Esports holding company OverActive Media, owner of Toronto Ultra, MAD Lions and Toronto Defiant, shared financial details for Q2 and H1 2022, ending on June 30, 2022.
OverActive shared that the total revenue for the second quarter increased to CAD $2.3m (£1.5m), however, team revenue declined by CAD $500,000 (~£300,000). Revenue for the first six months of 2022 totalled CAD $4.4m (£2.8m).
Losses are also apparent, but the net loss for the first six months of 2022 is smaller than the same time period last year — CAD$7m (£4.5m) compared to CAD$ 8.2m (£5.25m) in 2021.
Similar to the first three months of 2022, OverActive Media said that the increases in overall revenue are tied to an increase in ‘Business Operations revenue’. The first six months of 2021 saw the company take in CAD $3.4m (£2.2m). In 2022 that number climbed slightly to CAD $4.4m (£2.8m).
OverActive Media increased sponsorship revenue is connected to two large-scale deals secured in the first six months of 2022; a multi-million dollar partnership renewal with financial institution TD Bank Group and a multi-year renewal with Canadian communications company Bell. Both of these partnerships were renewed in June.
Despite the revenue increases, losses are also apparent. A Net loss for the first half of 2022 was CAD$7m (£4.5m), which is smaller than the CAD$8.2m (£5.25m) recorded during the same time period last year.
In particular, OverActive highlighted hosting of the Call of Duty League Major in Toronto, the first Major in the game to be hosted in Toronto. The event, presented by OverActive partner Bell, attracted a live audience of around 8,000.
Chris Overholt, President, and CEO of OverActive Media, commented: “Our expenses and net loss were higher in the current quarter, driven in part by our investment in hosting the first-ever Call of Duty League Major in Toronto in June. This event was a tremendous success for our fans, partners, and the city. “