At the end of March, Allied Esports Entertainment, Inc. revealed its preliminary unaudited financial results for the fourth quarter and full year of 2020. the company also provided updates on several key business initiatives.
It was a rough fourth quarter of the year for the business. Allied Esports reported a 52% decrease in revenue during the last quarter of 2020. Furthermore, total costs and expenses for the fourth quarter of 2020 were $16.6 million, representing an increase of 135% compared to the fourth quarter of 2019.
Full-year financial results were not great either. Total revenues decreased by 57% from 2019 to 2020, mostly due to a down-tick in in-person revenue. Also, the total cost and expenses for operations in 2020 went up by 63% to $35.7 million in 2020.
“As we look ahead in 2021, our expectation is that global distribution of COVID-19 vaccines will bring the return of a normalized world—and with it—the recovery of in-person events,” said company CEO Frank Ng. “We are optimistic that we will soon be operating in an environment where the Company’s foundational strides made on the Multiplatform Content pillar of our business in 2020 will come together alongside the resurgence of live events and the return of maximum capacity at our various Esports venues.”
(All information was provided by Business Wire)