OverActive Media, an esports holding company, released its financial details for the second quarter and the first half of 2022. The Canadian organization fields teams across various esports titles, such as Counter-Strike: Global Offensive, League of Legends, Overwatch, and Call of Duty. The organization has three esports franchises under its belt, including MAD Lions, Toronto Ultra, and Toronto Defiant.\u2028 <\/p>\n
\u2028In the report that ended on June 30, 2022, the esports holding company revealed that the entire revenue accrued in Q2 grew to an impressive CAD $2.3 million (\u00a31.5 million), while the team revenue was reduced by CAD $500,000 (~\u00a3300,000). The first six months brought in a combined CAD $4.4 million (\u00a32.8 million) revenue with a net loss margin lower than the first half of 2021.\u2028 <\/p>\n
\u2028This year, OverActive Media experienced a CAD $7 million (\u00a34.5 million) loss, while as of 2021, the number was CAD $8.2 million (\u00a35.25 million). The company revealed that the heightened \u201cBusiness Operations Revenue\u201d was linked to the overall increase in the organization\u2019s revenue.\u2028<\/p>\n
In June, OverActive Media renewed its multi-million dollar deal with TD Bank Group, a financial institution. The deal ensured that both parties would be part of the Toronto Defiant Summer Showdown organization.\u2028 \u2028The partnership mandated the Canadian financial services company to continue its role as sponsor for the organization\u2019s Overwatch League and Call of Duty franchises, Toronto Defiant and Toronto Ultra. <\/p>\n
TD Bank would also facilitate the remodeling of the bank\u2019s player lounge at OverActive headquarters.\u2028 \u2028In the same month, the esports organization also expanded its multi-year deal with Bell, a communications company in Canada. The two large-scale partnerships made in the first half of 2021 enabled the company to increase its sponsorship revenue.\u2028 <\/p>\n
\u2028OverActive Media also revealed that its involvement in the Call of Duty Major in Toronto increased its expenses for the quarter. The holding company previously organized the first Major COD League held in Toronto. The tournament had a turnout of around 8,000 people and was presented by the company\u2019s partner, Bell.\u2028 <\/p>\n
\u2028The CEO and President of the company, Chris Overholt, talked about the success of the event and the part it played in the company\u2019s net loss for the quarter. <\/p>\n
He said, \u201cOur expenses and net loss were higher in the current quarter, driven in part by our investment in hosting the first-ever Call of Duty League Major in Toronto in June. This event was a tremendous success for our fans, partners, and the city.\u201d\u2028 \u2028<\/p>\n
OverActive Media previously announced its leadership change, placing Richardo G\u00f3mez-Acebo Bot\u00edn as the new Head of EU Business. Bot\u00edn worked for the company for four years before his most recent appointment and will be in charge of merging the MAD Lions into the company’s global structure.\u2028 \u2028<\/p>\n
Besides Bot\u00edn, the Vice President of Strategy at OverActive Media, Jorge Schnura, turned in his resignation from his position in the company. The former Vice President was among the founding members of the MAD Lions before it was acquired. Although he is not a full member of the company now, Schnura revealed that he would stay on in an advisory role.\u2028 \u2028While talking about his decision to leave the company, Schnura explained that he was still very much interested in the success of MAD Lions. He officially left the organization at the end of July.<\/p>\n