X1 Esports CEO Mark Elfenbein: Growing a Video Game and Creator Economy Portfolioyoutu.be
X1 Esports and Entertainment (CSE:XONE) closed the acquisition of influencer management firm Tyrus, allowing it to become a subsidiary of X1 Esports. CEO Mark Elfenbein shared how the company is focused on finding merger and acquisition opportunities and helping those companies grow bigger.
“Our focus is really looking at assets in the video game industry since there is an evolving ecosystem supporting new advancements,” Elfenbein said. “Companies that are emerging and getting great responses to their product have audiences, but maybe can’t take those businesses to the next level, which is where we come in.
“As we’re rolling up some of these businesses (that we acquired), we’ll start seeing some of these synergies come out, and we’ll start reporting some numbers. We’ll be seeing a lot of traction in terms of large user growth to the assets. We have significant partners on the advertising side. The financial results come appropriately with those achievements. That’s really the focus of the business for the next little while. Pretty exciting.”
The company also acquired the assets of ShiftRLE, an online news outlet focused on the popular video game Rocket League.
“The assets we have can be in the team gaming space. We have video game media assets, and we just acquired a business that supports a video game called Rocket League, which is a very popular video game,” Elfenbein added.
“We’re very diversified, which we think is attractive to advertisers and investors. We could individually grow these businesses or perhaps spin them off in the future. More importantly, we think that we can really find these hidden gems and take them to levels that they couldn’t get to otherwise.”
Watch the full interview of X1 Esports CEO Mark Elfenbein above.
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