Wednesday, August 17, 2016
This Company Of Swedish Esports Stars Is Making Millions And Doubling Revenues On A Yearly Basis
Via Business Insider: Ninjas in Pyjamas started out humbly as a professional Counter Strike team in 2000. Since then a lot has happened, and right now the company's growth is completely exploding. NiP is no longer a player-owned company, but a limited company acting as an umberella organization for several professional esports teams in Sweden, writes Breakit. The esports market is booming, and NiP with it. For 2015, NiP reported revenues of $2.15 million. That's more than double the revenue of 2014, at $910.000. The company is aiming at almost trippling revenues during 2016, to $5.9 million, Breakit reports. But despite the high revenues the final profit only amounted to $83.000. "We're growing quickly and reinvesting in our growth, which is reflected in the financial result", Ninjas in Pyjamas' CEO, Hicham Chahine, tells Breakit. To achieve such growth the company is going beyond streaming and sponsorship revenues and increasingly getting involved in the retail of merchandize and gaming products. One of NiP's subsidiaries, Xtrfy, already has a turnover of $710.000 from selling gaming equipment. Growth is also being fueled by newly injected venture capital. NiP recently took in $590.000 in a new issue of shares. The issue implicitly values NiP at about $12.5 million.