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Genius Sports Limited, the official data and technology company, released its Q4 and full-year financial results for the period ended December 31, 2020 yesterday, defining 2020 as a watershed year.
According to the firm, group sales rose 27.6 percent year over year to $47 million in Q4. Revenue rose by $9.3 million, or 24.8 percent, on a constant currency basis. Betting Technology, Content & Services sales grew 23.4 percent to $35.3 million year over year, owing to increased consumer use of Genius’ event content and new customer acquisitions.
Price increases fueled by Genius’ official data rights policy, as well as the expansion of value-add services and new service offerings, all aided growth.
However, revenue from Sports Technology & Services fell 1.7 percent year on year to $4.3 million, while revenue from Media Technology, Content & Services increased 90.5 percent year on year to $7.5 million, owing to the addition of new customers in the Americas and Europe, mainly for programmatic advertising services. In the fourth quarter, the company’s adjusted EBITDA rose to $4 million from $1.2 million.
Full year results
In terms of full-year results, the company reported that group sales rose by 30.6 percent to $149.7 million, with good growth across all product lines. Revenue rose by $34.5 million, or 30 percent, year over year in constant currency.
A whole year Betting Technology, Content & Services Revenue grew 25.2 percent year over year to $110.6 million, owing primarily to expanded business with established clients as a result of Genius’ official data rights plan, extension of value-add services, and new service offerings. New customer acquisitions and increased use of Genius’ available event content have contributed to the company’s growth.
Sports Technology & Services revenue increased by 11.8 percent to $16.1 million year over year, owing to expanded services offered to current sports league and federation customers across all levels of sport.
Revenue from Media Technology, Content & Services rose by 94 percent year over year to $23.1 million, driven by new consumer acquisitions in the Americas and Europe, mainly for programmatic advertising services.
In the 12 months following the COVID-19 pandemic, adjusted EBITDA rose to $17.5 million from $6.2 million, owing to tight cost controls and lower sales and marketing expenditures, which covered increased data rights costs.
Outstanding performance amidst the challenges
GSL Co-Founder and CEO Mark Locke told investors: “2020 was a landmark year for Genius, with outstanding performance amidst the challenges presented by the global pandemic. We have entered 2021 with great momentum, bolstered by our recently-completed merger with dMY II and NYSE listing, as well as our exclusive partnership with the NFL.
“I am more confident than ever about the opportunities ahead as we continue to leverage our unique technology and scale to grow alongside the rapidly expanding global sports, betting and media ecosystem.”