Genius Sports shuts the book on FY2023 on high tide

Genius Sports shuts the book on FY2023 on high tide

Genius Sports shuts the book on FY2023 on high tide
Genius Sports, the acclaimed data, tech, and broadcast company, has posted its results for the fourth quarter of 2023 and the full financial year. The report covers the period through December 31, 2023, and offers a detailed breakdown into the company’s financial results and sustained business growth, showing strength across the board. Genius Sports has been able to pull a 21% jump in revenue year-over-year, with the figure for the quarter sitting at $127.2m. Revenue for the entire year grew by the exact same percentage point or 21% to $413.0m. The company’s three main verticals, to name Betting Technology, Content & Services, Media Technology, Content & Services, and Sports Technology & Services saw mostly double-digit increases in the last quarter and the full year, although one vertical posted underwhelming results. The laggard was the Sports Technology & Services segment which actually posted a 4% decrease in revenue to $47.1m for the full year and also had a weak closing quarter. Regardless, Genius Sports was able to significantly decrease its outstanding group net loss from $181.6m to $85.5m in the space of a single year. Genius Sports Co-Founder and CEO Mark Locke was happy with the results and noted that Q4 2023 was the eighth consecutive quarter of growth, with the company consistently outpacing expectations. This was a testament to Genius Sports’ capabilities to deliver outstanding services and execute strategic objectives, Locke explained. “The business is now better positioned than ever to benefit from multiple structural growth drivers across the digital sports ecosystem, and we’re excited to continue our momentum into 2024,” he added hinting at what is to come next. Genius Sports has indeed a lot to be happy about, as the company achieved a number of important milestones over the period. The company signed a 10-year partnership with FIBA which sees it deploy its AI technology through 2035, and the company further launched the FanHub ID, which builds profiles of individual fans and enables marketers to reach out in a meaningful and data-privacy-oriented approach. Genius Sports also launched BetVision with a number of prominent brands, including Fanatics, BetRivers and Caesars Sportsbook, and continued to collaborate with FanDuel, expanding the existing partnership for the solution. As to what is to come next, Genius Sports has pinpointed its full-year revenue at $480m for 2024, with adjusted EBITDA now sitting at slightly higher $75m as well. Image credit: Genius Sports

07 MAR 2024

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