Danish esports organization Astralis Group, which became the first esports organization to conduct an initial public offering (IPO) in November 2019, reported its interim results for the six-months period ended June 30. The group revealed a loss of kr30.17M DKK ($4.84M USD) compared to a net loss of kr27.97M ($4.48M) in the same period of last year.
As the Astralis Group was only established during the summer of 2019 and therefore didn’t exist in H1 2019, the group provided unaudited internal financial information provided by the previous majority shareholder as comparative pro-forma figures.
In total, Astralis Group generated revenues of kr20.48M ($3.28M) during H1 2020, up 18.6% from kr17.27M ($2.77M) in the same period of 2019. The group’s Counter-Strike: Global Offensive team Astralis contributed 68.4% or kr14M ($2.25M) of those revenues, its League of Legends team Origen was responsible for kr5.2M ($834K) in revenues, its FIFA team Future Football Club generated kr600K ($96K), and the group’s management added revenues of kr800K ($128K).
The group attributed the increase in revenues primarily to a kr4.4M ($706K) increase in sponsorship revenues and a kr3.5M ($561K) increase in league revenues. The increase in sponsorship and league revenues was partially offset by a kr4.3M ($690K) year-over-year drop in prize money revenues for Astralis Esports as tournaments were either canceled or moved to online competitions with smaller prize pools due to COVID-19 policies.
During the first half of 2020, Astralis Group became 1/14th co-owners of ESL’s Counter-Strike: Global Offensive Pro League together with 12 other teams and the league’s operator. The company also agreed with its staff to reduce salaries by up to 30% to reduce operational costs during the COVID-19 pandemic crisis.
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