Genius Sports posted strong 2020 results with group revenue growth of 31% to $150 million compared to 2019 and group adjusted EBITDA rise from $6 million to $18 million.
All Product Lines Experience Growth in 2020
Sports data and technology company Genius Sports released its financial results for the fourth quarter of 2020 and the twelve-month period ended December 31, 2020. The operator, which provides data management and video streaming services to sports leagues, bookmakers, and media companies, has reported a successful year despite the numerous challenges due to the Covid-19 pandemic.
Annual group revenue growth in Q42020 amounted to 27.6% reaching $47 million, while revenue climbed $9.3 million on a constant currency basis, or 24.8% in annual terms. The expansion of Genius’ customer base, as well as the increased customer utilization of Genius’ event content, boosted the revenue of Betting Technology, Content & Services by 23.4% year-over-year to $35.3 million.
“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.”Mark Locke, GSL Co-Founder and CEO
Locke also expressed his confidence about the opportunities ahead of the company bolstered by its distinctive technology and scale. They are crucial when it comes to growth in the context of the rapidly expanding global sports, betting and media ecosystem, Locke concluded.
DMY Merger, Expansion of Services Boost Results
Last week, Genius Sports unveiled that its ongoing merger with dMY Technology Group II was finalized. The approval of the combination took place at a special meeting of the shareholders of the special purpose acquisition company (SPAC). The deal is valued at $1.5 billion.
Another factor that contributed to growth was the price increase as a result of Genius’ official data rights strategy, expansion of value-add services, and new service offerings. Revenue of Sports Technology & Services went down by 1.7% to $4.3 million compared to the same period last year.
Media Technology, Content & Services experienced a 90.5% year-over-year increase to $7.5 million. These exceptional figures were driven by the acquisition of new customers in the Americas and Europe.
Group revenue for the full year 2020 rose across all product lines and reported a total 30.6% year-over-year increase to $149.7 million. Revenue increased by $34.5 million, or 30% on a constant currency basis compared to 2019.