Esports Bureau: Gfinity leaves esports

Gfinitya publicly traded British company dedicated to the e-sports and video games sector, has announced that it will is completely abandoning esports y sells a majority interest, the 72.5% of the companyits subsidiary Athlos to London-based Tourbillon Group UK Ltd. Gfinity to retain remaining 27.5% of Athlos. In February and April they announced a restructuring of the company in addition to the departure of former CEO John Clark.

Athlos posted a tax loss of $620K on revenues of $496K in 2022. As for its esports operations, the company said it is shutting it down because the sector is so “soft” and provides “limited opportunities” for profitable growth. It’s also unclear how many employees are working at Gfinity right now.

We will focus on the web offering for gamers and exit the capital-intensive business of software development and esports events.

Neville Upton, founder of Gfinity

This is an odd move for the company, given that in April it reported revenue growth driven primarily by esports operations. Gfinity highlighted a 26% year-on-year increase in revenue to $5.12M, although it generated a net loss of $2.21M. Net losses are recorded for each 6-month period since going public in December 2014.