Blast Aps

Development in activities and financesBLAST Premier revenue increased driven by growth in Blast Commercial revenue. Sponsorship and Media Rights continued to be key contributors of revenue. Premier signed a new three-year city agreement with Abu Dhabi to host the Premier World Final, covering 2022-2024.

FNCS revenue grew significantly versus 2021. The relationship with Epic significantly expanded in 2022. BLAST co-created three online events and the Raleigh Fortnite Invitational arena event.

Revenue from other tournaments declined. This is due to our strategy to concentrate our activities on ecosystems where we can build meaningful scale.

Cost of Sales growth was attributable to the Company’s growth and the celebration of more arena events as Covid restrictions mostly came to an end. Gross Margin improved, a result of the larger scale achieved in Premier and the accretive contribution of FNCS.

Capital expenditure investments were made into our Copenhagen studio and broadcast technology equipment. These investments enabled BLAST to increase broadcast production volume and production specification. For example, on Fortnite, BLAST delivered 3 studio and 1 live arena productions. For the live arena production, BLAST invested in technology to deliver broadcast streams for 100 simultaneous competing players and at 4K resolution.

Capital expenditure investments were also made into the continued development of the BLAST.tv consumer platform. We built a custom Content Management System, proprietary video streaming stack, user profile system and various Mini-Games.



Liquidity
In 2022, BLAST secured a €10m loan from an entity wholly owned by one of our major shareholders. The cash position at the end of 2022 was €9m. It is management's assessment that BLAST has sufficient liquidity to continue operations in FY23 and beyond.