British digital sports content, technology and integrity services provider Genius Sports Group Limited has reportedly released its financial results for 2020 showing that its total revenues jumped by 30.6% year-on-year to $149.7 million.
According to a Wednesday report from Yahoo Finance, the London-headquartered firm benefitted as every one of its three distinct business segments posted double-digit year-on-year revenue gains including a 94% boost from its media technology, content and services arm to $23.1 million.
Fresh field:
Genius Sports Group Limited officially went public on the New York Stock Exchange via a $1.5 billion merger with special purpose acquisition company (SPAC) Dmy Technology earlier this month and reportedly credited some of its success to the acquisition of new customers from across Europe and the Americas looking to take advantage of its programmatic advertising services. The firm’s core betting technology and content business purportedly saw receipts increase by more than 25% year-on-year to $110.6 million while its sports services branch posted a 12% boost to $16 million despite a 2% dip in fourth-quarter sales.
Stubborn shortfall:
Despite all of this success and Genius Sports Group Limited nevertheless reportedly chalked up a net loss for the year of $30.4 million although this was some 24% better than 2019’s $40.2 million finishing deficit following a company-wide reduction in expenses associated with research and development as well as marketing and sales.
Quarterly quandary:
For the fourth quarter alone, Genius Sports Group Limited used a filing of its own to announce that revenues had swelled by 27.6% year-on-year to slightly beyond $47 million although its loss conversely rose by 38% to $13.5 million. However, the company disclosed that its adjusted earnings before interest, tax depreciation and amortization for the final three months of 2020 improved by a staggering 432% to top $4 million as receipts from its media technology, content and services division improved by 90.5% to almost $7.5 million.
Overwhelming optimism:
Mark Locke serves as the Chief Executive Officer for Genius Sports Group Limited and he reportedly described 2020 as ‘a landmark year’ for his firm that leaves him ‘more confident than ever’ regarding its future prospects. The boss purportedly moreover proclaimed that the company’s standing has recently been further bolstered via the inking of a six-year worldwide data distribution deal with the National Football League (NFL) and the signing of a similar arrangement with Japan’s B.League professional basketball organization.
Read a statement from Locke…
“We have entered 2021 with great momentum, bolstered by our recently-completed merger with Dmy Technology and New York Stock Exchange listing as well as our exclusive partnership with the NFL. I am more confident than ever about the opportunities ahead as we continue to leverage our unique technology and scale to grow alongside the rapidly expanding global sports, betting and media ecosystem.”
