KINGUIN PARTNERS WITH BITCOIN VAULT TO ADD NFTs TO MARKETPLACEOctober 2, 2021
Source : Ayo News
Los Angeles-based Immortals Gaming Club (IGC), the US-based esports organisation and gaming brand, is restructuring its business in pursuit of a more financially sustainable model.
The main changes revolve around splitting up the former centralised nature of the business, so that the different brands can better cater for the cultural specifics of individual esports titles and organisations.
Fundamentally, IGC is dividing its brands into four business units, consisting of:
Additionally, new executive positions are being created at each IGC brand, in a move the organisation hopes will enable it to recruit more business talent.
Specific executive level changes include:
- CEO Ari Segal has been promoted to Co-Managing Director of IGC, Executive Chairman of Immortals and Gamers Club, and non-Executive Chairman of MIBR
- COO of Immortals, Tomi Kovanen, has been named Executive Vice-Chair of Immortals, MIBR, and Gamers Club, and Co-Managing Director of IGC.
- Gamers Club CEO, Yuri Uchiyama, will now also take on the role of Executive Chairman of MIBR
- Jordan Sherman, IGC President and Chief Commercial Officer, has been promoted to CEO of Immortals
- Roberta Coelho has also joined ICG as MIBR’s new CEO. Coelho was formerly CFO and Head of Business Development for Rock in Rio, and CEO of Brazilian gaming and esports festival Game XP
IGC is also set to launch a new competitive gaming venture beyond its esport team operations, though no further details have been revealed.
Ari Segal, new Co-Managing Director of IGC, commented: “I am immensely proud of the work we’ve done at IGC over the last several years. The businesses that have been built and the platforms our leaders now have to grow their respective businesses – comprehensively and across the operating assets individually – are a testament to a relentless pursuit of product-market fit and a team with the character to take chances and never settle.”
IGC is backed by investors including Meg Whitman, the billionaire business executive and former political candidate; entertainment and venue operator AEG; movie studio Lionsgate; the family of financier Michael Milken; and co-founder of Oaktree Capital and part-owner of the NBA’s Memphis Grizzlies, Steve Kaplan.
In 2019, prior to the COVID-19 pandemic, IGC was valued at around US$260M, but in 2020, according to Forbes, that value had more than halved – mainly as a result of the pandemic forcing live events to be cancelled and advertising budgets to be reigned in. Nevertheless, it remains one of the world’s most valuable esports organisations.
There’s no doubt that the huge investments pouring into esports, coupled with insane growth in popularity, have overwhelmed many organisations, resulting in some messy business structures and short-sighted strategies. However, it’s great to see names like IGC are getting on top of things and looking ahead to build sustainable businesses for the long-term. Of course, the esports sector is still suffering from a shortage of business-side talent, so the trick will be tempting capable individuals from other sectors, and keeping them.
Staying with IGC, earlier this month, Immortals introduced an unusual “zero profit pricing” merchandise strategy, in an attempt to lower barriers of entry for fans and brands keen to engage with esports and competitive gaming.
Source : Ayo