Better Collective is reportedly undergoing a restructuring following a review of the company’s business operations and lowered financial projections in 2024.
The digital sports media company has appointed co-founder and former COO Christian Kirk Rasmussen as its co-CEO joining Jesper Søgaard in the role. Kirk Rasmussen has been elevated to focus on Better Collective’s long-term strategy as an affiliate leader.
Better Collective is also making adjustments to its organizational structure.
The company is no longer deploying a region-based model for its operations but will now streamline the business into three verticals, which are Publishing, Paid Media and Esports.
“By setting ourselves up in this way, we allow for a leaner and more effective allocation of resources to core brands, aligning ourselves with the vision of becoming the leading digital sports media group,” Søgaard told EGR North America.
Better Collective’s new business segments will be led by new management allowing leadership throughout the company to focus on returning value to shareholders.
As part of its shift in focus, Better Collective will also reinvest in its core properties, including Acton Network, Playmaker, Yardbarker, RotoGrinders and VegasInsider.
Better Collective makes changes to workforce
Better Collective is undergoing changes after a round of layoffs and lowered projections.
In Q3 2024, Better Collective lowered its full-year revenue projection for 2024—the first time the company lowered its target since being publicly listed on Nasdaq Stockholm.
Better Collected previously projected full-year revenue in 2024 to range between $417.3 million and $449 million. The company’s actual full-year revenue closed at $386.7 million.
In 2024, its North American operations generated $112 million in total revenue. By comparison, the segment generated $113 million in revenue the year prior.
Better Collective also laid off more than 300 employees in October 2024. The company decided to cut jobs following a review of its operational costs. The layoffs last October represented approximately 15% of Better Collective’s global workforce.
