Gfinity (GFIN ) has unveiled a new partnership between its Gfinity Digital Media ('GDM') division and Magic Lamp Technologies which owns video game map website, MapGenie.
The esports and gaming solutions group explained that under the partnership, GDM will embed MapGenie's interactive video game maps into relevant articles across its network, allowing users to track their gameplay progress and access wider information and features.
Gfinity believes the partnership will provide Gfinity with valuable gaming tools that will in turn expand GDM's existing tutorial offering around some of the industry's biggest games.
In turn, MapGenie, the interactive video game map website, is expected to benefit from an increase in user traffic to its sites as well as growth across its subscription base.
The partnership is expected to drive the advertiser appeal of GDM's websites and forms part of Gfinity's wider strategy to accelerate growth across GDM, which receives up to 14m monthly users and remains on track to deliver target revenues of c.£2m this financial year.
Gfinity said GDM’s growth is driven through three key areas; organic growth through its existing sites, the acquisition of new platforms, as well securing new partnerships.
“This partnership is the first of many initiatives the GDM will be rolling out over the next few months as we accelerate the growth and engagement of our users, Talal Musa, Head of Gfinity Digital Media told investors.
Musa added, "Through the integration of MapGenie's highly popular interactive maps, we will add further depth to our popular editorial and video content, driving the improvement of core site metrics like returning users, bounce rate and dwell time.
Our strategic focus is to drive deeper user engagement across our ecosystem and MapGenie will help us to provide an enriched user experience.”
Oisin O’Neill, Founder of MapGenie said, "Our goal has always been to enhance the gaming experience for players everywhere - be it tracking down that last collectible for a Platinum trophy or discovering the hidden side quests they missed in their favourite game.
By teaming up with Gfinity we hope to share this experience with a wider audience, and to enhance the interactive maps with in-depth tutorials & guides from their expert editorial team."
Shares in Gfinity have risen by over 30% since October 2020. This latest partnership follows the group’s announcement last month that it had recorded its first ever quarterly positive adj EBITDA, as well as a new commercial agreement with fan engagement platform, IQONIQ.
Investors now await for the publication of the group's first-half results for the six months to 31 December 2020 which are anticipated for release during this month. Shares in the esports media Company opened 5.00% higher this morning at 4.2p following the announcement.
Reasons to GFIN
The esports industry represents an exciting investment opportunity for Gfinity which is the only established UK listed company in the esports sector. In 2018, global esports revenue grew by 38% in value, with a projected esports market value of $1.5 billion by 2020.
In November 2020, Gfinity launched a formal sales process as part of a strategic review which it said will help it continue its pathway towards profitability forecasted for 1Q21.
Gfinity has seen three major progressions with regards to joint ventures and partnerships, including partnerships with BT Sport, ViacomCBS and Abu Dhabi Motorsport Management.
The group said it is on track to deliver target revenues for this financial year of around £2m, leading the Company towards its maiden profit. GFIN is currently technically in an offer period post the announcement of its strategic review on 9 October 2020.
‘While the Company continues on its current pathway towards sustainable profitability, at this point in time it is important to all its stakeholders to ensure that it has explored all strategic options to capitalise on the potential market opportunity,’ GFIN noted.
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