One of the biggest casualties of the esports bubble bursting turns to DraftKings
FaZe Clan, the massively popular conglomerate of pro gamers, streamers, and online personalities, is trying to reinvent itself after a catastrophic IPO and recent purge of a majority of its members. It’s now partnering with DraftKings to do that, taking $11 million from the sports betting app to explore new “opportunities in content.” FaZe Clan was purchased by GameSquare earlier this year, a holding company focused on monetizing the attention of young audiences.
” Read More: Shady Numbers And Bad Business: Inside The Esports Bubble This financial makeover comes after years of FaZe Clan being the poster child for how companies struggle to turn internet clout into big bucks. Despite the huge followings of its members and the success of its esports teams, an IPO pitched as a billion-dollar windfall instead imploded in a penny stock disaster with FaZe Clan spending most of last year at risk of getting delisted from the NASDAQ stock exchange.
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