A new company has listed on the Australian Stock Exchange at 3 cents a share with a mission to develop a subscription-based eSports gaming platform and take advantage of the booming market for the genre, which it claims is currently worth A$1.6 billion.
eSports Mogul founder Gernot Abl has already raised A$7 million from investors and says that the new capital will be used to develop the platform and market it, initially in Australia and Singapore. Tournaments will be with the collaboration of eSports Hero, with which Abl has signed a 10-year partnership agreement.
Titled ESM Media Hub, eSport Mogul’s subscription-based platform, will provide access to tournaments, a learning academy, merchandising system and other eSport-related content.
The company has undertaken a reverse takeover of junior iron ore explorer Volta Mining, and revealed in its prospectus that its business is yet to be fully commercialised, and the company has only made losses to date.
Because the company intends to continue investing in sales and marketing to draw customers to the ESM Media Hub, the directors anticipate making further losses in the foreseeable future.