Welcome to our dedicated page for Motorsport Games news (Ticker: MSGM), a resource for investors and traders seeking the latest updates and insights on Motorsport Games stock.
Motorsport Games Inc. (NASDAQ: MSGM) is a leading developer, publisher, and esports ecosystem provider for official motorsport racing series. Headquartered in Miami, Florida, the company was founded in 2018 and has since combined engaging video games with exciting esports competitions and content for racing fans and gamers worldwide.
The core business of Motorsport Games Inc. revolves around the development and publishing of interactive racing video games. It holds licensing agreements for iconic motorsport racing series such as NASCAR and the British Touring Car Championship (BTCC). The company is also an esteemed esports partner for NASCAR, 24 Hours of Le Mans, Formula E, BTCC, and the FIA World Rallycross Championship, among others.
The company's business segments include the development and publishing of video games, entertainment content, and services, and the organization and facilitation of esports tournaments. Motorsport Games Inc. recently announced new features and updates for its flagship game, Le Mans Ultimate, introducing a Radar feature, Replay Suite, and improved race starts. They also plan to release additional 2024 content including new cars and circuits throughout the next 12 months.
In the esports sector, the company recently resolved a licensing dispute with BTCC and signed a new non-exclusive license agreement to reinstate BTCC content in the acclaimed rFactor 2 racing simulation. Moreover, they launched a new platform, RaceControl.gg, in collaboration with Coach Dave Academy, to enhance player engagement with their games.
Despite facing some financial challenges, Motorsport Games continues to focus on expanding its product portfolio and improving its existing offerings. The company remains committed to providing an authentic racing experience for its users and has plans to further innovate and enhance its gaming and esports platforms.
Recent financial results and updates, including strategic plans and partnerships, are available on the company’s investor relations website and through various media channels.
Motorsport Games (NASDAQ: MSGM) has completed the acquisition of Studio 397, a leading developer of the rFactor 2 racing simulation platform. This acquisition, finalized in April 2021, enhances Motorsport Games' product portfolio and development capabilities. Studio 397 will continue to operate under its name and contribute to various Motorsport Games projects, including the NASCAR reboot and titles based on prestigious racing licenses such as the British Touring Car Championship. The acquisition is expected to positively impact Motorsport Games' esports offerings.
Motorsport Games (NASDAQ: MSGM) will report its first-quarter financial results for 2021 on May 17, 2021, after market close. A conference call and webcast will occur at 5:00 p.m. ET the same day to discuss the results. Investors can access the call through the IR website and view highlights via an investor video. Motorsport Games specializes in developing and publishing video games for major motorsport series including NASCAR and the 24 Hours of Le Mans, along with providing esports competitions.
Motorsport Games (NASDAQ: MSGM) has announced the Ultimate Summer Showdown, a four-event esports series for NASCAR Heat 5, starting on April 30, 2021 and culminating with the finale on July 22, 2021. BenQ is named the official gaming monitor provider for the event. Players can qualify online, and the top 24 from each platform will compete in live-streamed finals. The event aims to enhance the racing community's engagement following the success of the Winter Heat Series.
Motorsport Games (NASDAQ: MSGM) has successfully completed its acquisition of 704Games Company, facilitating complete control over its NASCAR licensed video games. This merger involves 704Games LLC and is expected to enhance financial reporting and strategic advantages. Although the acquisition won't impact earnings per share in the current year, it is anticipated to become accretive starting in 2022. CEO Dmitry Kozko emphasizes the acquisition's value in developing genre-defining experiences for fans.
Motorsport Games (NASDAQ: MSGM), a leading racing game developer, will participate in a fireside chat on April 20, 2021, hosted by Mike Hickey from The Benchmark Company. This event aims to discuss the company’s role in the racing organization and esports ecosystem.
Motorsport Games develops officially licensed video games for renowned motorsports, including NASCAR and Le Mans. It is recognized as an award-winning esports partner for various racing championships, including FIA World Rallycross and the eNASCAR Heat Pro League.
Motorsport Games has appointed Gérard Neveu as Motorsports Advisor to enhance connections with the motorsport industry. Neveu, former CEO of the FIA World Endurance Championship, previously staged the largest virtual racing event, the 24 Hours of Le Mans Virtual, attracting 14.2 million viewers. His role will focus on fostering projects in esports and ensuring authenticity. Motorsport Games is expanding with acquisitions of KartKraft and plans for rFactor2, aiming to solidify its position in the virtual racing space.
Motorsport Games Inc (NASDAQ: MSGM) has announced a binding term sheet to acquire Digital Tales USA LLC, enhancing its mobile gaming portfolio and introducing two-wheel racing. This strategic move aims to position Motorsport Games as a leader in the virtual racing world, following their IPO in January 2021. The acquisition complements existing licenses, including NASCAR and the 24 Hours of Le Mans, and is part of a broader strategy that includes recent acquisitions like KartKraft and Studio397. This expansion targets the growing mobile gaming market of 2.6 billion players globally.
Motorsport Games reported a 60% revenue increase to $19.0 million for the fiscal year 2020, driven by strong sales of NASCAR Heat. The gross profit rose to $12.4 million, achieving a 65% gross margin. The net loss decreased significantly to ($0.7 million) from ($5.8 million) in 2019. Q4 2020 revenue grew 26% to $2.9 million with gross profit at $1.6 million and a gross margin of 55%. The company also completed its IPO, raising approximately $62.9 million.
Motorsport Games (NASDAQ: MSGM) has successfully completed its acquisition of the KartKraft assets and business from Black Delta. This includes the KartKraft intellectual property and game assets. Key developers, including Founder Zach Griffin, will form a new studio within Motorsport Games Australia to advance the game. This acquisition enhances Motorsport Games' product offerings and strengthens its position in the racing game market. KartKraft, currently in Early Access on Steam, features customizable karts and licensed tracks.
Motorsport Games Inc (NASDAQ: MSGM) announced it has signed an agreement to acquire 10.1% of 704Games from Ascend FS, Inc. for the same per share price as its earlier agreement with PlayFast Games, LLC to buy 7.6% of 704Games. This acquisition, set to close on April 1, 2021, will give Motorsport Games complete ownership of 704Games. The transaction is expected to enhance net earnings per share from 2022 onwards and simplify financial reporting. Additionally, it will resolve legal claims from Ascend and PlayFast against Motorsport Games.
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