and the competitions opened up to a broader range of gamers. The top notch promo videos for each of these alone are testament to the fact that Gfinity is a company which isn’t interested in half measures. In addition this is a company which recognises that opening up these sorts of competitions to a wider audience is vital for the continued growth of both the company itself and the esports industry as a whole.
Gfinity CEO Neville Upton said of the latest financial report (which can be viewed in full here): “During the six months to December 2016, we continued to build on our strategic objective to establish Gfinity as a leading player in the fast-growing esports sector. I am also very pleased to be able to report another period of strong revenue growth, 45% up on the equivalent period in 2015.
“Gfinity has now built an excellent reputation for the quality of our technology, people and service delivery. This is evidenced by the range of companies, that selected Gfinity as their partner during the latter half of 2016, both in the UK and overseas.”
In 2016 Gfinity put on events such as the Gillette Championship, Call of Duty Summer Masters and its Gear of War tournaments in partnership with The Coalition. Not all events were delivered at all flawlessly but the company is living and learning and hitches with this kind of production are to be expected. Meanwhile, the Gfinity site has seen an overhaul and now provides a great and comprehensive base for esports fans and players.
In short this is a company which is on the right path, and if any of the analyses of where the industry is going are to be believed, then Gfinity is well placed to turn that loss into profit sooner rather than later.
Esports Insider says: An increase in revenue from £0.6m to £0.9m in a period in which the company was still taking shape and planning is impressive. Despite the £1.7m operating loss there is undoubtedly reason to be optimistic with Gfinity’s plans set to come to fruition in 2017. It is extremely well placed to benefit from the esports boom, and moreover play a part in making that boom as loud as possible.