FaZe announces multi-year partnership with Porsche
FaZe ClanFaZe Clan have announced that they have entered into a multi-year partnership with luxury sports car manufacturer Porsche.
The partnership will kick off with a content series highlighting the “unique stories of success” of a number of FaZe Clan members, who will also “engage in new experiences through the world of Porsche”, according to a press release.
As part of the agreement, Porsche will sponsor all of FaZe Clan’s esports teams, and the two parties will collaborate on the release of “digital goods and new offerings in the Web3 space.” More information about these plans will be announced in the near future.
“FaZe’s leadership at the intersection of gaming and youth culture, combined with our deep understanding of today’s creators, presents an ideal opportunity for Porsche to reach the next generation and connect with our worldwide fan network,” FaZe CEO Lee Trink said in a statement.
“We’re thrilled to partner with a modern luxury brand like Porsche, who, like FaZe Clan, pushes boundaries to expand its audience, while also consistently placing the importance of community and innovation first.”
The announcement of the partnership comes at a time when another German car manufacturer, BMW, “has decided to end its esports engagement.” a representative for the company recently told Digiday. According to the article, BMW partnered with 11 esports organizations between 2020 and 2023, including G2 Esports, Cloud9, and OG.
Another representative told Digiday that BMW is not leaving gaming altogether as it will focus on other areas of the space, “including in-home casual gaming and the metaverse.”
The partnership with Porsche will be seen as a much-needed financial boon for FaZe Clan after a difficult few months for the North American organization. In December, Forbes painted a dark picture of FaZe’s finances after the company went public in July 2022 at around $13 a share. Earlier on January 19, FaZe Clan was trading at $1.10 a share, an all-time low.
In its quarterly regulatory filing, FaZe said that the company’s financial woes had raised “substantial doubt about our ability to continue.” At the end of September, FaZe reported having $43.9 million in cash on hand, which would be enough to fund its operations“ for a period of at least twelve months through November 2023.”
