OverActive Media announces financial results for fiscal year 2024

Esports company OverActive Media - parent company of League of Legends team Movistar KOI - has officially announced its financial results for fiscal year 2024. Following the merger of KOI and Movistar Riders, the company achieved significant growth in multiple business segments, with an impressive annual performance and further narrowed losses.

In fiscal year 2024, OverActive Media's revenue reached 27 million Canadian dollars (about 17.0694 million euros), a year-on-year increase of 72%, and in fiscal year 2023 it reached 15.7 million Canadian dollars (about 9.9255 million euros). This growth is mainly due to the expansion of the business after the merger, including revenue growth in team operations, digital peripheral sales, brand cooperation, Internet celebrity brokerage business, and offline activities.

The merger with KOI and Movistar Riders is seen as a key strategic move that will allow OverActive to leverage the influence of Ibai Llanos, the star of the KOI brand. Ibai’s joining not only helps the team maintain its competitive level, but also greatly enhances the interaction between the community and fans.

The report shows that the company achieved a gross profit of 16.8 million Canadian dollars (about 10.621 million euros) for the whole year, an increase of 62% year-on-year. The gross profit margin has declined, mainly due to changes in the business mix, especially the increase in the proportion of low-profit online celebrity brokerage and offline activities.

Annual operating costs amounted to C$23.4 million (approximately EUR 14,793,500), including C$2.3 million (approximately EUR 1,454,100) in one-off restructuring and business development expenses related to the acquisition.

More importantly, the company's comprehensive loss was only 311,000 Canadian dollars (about 196,600 euros), an improvement of 103% year-on-year. This positive change was mainly due to strong revenue growth, cost management optimization, and the book gain of 11.5 million Canadian dollars (about 7.2703 million euros) from the elimination of franchise debt, which greatly enhanced the robustness of the balance sheet.

Adam Adamou, co-founder and CEO of OverActive Media, said: "2024 was a year of real progress for us. We completed two major acquisitions, entered new games and markets, and grew revenue by 72% for the year. Integrating multiple teams and operating in multiple markets requires a high level of team collaboration and focus, and I am proud of our organization."