Official data and technology firm Genius Sports Limited has today published its Q4 and full-year financial results for the period ended December 31, 2020, describing 2020 as a landmark year.
Group revenue in Q4, said the company, increased 27.6% year-over-year to $47m. On a constant currency basis, revenue increased $9.3m, or 24.8% year-on-year. Betting Technology, Content & Services revenue increased 23.4% year-on-year to $35.3m, driven by growth in customer utilization of Genius’ event content and new customer acquisitions.
Growth was also supported by price increases powered by Genius’ official data rights strategy, expansion of value-add services, and new service offerings.
There was, however, a decline in the firm’s Sports Technology & Services revenue which dipped by 1.7% year-on-year to $4.3m, while revenue from Media Technology, Content & Services saw a surge of 90.5% year-on-year to $7.5m, driven by the acquisition of new customers in the Americas and Europe, primarily for programmatic advertising services. Group adjusted EBITDA in Q4 increased to $4m from $1.2m.
Turning to the full year performance, the company revealed that group revenue had increased 30.6% year-on-year to $149.7m, with strong growth across all product lines. On a constant currency basis, revenue increased $34.5m, or 30% year-over-year.
Full year Betting Technology, Content & Services Revenue increased 25.2% year-on-year to $110.6m, primarily driven by growth in business with existing customers resulting from Genius’ official data rights strategy, expansion of value-add services, and new service offerings. Growth was also supported by new customer acquisitions and increased utilization of Genius’ available event content.
Revenue from Sports Technology & Services saw growth of 11.8% year-on-year to $16.1m, driven by expanded services provided to existing sports league and federation customers across all tiers of sport.
Media Technology, Content & Services revenue increased significantly by 94% year-on-year to $23.1m, boosted by the acquisition of new customers in the Americas and Europe primarily for programmatic advertising services.
Group adjusted EBITDA in the 12 months increased to $17.5m from $6.2m, helped by strict cost controls and reduced sales and marketing expenses in the wake of the COVID-19 pandemic, offsetting increased data rights costs.
Mark Locke, GSL Co-Founder and CEO, 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.”