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Digital sports media company Playmaker Capital increased its pro-forma revenue by more than 50% year-on-year in Q2 2023.

Earnings breakdown

Playmaker generated revenue of $12.6m during Q2, a 51.8% increase over pro-forma revenue in the prior-year comparative period.

Adjusted EBITDA excluding the firm’s corporate segment was $3.3m, up some 24% year-on-year.

Adjusted EBITDA including the corporate segment was lower at $2.2m, but represented a 34% improvement over Q2 2022.

Playmaker’s web properties saw more than 653 million user sessions during the quarter, while its North American-produced video podcasts generated a record 5.1 million streams.

A large portion of those sessions was generated from Playmaker’s properties in Brazil, under the Futbol Sites brand.

The brand’s core properties Bolavip Brazil, Fanaticos Por Futebol, and Antenados no Futebol generated more than 300 million user sessions in the quarter.

The associated affiliate revenue generated by the properties jumped 119% year-on-year, Playmaker said.

North American sports news website Yadrbarker generated a further 19 million average user sessions during the quarter, up 51%.

Overall, the business declared a net loss of $1.3m in Q2 2023, compared to a $1.1m operating loss in Q2 2022.

Following the end of the quarter, Playmaker acquired Quebec-based sports news website La Poche Bleue, which it said will extend its reach in Canada and expand its lineup of video podcasts ahead of the upcoming NHL season.

Management commentary

“Q2 was a period of focused execution against our five strategic priorities for 2023, all aimed at better integrating our complementary businesses to drive organic revenue growth and realise efficiencies,” said Playmaker CEO Jordan Gnat. 

“During the quarter, our ecosystem of media and affiliate businesses refined internal processes, expanded syndication networks, enhanced video production and monetisation capabilities, and extended strategic partnerships with tier-one advertisers and sports betting operators. 

“Entering the sports-heavy Q3 and Q4 periods, Playmaker is better positioned than ever to drive value for fans, customers, and shareholders.”

Playmaker CFO Mike Cooke added: “Though Q2 falls during a quiet period in the sporting calendar, we are very excited to have delivered another quarter of strong top-line growth.

“Meanwhile, our consistent focus on profitability is reflected in continued growth in adjusted EBITDA – and in the fact that we have generated $6.9m of year-to-date cash flow from operating activities. 

“With $9.7m of cash at quarter-end and $20m of available credit – including $10m in a new credit facility closed subsequent to quarter-end – we are in a strong financial position to continue executing on our strategy as we head into the second half of 2023 and beyond.”

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