Canadian esports ownership group OverActive Media have released their financial performance for the first six months of 2021, including a net loss of $8,210,000 CAD.
The company own franchise slots in the Overwatch League, Call of Duty League, LEC, and Flashpoint across their three competitive brands: Toronto Defiant, Toronto Ultra, and MAD Lions.
Each of the aforementioned leagues cost them millions of dollars to enter and, despite a growth in revenue for the six-month period, they are yet to become profitable.
In their first financial report since becoming a public company on the TSX Venture Exchange in July 2021, they’ve revealed their income and overall performance.
OverActive Media claim that they brought in a total of $3,402,000 CAD in revenue across the first half of 2021, which was a 56% increase upon the same period in the previous year.
However, their net loss for the period was a total of $8,210,000 CAD. For the same period of 2020, they ended with a loss of $16,319,000 CAD, suggesting that they’re moving in the right direction.
The parent company of MAD Lions, Defiant, and Ultra secured many partners over the period and often receive shares of the revenue generated from the leagues they’ve bought into in the second half of the year, according to a release. They entered deals with the likes of TD Bank, Crave Meals, and Bud Light.
“We are delivering significant year-over-year revenue growth and generating a strong recurring revenue base from our sponsorship partners, who recognize the appeal of our team franchises to today’s generation of fans,” said Chris Overholt, CEO of OverActive Media of the company’s financial performance.