ESL and DreamHack report about significant losses for Q2 2020
The Modern Times Group, which manages ESL and DreamHack, released Q2 2020 financial report with a net loss of $2.15M. This period fell at the world's pandemic outbreak.
Based on the information received, MTG's net sales for the second quarter of 2020 were unable to exceed costs, and the company is suffering losses of $2.15M. But last year, for the same period, the loss was $4.3M. It can be said that the pandemic outbreak even had a positive effect on the company's profits.
MTG representatives comment:
"Our esports vertical continues to deliver on the strategic objective to professionalize the commercial part of esports by onboarding more strategic partners to our tournaments, despite the challenging circumstances. The focus has been to move our events online, in order to ensure continued attractiveness towards all our stakeholders. The vertical performed better than anticipated compared with the financial guidance for the first half of 2020."
The company also noted that in the second half of 2020, they expect a 30-40% decrease in revenues from Esports compared to the same period in 2019.