FaZe Clan goes public as first esports and gamer lifestyle brand on Nasdaq
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FaZe Clan, the esports and gaming lifestyle and media brand, is going public today.
The company is making its bid to be the harbinger of mainstream youth culture, even though it still has challenges making money as we’re heading into a possible recession.
One of the big advantages FaZe has is breaking into mainstream culture and generating a lot of brand value. In 2022, Forbes estimated that FaZe Clan is worth about $400 million, up 31% from 2020.
But in an amended SEC filing on April 29, FaZe said it was revising its forecasts downward. The company reported a $36.9 million net loss on revenues of $52.9 million in 2021. FaZe was fourth in Forbes’ list of the top 10 esports companies.
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Part of the financial challenge is that in-person esports events have taken a huge hit during the pandemic, as rolling coronavirus scares have meant that people are still avoiding crowds. Ticket sales have tanked. But online viewership numbers have climbed.
The company is listing today on the Nasdaq stock market under the ticker symbol FAZE. The company’s executives are ringing the opening bell at Nasdaq in Times Square at 6:30 a.m. Pacific time. It’s a big day not only for the company, but for esports and gaming culture — and geeks everywhere.
Back in October, FaZe Clan said it would go public through a special purpose acquisition company (SPAC), which
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