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Could a proprietary live-streaming platform unlock key commercial opportunities in the esports domain? Dan Symonds reports.
Esports trailblazer ESL FACEIT Group (EFG) sent shockwaves through the sector at the end of February after announcing that it would reduce its workforce by roughly 15%.
Co-CEO’s Craig Levine and Niccolo (Nic) Maisto said that the difficult decision had been taken to “support EFG’s sustainable growth ambitions and profitability” and would ultimately “sharpen [the company’s] focus, and better equip [EFG] to navigate the dynamic esports and gaming landscape.”
While there’s no doubt that EFG is not alone in streamlining its business (one only needs to look to the mass M&E layoffs dominating the first quarter with the likes of Channel 4, Twitch/Amazon, and Paramount Global, among others), many had been surprised given EFG’s leading position in the market and the wealth of its parent company - Savvy Games Group, which is owned by Saudi Arabia’s Public Investment Fund (PIF)...
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