Modern Times Group, the parent company of ESL and DreamHack, recently revealed the organization’s first-quarter financial results for 2021. Net sales were up by 9.4% to $120 million compared to last year.
Most of the company’s net sales were generated from the group’s gaming vertical which was $91.1 million, which represents 75.9% of total sales. The final $29 million came for the group’s esports vertical.
“The first-quarter results were mixed, reflecting the continuing impact of the pandemic on our two verticals. While gaming performed well, exhibiting increased user engagement with our expanding portfolio of titles, esports continued to be impacted by the postponed return of live audience events,” said MTG Group CEO Maria Redin. “Short-term visibility remains low, reflected in our adjusted tournament schedule. As a consequence, we are experiencing longer decision-making processes from brand partners, and in the quarter delayed signing of a small number of anticipated larger sponsorship contracts, which negatively impacted adjusted EBITDA. Most of these contracts have now been closed in Q2, 2021.”
In total, the company was down for this period. The organization posted a net loss of $14.7 million this quarter, which is up from the quarter of 2020.
(All information was provided The Esports Observer)
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