Canadian gaming and esports company Enthusiast Gaming, the owner of multiple esports teams and media entities, has revealed its financial results for 2021.
The company has recorded increased revenue, but also saw increased operating expenses and a sizeable loss for 2021.
In 2021, Enthusiast recorded $133.8m (~£101.6m) in revenue, a significant increase from its figure of $58.2m (~£44.22m) in 2020. The overall gross profit for the company was $30.3m (~£23m) in 2021, increasing from $14.9m (~£11.3m) the year before.
Despite this, Enthusiast Gaming recorded a sizeable loss of $41.6m (~£31m) in 2021, following a much smaller overall loss of $21.5m (~£16.3m) in 2020. The figures mentioned have all been converted from Canadian dollars to USD.
Enthusiast Gaming is one of the largest esports-focused companies in North America. The company is the owner of Luminosity Gaming, Call of Duty League franchise Seattle Surge and Overwatch League franchise Vancouver Titans. The company also operates a number of gaming websites including Destructoid and Icy Veins.
It was Upcomer, one of Enthusiast’s other media platforms, that made headlines recently after news surfaced of layoffs in the company. Upcomer is reportedly currently undergoing a shift towards video.
Commenting on the financial results, Enthusiast Gaming CEO Adrian Montgomery, said: “Our momentum continues and we are pleased to confirm our record-breaking results from Q4 2021. We are seeing strong repeat business in direct sales, continued conversions of viewers into paying subscribers, and strength in our product offerings, particularly in Addicting Games and U.GG. We expect this momentum to carry into 2022 and beyond.”
Enthusiast Gaming also announced staff changes together with the financial results. Former Board Member for Enthusiast Nicole Musicco stepped down from the company to pursue a career at the California Public Employees’ Retirement System. Menashe Kestenbaum has also left the role of President to join the Board of Directors for the company.
Esports Insider says: Enthusiast Gaming has a large number of companies under its umbrella and appears to be growing steadily, but the company’s losses might hint at some changes that need to be made in the near future.