GCIGuild Esports' pro player earns $200k with top 3 finish in Fortnite tournament
investee company () announced that its professional Fortnite player 'Chico' has won US$200k after finishing 3rd in the highly competitive Fortnite Champion Series (FNCS) final.
The event was hosted at the Royal Arena in Copenhagen on October 15 2023 and provided significant visibility to Guild, with newly signed Chico publicly referred to as 'Guild Chico'. A small portion of the prize money will go to Guild in line with industry practice and contractual agreements.
"Chico's outstanding showing at the FNCS final underlines the calibre of talent we can attract to Guild Esports. Finishing third in such a competitive arena is no small feat, and on behalf of the entire Guild family, I would like to congratulate him on an amazing performance." said Jasmine Skee, CEO of Guild Esports.
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Only four days after signing Chico, Blacha, and PabloWingu to its professional Fortnite roster, Guild has announced that one of the three new players has won 3rd place in the Fortnite Champion Series (FNCS) final, widely considered the esport's most competitive tournament. While Guild will only receive a small portion of the proceeds, having a successful Fortnite team will benefit the company through increased exposure and related sponsorship revenue.
The result can be attributed to Guild's ambitious expansion strategy. Besides the 3 new additions to its Fortnite roster, the company recently announced a new Street Fighter team and a new men's Counter-Strike team as well as its foray into sim racing.
Guild's Fortnite team is among its most valuable assets, now strengthened with the addition of Chico, Blacha, and PabloWingu, widely regarded as some of the best players in the industry. Their choice to sign on with Guild speaks to the latter's recent investments in coaching and facilities, partly made possible through Guild's recently expanded partnership with Sky. The additions should boost revenues for the team, as Guild shifts its recruitment focus towards targeting up-and-coming and developing talent via scouting and data analysis tools.
In its interim results released in May, Guild reported a revenue increase of 241% to £3.7m compared to £1.1m in H1 2022, driven by significant growth in sponsorship income. Gross profit also rose 256% to £2.5m from £0.7m a year ago. The company's loss before tax halved to £2.3m from £4.96 in H1 2022, reflecting increased sponsorship revenue and reduced operating expenses. Net cash stood at £1.1m on 31 March 2023.
Momentum is positive into 4Q23 and FY24 with a strong contracted orderbook and diversification of revenue streams, such as with the recent launches of new Street Fighter and Counter-Strike teams and Guild's expansion into sim racing. We expect H2 2023 revenues to show further year-on-year growth.
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