BLAST claim profit for 2023
Profitability in esports is a difficult game. Long-term stability within the industry is still out of reach for many even organizations with long histories in the scene. For BLAST, which has always been seen as a start up in comparison to it's more endemic rival ESL FACEIT Group, this is the year that they've officially turned a profit.
As reported by Digiday, BLAST's Chief Business Officer Leo Matlock told the outlet that the company had made a profit for the 2023 financial year, but would not reveal the specific number, nor when the company's annual report would be published except it was around late April or early May.
BLAST has finished hosting the BLAST.tv Paris Major this past May and recently won the rights to produce Ubisoft's Rainbow Six Siege competitive circuit. The organizer has also continued hosting events in Rocket League and Fortnite, expanding the company's brand visibility and bringing in much-needed revenue.
The turnaround for BLAST is important, as they reported a deficit of over €11.5 million in 2022, before receiving a €12.7 million cash infusion from various investors, which includes the Danish Government's Export and Investment Fund. Before the latest round of investing, the Danish Government's investment arm owned approximately 20% to 30% of the company.
BLAST continues to be an important partner within the Counter-Strike space, but will need to adjust its marquee BLAST Premier event in 2025 as private partner leagues must be dissolved.
