Misfit Gaming raises $35M as it focuses on media revenues
Scripps itself will invest $10 million into Misfits’ global esports organization, which includes its two Florida esports franchises and other properties.
With its investment, Scripps has the power to distribute Misfits’ esports media content through its linear and over-the-top television platforms in Florida and across the U.S. The partnership between Scripps and Misfits also will increase Florida advertisers’ access to Misfits’ large and growing young esports and gaming audiences.
Over time, Boca Raton, Florida-based Misfits expects more revenue to come from media rights revenues and long-form content, rather than sponsorships and prizes. In some ways, that’s bucking the trend in the industry.
Misfits has a high-end content production and esports practice facility in South Florida. The company own three esports teams participating in franchised leagues, a network of content creators and competitive gamers, and a full-service in-house media team. It operates the Florida Mayhem in the Overwatch League, the Florida Mutineers in the Call of Duty League, and Misfits Gaming in League of Legends.
Scripps Local Media President Brian Lawlor said in a statement that the combination of Misfits and Scripps will help build energy around esports competitions, and that will boost content and connect advertisers with young audiences. Lawlor is joining Misfits’ board.
In addition to distributing in-game content and marketing, Misfits creates original content for all gaming audiences and connects millions of people worldwide through live, online events and social media.