WESTPORT, CT and MUMBAI, INDIA / ACCESSWIRE / July 27, 2023 / Mobile Global Esports Inc. ("MOGO" or the "Company") (NASDAQ:MGAM), a mobile and social platform for collegiate esports tournaments, announces a strategic alliance with INFINITY, one of the leading esports companies in Central and South America. The alliance is aimed at expanding and strengthening MOGO's presence within the gaming industry in Latin America and Brazil. Furthermore, this partnership seeks to extend the collaboration to other new markets.
As part of this partnership, MOGO will play a pivotal role in enhancing the presence and organization of gaming events, notably the INFINITY Play events, and contribute significantly to the expansion of Infinity Gaming Centers throughout Latin America.
"We are thrilled to have found the perfect partner for our expansion in the Americas," said Dave Pross, CEO of MOGO. "Our concerted efforts will focus on inspiring esports enthusiasts by empowering them with the essential tools to nurture exceptional athletes and cultivate an ever-expanding fan base."
"INFINITY achieves a new milestone in esports with the arrival of a strategic partner like MOGO in Latin America and Brazil," said Diego Foresi, CEO of INFINITY. It is a significant investment for the brand to land in the region, expand and connect with the young audience through content, events, and the development of new retailers throughout the continent. We are proud and feel the responsibility of the trust placed by MOGO in INFINITY, and we are confident that we will build great projects together."
MOGO operates in one of the largest esports market segments in India, where it has licensed agreements with over 100 of the major universities, and through a licensing arrangement with the Association of Indian Universities (AIU), has the exclusive rights to produce the national esports championship for its 854 member universities. India's university system has 993 universities and 37 million students. It is noteworthy that India, as the largest English-speaking country in the world(1) and the third-largest economy in Asia, currently represents only 2.1% of global consumption(2). Future projections place India as the third-largest economy, following China and the United States, within the next 30 years.
The rapid growth of esports in India is continuing at an unprecedented pace, with market revenues projected to reach an impressive USD$1.62 billion by 2024(3). The esports market also boasts one of the highest levels of engagement, with a global live-streaming audience that is expected to grow at an annual rate of 7.7% to surpass 500 million viewers in 2022 and reach 577.2 million viewers in 2024(4).
INFINITY has over 50 professional players, both male and female, along with a dedicated management and support staff that includes sports, marketing, commercial, audiovisual production, administration, and management personnel, totaling 85 individuals. Additionally, the company, based in Costa Rica, has two Gaming Houses-one in Mexico City and another in Lima, Peru-along with the first-ever Gaming & Training Center of an esports club in Latin America, recognized as the Infinity Gaming & Training Center.
About INFINITY
INFINITY holds the position as one of the leading esports companies in Central and South America. It initially gained recognition for its success in League of Legends (LoL) and later expanded its reach to various games across the region. Notably, INFINITY achieved significant milestones in LoL, such as winning the Clausura 2018 championship of the North Latin American League (LLN), which earned them a spot in the World Championship held in Korea. At the event, they made history by delivering the best performance to date by a Latin American team. Furthermore, INFINITY secured victory in the grand finale held in Santiago, Chile, against the champion of the South Latin American Cup (CLS) in 2018. In 2021, they claimed the title as two-time champions by winning both the Apertura and Clausura of the Latin American League (LLA). The club has expanded its competitive presence by participating in various esports titles including FIFA eWorld Cup, PUBG, Counter-Strike, Gran Turismo, Dota2, Valorant, Free Fire, Free Fire FEM, and Wild Rift. In 2019, INFINITY took a significant step towards regional expansion by opening the Infinity Gaming & Training Center in San José, Costa Rica. This pioneering initiative made INFINITY the first esports company in Latin America to establish a dedicated training and entertainment facility of this nature.
About MOGO
MOGO creates live and virtual events in India focused on university students and its esports platform is now in beta testing. The platform offers unique social, video and revenue features and features compression technology that reduces video file size by 65% while maintaining HD quality.
Sources
Note 1: English Speaking Countries 2023 (worldpopulationreview.com)
Note 2: India: India aims for 10% share in global exports by 2047 - The Economic Times (indiatimes.com)
Note 3: Global eSports market revenue 2025 | Statista
Note 4: 75 Significant Esports Statistics: 2023 Market, Viewership & Investment Growth - Financesonline.com
Contacts
Dave Pross
CEO, MOGO
475-666-8401
dpross@mogoesports.com
Alyssa Barry
Investor Relations
alyssa@irlabs.ca
Diego Foresi
CEO, INFINITY
506-7107-9697
diego@infinityesportslatam.com
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This release contains forward-looking statements. Forward-looking statements give our current expectations or forecasts of future events. You can identify these statements by the fact that they do not relate strictly to historical or current facts. They are generally identifiable by use of the words "may," "will," "should," "anticipate," "estimate," "plans," "potential," "projects," "continuing," "ongoing," "expects," "management believes," "we believe," "we intend" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements in this release, which are subject to risks and uncertainties, include statements regarding the expected use of proceeds. These statements are based on our management's expectations, beliefs and assumptions concerning future events, which in turn are based on currently available information. These expectations, beliefs and assumptions could prove inaccurate. Although we believe that the estimates and projections reflected in the forward-looking statements are reasonable, our expectations, beliefs and assumptions may prove to be incorrect.
SOURCE: Mobile Global Esports
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