Gfinity Plc (LON:GFIN) said it is continuing its relationship with motor racing giant Formula 1 as it announced season two of its F1 esports series.
The AIM-listed esports broadcaster said Formula 1 would be events partner for season two of the series, which uses the FIA Formula One World Championship game published by Codemasters, that is due to start on 13 April 2018.
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As part of the arrangement, Gfinity will manage tournament operations for the live events including the adjudication framework which supports all competitive gameplay and broadcast all the live events.
The second season will see Mercedes AMG, Petronas Motorsport, Red Bull Racing, Force India F1 Team, Williams, Renault Sport F1 Team, Haas F1 Team, McLaren, Toro Rosso and Alfa Romeo Sauber F1 Team set up their own esports teams to compete in the F1 esports series 2018.
The competition is open to everyone on PlayStation 4, Xbox One and PC platforms and will launch with four in-game online events. The fastest ten players on each gaming platform will race off in a live-streamed event with the top three on each platform qualifying for the first ever pro draft and the chance to be signed by one of nine teams.
The official esports drivers will then represent their teams in the second half of the season as they race in three live events that will determine the 2018 F1 esports series teams’ and drivers’ world champions with a prize fund of at least US$200,000.
Neville Upton, Gfinity chief executive, said: “We are excited to continue to work with Formula 1 as the events partner. F1 and Codemasters maximised the true potential last year by fully integrating the F1 Esports Series into the final Grand Prix weekend in Abu Dhabi through both their linear TV partners and streaming platforms and we look forward to building on that success in season two with more events and broadcast opportunities.”
Julian Tan, head of digital growth & F1 esports at Formula 1, added: “It has always been our goal to get the teams involved as soon as possible and we are delighted that they have recognised the potential of the F1 Esports Series at such an early stage. Last year’s series was a great success and demonstrated that there is a clear audience and interest in this innovative, exciting form of racing. We will continue to invest in the Esports Series as we feel it is a great way for us to interact and engage with a new audience.”
In a note to clients, analysts at Shore Capital said they estimated that the programme "will deliver significant revenues to GFIN".
The broker added: "We see this appointment as another strong validation of Gfinity’s ability to deliver high quality and highly successful international esports events for leading sports rights owners and brands. More specifically, we believe that esports have the potential to provide a valuable mechanism by which traditional sports (many of which have an ageing fan base) can engage with a new generation of consumers."
Gfinity shares ticked up slightly in late morning trading Thursday, rising 0.4% to 10.7p.
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