GameOn Entertainment Technologies Inc. (“GameOn”) (CSE: GET) (OTCQB: GMETF), a leading game technology company that partners with the world’s largest IPs to launch, operate and monetize web3 games, today announced financial data for the second quarter has been submitted and a mid-year company update below.
Strategic loan
Another event for Q2 finance, the company announced a loan agreement with Proje Ventures Inc. in front of: US$550,000 – an intentional number that management believes are necessary to be profitable in 2023.
“The Proje deal is a partnership that will enable us to not only survive the current market conditions, but continue to thrive,” said GameOn CEO Matt Bailey . “We are halfway through 2022, but also halfway through a strategic three-year plan, and this cash injection keeps us on track.”
Three-year plan: build, sell, make a profit
2021 was the year of construction. The company has $5.8 million in the listing process, and with that we have hired key personnel, acquired a fantasy company, positioning our B2B technology to be marketable and scalable. The company prioritized a reusable platform never to build from scratch. As such, GameOn can be up and running with new partners in weeks rather than months or years, a key differentiator in sales to the market. With 2021 focused on building, costs were naturally higher.
2022 was the year of selling and proving the demand for our product. The management is convinced that this has been achieved. Now that the platform has been built, the costs are significantly lower and the company has paved the way for customers. GameOn now has over 10 partners live, in development or in contract. In Q1 and Q2 2022, GameOn . reported $330,481 of sales, increased from $10,081 in the first half of 2021. Management believes the company is on track to $1 million in sales by the end of the year, with an expected gross profit of 80%.
2023 is expected to be the year of profitability. The company’s goal is to scale customers and revenue without significantly increasing costs. GameOn’s platform technology allows the company to achieve this. With continued focus on sales, management believes the company will at least double its sales and be profitable by 2023.
“While the market has been impacted by factors beyond our control, we have adhered to the three-year plan,” Bailey said. “We are committed to providing sustainable long-term shareholder value, and management believes we are firmly on the right track.”
Highlights from partners
Such significant growth is due to recently announced partners going live and increasing revenues. GameOn’s partners pay the company in three ways: one-time startup fees, monthly recurring license fees, and the revenue share on all revenue generated from our products.
This month GameOn launched U.S ‘Women betting’ game for Gaming Society and the WNBA, featured in SportsBusiness . This is our first major league licensed product to use league and team logos. With much more in the pipeline, it won’t be our last.
In March GameOn launched a March Madness brace for Women only Sport and DICK’S Sporting goods. JWS and DICK’S gave away US$150,000 to the brace winner, the biggest prize ever for college basketball for women.
In Q4 GameOn will launch our most ambitious product yet with Tetavi, announced earlier this year. The product allows fans to discover new music, invest in artists/songs, build their own ‘record label’ and receive royalties based on streams and charts. The web3-based game leverages the power of the blockchain to facilitate ownership and royalty distribution.
Last week GameOn announced their newest partner, RDB Car Club. RDB will license GameOn’s technology to drive web3 engagement, retention and revenue through games. RDB is a car customs shop with customers including model Kendall Jenner NFL Super Bowl Champion Jalen Ramsey eight-time NBA All-Star Dwight Howard and singer-songwriter sensations Khalid and Billie Eilish .
Last year GameOn launched a cricket game for MX Player, Indias largest streaming app with over 1b Downloads . The game has amassed over 500,000 players and dozens of predictions made.
Bailey said: “So, what now? 2022 remains the year of sales. We are laser focused to end the year the way we started it: with more partner deals. Expect news that will focus on new customers and reflect our financials accordingly, while in 2023 we will focus on driving through to profitability.”
On behalf of the Board of Directors:
Matt Bailey Director & Chief Executive Officer
GameOn Entertainment Technologies Inc.
mat@gameon.app
ABOUT GAMEON ENTERTAINMENT TECHNOLOGIES INC.
GameOn (CSE: GET) (OTCQB: GMETF) partners with the world’s largest sports, media and entertainment IPs to launch brand-building, monetized web3 games. We turn fans into super fans – attracting, retaining and monetizing the audience, and taking advantage of the entire economic cycle of web3 games. With a diverse team of web3, gaming, sports and media veterans with experience at Take-Two Interactive, Twitch, EA, Dapper Labs and the Brooklyn Nets, GameOn works with broadcasters, TV networks, streaming platforms, leagues, tournaments and web3 companies to launch the best web3 games. Clients include NBCUniversal, Bravo, MX Player, Gaming Society, RDB Car Club and Chibi Dinosaurs .
FORWARD-LOOKING INFORMATION
This press release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable securities laws. Forward-looking information is generally identified by the use of the words “believes,” “may,” “plan,” “will,” “anticipate,” “intend,” “may,” “estimate,” “expect “, “to predict”. ,” “projects” and similar expressions, and the negative of such expressions. All statements other than statements of historical fact in this press release are forward-looking statements. Forward-looking information in this press release includes, without limitation, statements regarding future plans and objectives of the Company, the execution of the Company’s strategy, future performance and growth, business prospects, synergies and opportunities of the Company and its related subsidiaries, and other factors beyond the Company’s control.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that could cause the company’s actual results, level of activity, performance or performance to differ materially from those expressed or implied by such forward-looking information. Forward-looking information is based on management’s reasonable assumptions, estimates, analyzes and opinions, made in light of its experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances as of the date such statements are made, including, but not limited to, the Company’s ability to capitalize on the assets acquired, the ability of acquired assets to maintain their value as currently contemplated, the synergies of the acquired assets with the Company’s business, and such other assumptions presented in the Company’s disclosure report. While the Company has attempted to identify important factors that could cause actual results to differ materially from those in forward-looking information, there may be other factors that could cause results not to be as expected. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from the results anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained herein is qualified in its entirety by this cautionary statement, and GameOn disclaims any obligation to revise or update such forward-looking information or to publicly disclose the result of any revision of the forward-looking information contained herein. to reflect future results, events or developments, except as required by law.
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SOURCE GameOn Entertainment Technologies Inc.
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