World Chess set for continued growth in FY24/25 as it commemorates FIDE's 100th anniversary
() , a London-based chess gaming and entertainment company, announced the launch of its new book "Chess Players, from Charlie Chaplin to the Wu-Tang Clan" in partnership with FIDE (the International Chess Federation) to commemorate the latter's 100th anniversary. The book is a visual narrative collection of rare images to celebrate chess through the ages, published in collaboration with FUEL Publishing.
"From Hollywood sets to avant-garde art scenes, World Chess and FIDE are celebrating FIDE's 100th anniversary by impactfully demonstrating, through design and imagery, how chess has been shaped by key cultural figures throughout history." said in a statement.
The book will hit the shelves later in September 2024, and will be sold in bookshops around the world, as well as on World Chess' website and at its World Chess Club in Berlin. There will also be a limited edition of 300 books, which includes a gift box and a photo signed by a World Chess champion.
Ilya Merenzon, CEO of World Chess, commenting: "This book is a physical representation of World Chess' mission of expanding chess beyond the board, transforming it into a lifestyle brand for today's modern, design-conscious consumer. Here at World Chess, we are dedicated to leading this change, as demonstrated by this most recent launch, as we combine tradition and modernity to attract a new generation of players to this ancient sport."
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World Chess, an organiser of online chess championships and innovator in the online chess space, has announced a new book commemorating the International Chess Federation's (FIDE) 100th anniversary. owns an exclusive license from FIDE, which is the international governing body for chess. The new book adds to 's merchandising programme, allowing fans the ability to purchase exclusively designed and curated items.
World Chess listed on the LSE Main Market in April 2023, raising €3.5m on listing and a further €2.3m from an existing investor. The move established a £41.7m valuation for the company. uses its exclusive license with FIDE to operate the FIDE Online Arena site, which launched version 2.0 in October 2023 following significant investment during the year, with subscriptions continuing to rise.
Since listing on LSE, has significantly expanded its merchandising and commercial efforts. It opened the World Chess Club Berlin whose success it hopes to replicate in other cities. hosted the inaugural Armageddon Championship Series at the location, which was broadcast across 33 TV networks, including Bloomberg and CNBC, making it one of the most televised chess events ever.
These activities significantly raised the profile of the company, whose stock has rallied since mid-July, consolidating at c. +46% as of time of writing. We see plenty of upside as has clearly shown that one of the world's oldest board games presents ample opportunities for innovation - in this case facilitated by ' exclusive license from the game's international governing body, which eliminates much competition and opens up significant x-selling opportunities.
In its most recent final results for FY23, forecast revenue growth of CAGR 43% between 2023 and 2025, with broker Allenby Capital placing an optimistic target price of 4.6p at the time of issue, which has already blown through. While overall revenues decreased by 16% in FY23 due to a slower H1, in H2 revenues jumped 36% thanks to a 153% growth in tournament revenues, with the strong momentum in tournament and partnership revenue bound to continue.
also recently expanded its partnership with Algorand for an addition year, further integrating the latter's blockchain technology into the chessarena.com ecosystem. The extended partnership will include the launch of a new Algorand Tournament Series on the platform, offering players the ability to compete in blockchain-enabled events. As part of the renewed deal, Algorand has agreed to a continued sponsorship package of World Chess.
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