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New Wave Esports faces COVID-related ups and downs

Technology
09 April 2020 11:54 (EDT)
New Wave Esports - CEO, Daniel Mitre

Source: Esports Insider

New Wave Esports (CSE:NWES) has released an update, detailing COVID-19 impacts on it and the wider gaming industry.

No industry has gone untouched by the effects of the coronavirus, since it started spreading a couple of months ago. Most non-essential companies have temporarily closed down, or sent employees to work from home, for their safety. 

However, some companies and industries are busier than ever. The video gaming and esports industry is one such example. Various gaming platforms have reported record-breaking player numbers, caused by people seeking entertainment in self-isolation. 

PC platform Steam recently saw an unprecedented level of traffic, brought on by COVID-related lockdowns. The site allows people to play, discuss, and create games online. In one day, Steam recorded 23.5 million concurrent users, with 7.25 million actively playing games. 

One video game, Counter Strike: Global Offensive, recorded an unparalleled 1,001,756 concurrent players. The popular livestreaming service, Twitch, reached 3.1 billion hours watched for the first time in a single quarter.

In spite of traffic increases online, the physical world of gaming has suffered somewhat. Even Matchup Gaming (EMG), a New Wave Esports investee, has had to postpone its event, Get On My Level 2020.

The event was scheduled to take place from May 15 to 17, 2020 in Toronto. In light of COVID-19, EMG has paused additional ticket sales, and will start processing full refunds for registrants soon.

The company made the decision to protect the health and safety of fans, gamers, staff, and partners of the event. 

In related news, New Wave Esports has had to announce a reduction in the conversion price for some convertible debentures. In February 2020, the company announced a private placement offering. The convertible debentures issued have now reduced in price from 10 cents to 5 cents. This is due to the company’s volume weighted average price being less than 5 cents for 40 trading days. 

New Wave Esports is down 11.11 per cent, and trading for 4 cents per share, as of 9:31am EST.

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