Why Major Media Companies Are Paying Closer Attention to Gamers

The video game industry has taken on a life all its own. At current pace, analysts at Newzoo say the industry could be worth up to $175.8 billion this year. By 2023, they say it could be worth up to $204.6 billion. “If current trends continue, gaming could draw more audiences away from streaming TV and movie consumption,” reports Fortune. “Traditional media and entertainment companies may want to ask themselves: Are we prepared for a possible future shaped by gaming-happy Generation Z,” which could also help reshape news shared on Enthusiast Gaming Holdings Inc. (TSX:EGLX)(NASDAQ:EGLX), Alphabet Inc. (NASDAQ:GOOG), Facebook Inc. (NASDAQ:FB), Fox Corporation (NASDAQ:FOXA), and CBS Corporation (NASDAQ:VIAC).

“With growing competition from gaming, media and entertainment companies can foster more enduring relationships by mixing the right blend of content, advertising, and social influence across video, music, and gaming, provided they understand the nuances across channels, genres, and demographics,” added Fortune. “Leading media and entertainment companies will likely remain at the center of our entertainment lives, provided they understand the growing reach and influence of video gaming.”

Enthusiast Gaming Holdings Inc. (TSX:EGLX)(NASDAQ:EGLX) and Torstar to Launch Gen Z-Focused Online News Channel

Enthusiast Gaming Holdings Inc. just announced it has entered into a joint venture with Torstar Corporation to create an original online news platform and community named AFK.

“We’re thrilled to partner with Torstar on the launch of a channel that will combine our expertise in building engaged online communities with Torstar’s commitment to quality content,” said Adrian Montgomery, CEO of Enthusiast Gaming.

“AFK is a new brand that brings insight and community to issues that matter to gamers in a tone and format that feels familiar to them, such as short-form video content and message boards on digital-first platforms,” added Jordan Bitove, co-proprietor of Torstar.  

In anticipation of its debut on YouTube, AFK will launch a crowd-sourced contest titled “Find a Host”. The contest will invite entrants to submit video auditions around one of four relevant topics: the environment, social issues, economic issues, and cultural trends.

AFK judges will pick six finalists for a series of challenges throughout the summer. The winner will be announced in a live event in September 2021 and offered a full-time hosting position at AFK, with the official launch of the publication expected in the fall of 2021.

Other related developments from around the markets include:

Alphabet Inc. announced financial results for the quarter ended March 31, 2021. Ruth Porat, CFO of Google and Alphabet, said: “Total revenues of $55.3 billion in the first quarter reflect elevated consumer activity online and broad based growth in advertiser revenue. We’re very pleased with the ongoing momentum in Google Cloud, with revenues of $4.0 billion in the quarter reflecting strength and opportunity in both GCP and Workspace.”

Facebook Inc. announced that the company's second quarter 2021 financial results will be released after market close on Wednesday, July 28, 2021. Facebook will host a conference call to discuss its results at 2 p.m. PT / 5 p.m. ET the same day. The live webcast of the call can be accessed at the Facebook Investor Relations website, along with the company's earnings press release, financial tables, and slide presentation. 

Fox Corporation reported financial results for the three months ended March 31, 2021. The Company reported quarterly net income of $582 million as compared to the $90 million reported in the prior year quarter. The increase in net income was primarily due to the change in fair value of the Company’s investments recognized in Other, net in the prior year quarter. Net Income attributable to Fox Corporation stockholders was $567 million ($0.96 per share) as compared to the $78 million ($0.13 per share) reported in the prior year quarter. Adjusted net income attributable to Fox Corporation stockholders was $523 million ($0.88 per share) as compared to the $568 million ($0.93 per share) reported in the prior year quarter.

CBS Corporation announced that on Thursday, August 5, 2021, it will issue financial results for the second quarter ending June 30, 2021. The company will conduct a conference call at 8:30 a.m. (ET), following the release of its earnings materials. A live audio webcast of the call will be available on the homepage of ViacomCBS’s website beginning at 8:30 a.m. (ET) on August 5. The conference call can also be accessed by dialing 877-451-6152 (domestic) or 201-389-0879.

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