OverActive Media Corp (OAM), the parent company of MAD Lions, Toronto Ultra, and Toronto Defiant, has reported its Q2 2021 earnings — $2.1 million CAD (~£1.2 million), representing a growth of 71 percent YoY.
Last quarter’s earnings bring total revenue to $3.4 million CAD for the first half of 2021, an increase of 56 percent YoY that reflects the company’s recent IPO, acquisitions, and team victories.
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In the span of a year, OAM has announced plans for a 7,000-seat esports venue, formed strategic partnerships with Red Bull, H4X, TD Bank, and more, then started trading on the TSX Venture Exchange.
Further, OAM received a total of over $40m (~£29.11m) in funding in the second close to its private placement and welcomed NHL’s Montreal Canadiens as a member of the company’s ownership group.
Chris Overholt, CEO of OverActive Media commented: “We are delivering significant year-over-year revenue growth and generating a strong recurring revenue base from our sponsorship partners, who recognize the appeal of our team franchises to today’s generation of fans.”
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Overholt continued: “Our franchise agreements with global gaming publishers entitle us to a revenue share from each league, which we typically recognize in the back half of the year. We expect solid revenue growth for the rest of the year, with a continued focus on adding globally recognized brands as long-term partners and competing at the highest level in our respective leagues.
“We are also making important strides on our plan to build the premier sports and entertainment venue in North America, offering state-of-the-art technology and one of the most unique fan experiences in the world.”
Esports Insider says: OverActive Media’s revenue reflects its standing as a powerhouse in esports, and being publicly traded should only help it to continue on its upward trajectory. Despite a net loss of $8.2 million CAD through the first half of 2021, this was significantly reduced from the same period the year prior, and the company owns several top teams, including MAD Lions who’ve signed a number of partnerships thus far this year. All in all, it will be interesting to see what OAM do next, and the next set of reported financials.