Esports and gaming company GameSquare has claimed that it closed deals valued at over $14m (~£10.69m) in August 2024, representing a new record for the business.
According to a release, the contracts are expected to contribute to revenues in both 2024 and 2025 as the company is looking to pivot its focus on developing multi-year and higher-margin revenue opportunities.
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The contracts include new partnerships with TopGolf and Dairy Max, a new agency partnership with 5-Hour ENERGY, and several economic successes for FaZe Clan, an organisation that Gamesquare acquired and completed the merger of earlier this year.
FaZe Clan signed a multi-year sponsorship with Crypto and NFT Casino Rollbit and secured esports winning of over $2m (~£1.53m) at the inaugural Esports World Cup. FaZe Media, the creator-led media company behind FaZe Clan’s IP, also closed a multi-year, multi-million sponsorship and licensing deal with gaming and esports energy drink G FUEL.
Aside from FaZe Media, GameSquare owns Code Red Esports, StreamHatchet, Fourth Frame Studios, and several other companies. The company reported $28.6m (~£22m) in revenue for Q2 2024, with a net loss of $12m (~£10.8m).
With the acquisition of FaZe Clan, GameSquare has further strengthened its position in the esports and gaming industries. In May 2024, it partnered with Dairy MAX to launch a campaign in Fortnite. Earlier this year the company also launched Moonlight Studios, a venture focusing on building experiences across metaverse-like games.
Justin Kenna, GameSquare’s CEO, commented: “After growing pro-forma revenue by 22% in the 2024 second quarter, momentum across our business has remained strong and we ended August 2024 with record new monthly contract wins. I believe these positive trends reflect the growing success of the next-generation media platform we have created, strong execution across our global teams, and expanding demand for our services.
“The amount of multi-year revenue is especially encouraging as more brands are pursuing long-term relationships. This reflects strategies underway to develop a more predictable backlog of revenue.”
