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The acquisition of Midnight Gaming is the first of its kind for the Florida-based digital media company.
One Horizon Group (OTCQB:OHGI), a digital media company has announced that it plans to acquire Midnight Gaming, a company that hosts esports tournaments across the US. Midnight Gaming is also building an esports entertainment space in Chicago, in addition to an already-launched proprietary mobile app. In tandem with the acquisition, One Horizon Group announced that it is changing its name to Touchpoint Group.
As quoted in the press release:
“This acquisition represents our first foray into the Esports market, which aligns perfectly with our overall strategy. According to the Newzoo 2019 Global Esports Market Report, the Esports market is projected to reach $1.1 billion in 2019 and $1.8 billion by 2022. Overall, we see this rapidly emerging market as a massive growth opportunity.”
“Besides having a very strong social media footprint, Midnight Gaming is constructing a state-of-the-art Esports venue in Chicago. This multi-purpose events space will be used for hosting Esports tournaments, production studios, live stream facilities, team training facilities, a merchandise store, and will have gaming centers that will be open to the public.”
“We will be leveraging our Touchpoint platform, a next generation fan engagement platform designed to bring fans closer to celebrities, by providing access to proprietary content, by live streaming team events, as well as tapping into Midnight Gaming’s valuable social media base,content creators, endemic and non-endemic social media stars that reach millions of subscribers and followers worldwide cross sell our product offerings, all of which should provide new revenue opportunities.”