Gaming

DouYu International Holdings Limited ("DouYu" or the "Company") (Nasdaq: DOYU), a leading game-centric live streaming platform in China and a pioneer in the eSports value chain, today announced its unaudited financial results for the third quarter ended September 30, 2022 .

Third Quarter 2022 Financial and Operational Highlights

  • Total net revenues in the third quarter of 2022 were RMB1,798.3 million ( US$252.8 million ) compared with RMB2,348.0 million in the same period of 2021.
  • Gross profit in the third quarter of 2022 was RMB251.2 million ( US$35.3 million ), compared with RMB278.5 million in the same period of 2021.
  • Net loss in the third quarter of 2022 was RMB6.6 million ( US$0.9 million ), compared with RMB143 .5 million in the same period of 2021.
  • Adjusted net income (loss) [1] in the third quarter of 2022 was RMB25.7 million ( US$3.6 million ), compared with an adjusted net loss of RMB72.7 million in the same period of 2021.
  • Average mobile MAUs [2] in the third quarter of 2022 decreased by 7.7% to 57.1 million from 61.9 million in the same period of 2021.
  • Quarterly average paying user [3] count in the third quarter of 2022 was 5.6 million, compared with 7.2 million in the same period of 2021.

Mr. Shaojie Chen , Chief Executive Officer of DouYu, commented, "During the third quarter, we achieved stable and holistic business development as we navigated through a challenging macro environment. We stabilized our user base through continuous innovation and investment in our content and service offerings, while further improving revenue quality and augmenting our cost control initiatives. This quarter, our mobile MAUs grew by 2.5%  to 57.1 million compared to last quarter. We also delivered a steady financial performance, realizing an adjusted net profit of RMB25.7 million . Going forward, we will further advance our game-centric ecosystem and deepen our collaboration with game developers, leveraging games' unique features and our abundant streamer resources to cultivate and iterate game content and interactive features. Driven by the vibrancy of our gaming communities, we endeavor to execute our growth strategy to develop and enrich our comprehensive game-centric content platform. We will maintain our leading position in the traditional livestreaming industry while exploring new initiatives to drive sustainable and healthy growth."

Mr. Hao Cao, Vice President of DouYu, commented, "Our total revenue in the third quarter reached RMB1.8 billion , and our gross profit was RMB251.2 million , representing a gross margin of 14%. We also achieved an adjusted net income of RMB25.7 million . During this quarter, we continued to invest in high-quality self-produced content, and maintained a steady performance of our livestreaming business, while exploring new game-related business models. At the same time, we delivered an adjusted net profit for the second consecutive quarter, a result of our ongoing efforts to implement cost controls and optimize expenses. As of the end of the third quarter, we had cash and cash equivalents, restricted cash, and short-term and long-term bank deposits of RMB6,872.7 million . Our abundant cash reserves would allow us to retain agility despite of the challenging macro environment, meaning that we can continue to stabilize and improve the financial performance of our core business. Looking ahead, we will proactively explore diversified avenues for monetization and refine our operating model in order to generate long-term shareholder value."

Third Quarter 2022 Financial Results

Total net revenues in the third quarter of 2022 decreased by 23.4% to RMB1,798.3 million ( US$252 .8 million), compared with RMB2,348.0 million in the same period of 2021.

Livestreaming revenues in the third quarter of 2022 decreased by 22.9% to RMB1,705 .0 million ( US$239 .7 million) from RMB2,210.5 million in the same period of 2021. The decrease was primarily due to the ongoing implementation of prudent operating strategies which primarily included the Company's adjustments to certain interactive features and related operations to promote the long-term development of its platform.

Advertising and other revenues in the third quarter of 2022 were RMB93 .3 million ( US$13.1 million ), compared with RMB137.5 million in the same period of 2021. The decrease was primarily due to the continued exploration of new commercialization models by using a portion of advertising traffic that could have been directly monetized, as well as the soft demand for advertisements under the weak macro economy. The decrease was partially offset by the increase in other revenues contributed by game-specific membership services.

Cost of revenues in the third quarter of 2022 was RMB1,547.1 million ( US$217 .5 million), a decrease of 25.2% compared with RMB2,069.5 million in the same period of 2021.

Revenue sharing fees and content costs in the third quarter of 2022 decreased to RMB1,319 .6 million ( US$185 .5 million) from RMB1,839.9 million in the same period of 2021. The decrease was primarily due to decreased revenue sharing fees which outpaced the decrease in livestreaming revenues, as well as a significant decrease in copyright costs.

Bandwidth costs in the third quarter of 2022 decreased by 17.4% to RMB135.0 million ( US$19.0 million ) from RMB163.4 million in the same period of 2021. The decrease was mainly due to higher bandwidth efficiency achieved from dynamic bandwidth allocation, as well as a year-over-year reduction in peak bandwidth usage.

Gross profit in the third quarter of 2022 was RMB251.2 million ( US$35 .3 million), compared with RMB278.5 million in the same period of 2021. Gross margin in the third quarter of 2022 improved to 14.0% from 11.9% in the same period of 2021. The increase in gross margin was primarily due to the decreases in both copyright costs and revenue sharing fees as a percentage of total net revenues, which was partially offset by the increase in other costs as a percentage of total net revenues.

Sales and marketing expenses in the third quarter of 2022 decreased 25.9% to RMB162.1 million ( US$22.8 million ) from RMB218.9 million in the same period of 2021. The decrease was mainly attributable to the significant decrease in marketing expenses for user acquisition and branding expenses.

Research and development expenses in the third quarter of 2022 decreased 31.5% to RMB84.4 million ( US$11.9 million ) from RMB123.2 million in the same period of 2021. The decrease was primarily attributable to the decrease in personnel-related expenses.

General and administrative expenses in the third quarter of 2022 decreased 39.5% to RMB52.3 million ( US$7.4 million ) from RMB86.5 million in the same period of 2021, mainly due to the decrease in share-based compensation expenses and professional service fees.

Other operating income, net in the third quarter of 2022 was RMB36.5 million ( US$5.1 million ), compared with RMB25.8 million in the same period of 2021.

Loss from operations in the third quarter of 2022 was RMB11.1 million ( US$1.6 million ), compared with RMB124.3 million in the same period of 2021.

Adjusted operating loss in the third quarter of 2022, which adds back share-based compensation expenses, was RMB8.4 million ( US$1.2 million ), compared with adjusted operating loss of RMB91 .0 million in the same period of 2021.

Net loss in the third quarter of 2022 was RMB6.6 million ( US$0.9 million ), compared with RMB143 .5 million in the same period of 2021.

Adjusted net income(loss) in the third quarter of 2022, which excludes share-based compensation expenses, share of loss in equity method investments, and impairment loss of investments, was RMB25.7 million ( US$3.6 million ), compared with adjusted net loss of RMB72.7 million in the same period of 2021.

Basic and diluted net loss per ADS [4] in the third quarter of 2022 were RMB0.01 (US$0.001) and RMB0.01 (US$0.001) , respectively. Adjusted basic and diluted net income per ADS in the third quarter of 2022 were RMB0.09 (US$0.01) and RMB0.09 (US$0.01) , respectively.

Cash and cash equivalents, restricted cash and bank deposits

As of September 30, 2022 , the Company had cash and cash equivalents, restricted cash, short-term and long-term bank deposits of RMB 6,8 72.7 million ( US$966.2 million ), compared with RMB6,643.5 million as of December 31, 2021 .

Conference Call Information

The Company will hold a conference call on November 21, 2022 , at 7:00 am Eastern Time (or 8:00pm Beijing Time on the same day) to discuss the financial results. Listeners may access the call by dialing the following numbers:

International:

1-412-317-6061

United States Toll Free:

1-888-317-6003

Mainland China Toll Free:

4001-206115

Hong Kong Toll Free:

800-963976

Singapore Toll Free:

800-120-5863

Conference ID:

2596363

The replay will be accessible through November 28, 2022, by dialing the following numbers:

International:

1-412-317-0088

United States Toll Free:

1-877-344-7529

Conference ID:

7404748

A live and archived webcast of the conference call will also be available at the Company's investor relations website at http://ir.douyu.com/ .

[1] "Adjusted net income (loss)" is calculated as net loss before share-based compensation expenses, and share of loss in equity method investments, and impairment loss on investments. For more information, please refer to "Use of Non-GAAP Financial Measures" and "Reconciliations of GAAP and Non-GAAP Results" at the end of this press release.

[2] Refers to the number of mobile devices that launched our mobile apps in a given period. Average mobile MAUs for a given period is calculated by dividing (i) the sum of active mobile users for each month of such period, by (ii) the number of months in such period.

[3] "Quarterly average paying users" refers to the average paying users for each quarter during a given period of time calculated by dividing (i) the sum of paying users for each quarter of such period, by (ii) the number of quarters in such period. "Paying user" refers to a registered user that has purchased virtual gifts on our platform at least once during the relevant period.

[4] Every ten ADSs represent one ordinary share.

About DouYu International Holdings Limited

Headquartered in Wuhan, China , DouYu International Holdings Limited (Nasdaq: DOYU) is a leading game-centric live streaming platform in China and a pioneer in the eSports value chain. DouYu operates its platform on both PC and mobile apps to bring users access to immersive and interactive games and entertainment livestreaming, a wide array of video and graphic contents, as well as opportunities to participate in community events and discussions. By nurturing a sustainable technology-based talent development system and relentlessly producing high-quality content, DouYu consistently delivers premium content through integration of livestreaming, video, graphics, and virtual communities with a primary focus on games, especially on eSports. This enables DouYu to continuously expand its user base and enhance its user experience. For more information, please see http://ir.douyu.com/ .

Use of Non-GAAP Financial Measures

Adjusted operating income (loss) is calculated as operating income (loss) adjusted for share-based compensation expenses. Adjusted net income (loss) is calculated as net income (loss) adjusted for share-based compensation expenses, share of income (loss) in equity method investments and impairment loss on investments. Adjusted net income (loss) attributable to DouYu is calculated as net income (loss) attributable to DouYu adjusted for share-based compensation expenses, share of income (loss) in equity method investments and impairment loss of investments. Adjusted basic and diluted net income per ordinary share is non-GAAP net income attributable to ordinary shareholders divided by weighted average number of ordinary shares used in the calculation of non-GAAP basic and diluted net income per ordinary share. The Company adjusted the impact of (i) share-based compensation expenses, (ii) share of income (loss) in equity method investments, (iii) impairment loss of investments to understand and evaluate the Company's core operating performance. The non-GAAP financial measures are presented to enhance investors' overall understanding of the Company's financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP. Investors are encouraged to review the reconciliation of the historical non-GAAP financial measures to its most directly comparable GAAP financial measures. As non-GAAP financial measures have material limitations as analytical metrics and may not be calculated in the same manner by all companies, they may not be comparable to other similarly titled measures used by other companies. In light of the foregoing limitations, you should not consider non-GAAP financial measures as a substitute for, or superior to, such metrics in accordance with U.S. GAAP.

For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of Non-GAAP Results" near the end of this release.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.1135 to US$1.00 , the noon buying rate in effect on September 30, 2022 , in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB amounts could have been, or could be, converted, realized or settled in U.S. dollars at that rate on September 30, 2022 , or at any other rate.

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's results of operations and financial condition; the Company's business strategies; general market conditions, in particular the game live streaming market; the ability of the Company to retain and grow active and paying users; changes in general economic and business conditions in China ; the impact of the COVID-19 to the Company's business operations and the economy in China and globally; any adverse changes in laws, regulations, rules, policies or guidelines applicable to the Company; and assumptions underlying or related to any of the foregoing. In some cases, forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the Securities Exchange Commission. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.

Investor Relations Contact

Lingling Kong
DouYu International Holdings Limited
Email: ir@douyu.tv
Phone: +1 (646) 224-6934

Robin Yang
ICR, LLC
Email: DouYu.IR@icrinc.com
Phone: +1 (646) 224-6934

Media Relations Contact

Lingling Kong
DouYu International Holdings Limited
Email: pr_douyu@douyu.tv
Phone: +1 (646) 308-1475

Edmond Lococo
ICR, LLC
Email: DouYu.PR@icrinc.com
Phone: +1 (646) 308-1475

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands, except share, ADS, per share and per ADS data)



As of December 31


As of September 30


2021


2022


2022

ASSETS

RMB


RMB


US$ (1)

Current assets:






Cash and cash equivalents

4,456,406


4,356,693


612,454

Restricted cash

10,703


6,057


851

Short-term bank deposits

2,076,355


2,509,960


352,845

Accounts receivable, net

191,389


129,058


18,143

Prepayments

80,717


47,657


6,700

Amounts due from related parties

37,159


37,987


5,340

Other current assets

376,367


345,486


48,568

Total current assets

7,229,096


7,432,898


1,044,901







Property and equipment, net

25,111


15,638


2,198

Intangible assets, net

161,540


124,470


17,498

Long-term bank deposits

100,000


-


-

Investments

491,425


485,317


68,225

Goodwill

12,637


14,072


1,978

Right-of-use assets, net

72,309


49,512


6,960

Other non-current assets

64,785


68,862


9,680

Total non-current assets

927,807


757,871


106,539

TOTAL ASSETS

8,156,903


8,190,769


1,151,440

LIABILITIES AND SHAREHOLDERS' EQUITY






LIABILITIES






Current liabilities:






Accounts payable

824,128


675,158


94,912

Advances from customers

7,476


8,181


1,150

Deferred revenue

235,134


294,312


41,374

Accrued expenses and other current liabilities

458,328


270,992


38,095

Amounts due to related parties

293,508


265,548


37,330

Lease liabilities due within one year

30,417


26,270


3,693

Total current liabilities

1,848,991


1,540,461


216,554







Lease liabilities

31,278


19,707


2,770

Deferred revenue

18,045


10,047


1,412

Total non-current liabilities

49,323


29,754


4,182

TOTAL LIABILITIES

1,898,314


1,570,215


220,736


(1) Translations of of certain RMB amounts into U.S. dollars at a specified rate are solely for the convenience of the reader. Unless otherwise noted, all
translations from RMB to U.S. dollars are made at a rate of RMB7.1135 to US$1.00, the noon buying rate in effect on September 30, 2022, in the H.10
statistical release of the Federal Reserve Board.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)

(All amounts in thousands, except share, ADS, per share and per ADS data)



As of December 31


As of September 30


2021


2022


2022


RMB


RMB


US$ (1)

SHAREHOLDERS' EQUITY






Ordinary shares

23


23


3

Treasury shares

(802,250)


(911,217)


(128,097)

Additional paid-in capital

10,618,538


10,670,287


1,500,005

Accumulated deficit

(3,445,102)


(3,565,846)


(501,279)

Accumulated other comprehensive (loss) income

(112,621)


423,827


59,583

Total DouYu Shareholders' Equity

6,258,588


6,617,074


930,215

Noncontrolling interests

1


3,480


489

Total Shareholders' Equity

6,258,589


6,620,554


930,704

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

8,156,903


8,190,769


1,151,440


(1) Translations of certain RMB amounts into U.S. dollars at a specified rate are solely for the convenience of the reader. Unless otherwise noted, all
translations from RMB to U.S. dollars are made at a rate of RMB7.1135 to US$1.00, the noon buying rate in effect on September 30, 2022, in the H.10
statistical release of the Federal Reserve Board.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(All amounts in thousands, except share, ADS, per share and per ADS data)



Three Months Ended

Nine Months Ended


Sep 30,

2021


June 30,

2022


Sep 30,

2022


Sep 30,

2022


Sep 30,

2021


Sep 30,

2022


Sep 30,

2022


RMB


RMB


RMB


US$ (1)


RMB


RMB


US$ (1)

Net revenues

2,347,955


1,833,205


1,798,333


252,806


6,837,414


5,427,184


762,941

Cost of revenues

(2,069,476)


(1,524,167)


(1,547,091)


(217,487)


(5,992,198)


(4,623,131)


(649,909)

Gross profit

278,479


309,038


251,242


35,319


845,216


804,053


113,032

Operating (expenses) income (2)














Sales and marketing expenses

(218,859)


(167,463)


(162,137)


(22,793)


(723,688)


(515,959)


(72,532)

General and administrative expenses

(86,521)


(90,659)


(52,308)


(7,353)


(277,219)


(233,066)


(32,764)

Research and development expenses

(123,165)


(101,847)


(84,371)


(11,861)


(357,444)


(302,525)


(42,528)

Other operating income, net

25,811


20,375


36,459


5,125


66,416


104,633


14,709

Total operating expenses

(402,734)


(339,594)


(262,357)


(36,882)


(1,291,935)


(946,917)


(133,115)

Loss from operations

(124,255)


(30,556)


(11,115)


(1,563)


(446,719)


(142,864)


(20,083)

Other expenses, net

(32,921)


(28,884)


(32,577)


(4,580)


(32,615)


(62,609)


(8,801)

Interest income, net

18,806


23,570


34,402


4,836


59,503


74,602


10,487

Loss before income taxes and share of

Loss in equity method investments

(138,370)


(35,870)


(9,290)


(1,307)


(419,831)


(130,871)


(18,397)

Income tax expense

-


-


-


-


-


-


-

Share of (loss) income in equity method investments

(5,161)


(2,887)


2,647


372


(7,191)


(1,386)


(195)

Net loss

(143,531)


(38,757)


(6,643)


(935)


(427,022)


(132,257)


(18,592)

Less: Net loss attributable to noncontrolling interest

(22,115)


(7,841)


(3,672)


(516)


(96,580)


(11,513)


(1,618)

Net loss attributable to ordinary

shareholders of the Company

(121,416)


(30,916)


(2,971)


(419)


(330,442)


(120,744)


(16,974)

Net loss per ordinary share














Basic

(3.71)


(0.97)


(0.09)


(0.01)


(10.16)


(3.78)


(0.53)

Diluted

(3.71)


(0.97)


(0.09)


(0.01)


(10.16)


(3.78)


(0.53)

Net loss per ADS (3)














Basic

(0.37)


(0.10)


(0.01)


-


(1.02)


(0.38)


(0.05)

Diluted

(0.37)


(0.10)


(0.01)


-


(1.02)


(0.38)


(0.05)

Weighted average number of ordinary shares used in calculating net loss per ordinary share

Basic

32,692,871


31,827,240


31,966,417


31,966,417


32,520,952


31,953,780


31,953,780

Diluted

32,692,871


31,827,240


31,966,417


31,966,417


32,520,952


31,953,780


31,953,780

Weighted average number of ADS used in calculating net loss per ADS (3)

Basic

326,928,712


318,272,401


319,664,172


319,664,172


325,209,521


319,537,795


319,537,795

Diluted

326,928,712


318,272,401


319,664,172


319,664,172


325,209,521


319,537,795


319,537,795


(1) Translations of certain RMB amounts into U.S. dollars at a specified rate are solely for the convenience of the reader. Unless otherwise noted, all
translations from RMB to U.S. dollars are made at a rate of RMB7.1135 to US$1.00, the noon buying rate in effect on September30, 2022, in the H.10
statistical release of the Federal Reserve Board.

(2) Share-based compensation expenses were allocated in cost of revenues and operating expenses as follows:





Three Months Ended


Nine Months Ended


Sep 30,

2021


June 30,

2022


Sep 30,

2022


Sep 30,

2022


Sep 30,

2021


Sep 30,

2022


Sep 30,

2022


RMB


RMB


RMB


US$ (1)


RMB


RMB


US$ (1)

Research and development expenses

5,449


5,437


605


85


16,217


11,476


1,613

Sales and marketing expenses

1,214


1,213


135


19


3,609


2,560


360

General and administrative expenses

26,610


24,184


1,958


275


79,052


52,705


7,409


(3) Every ten ADSs represent one ordinary share.

RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

(All amounts in thousands, except share, ADS, per share and per ADS data)



Three Months Ended


Nine Months Ended


Sep 30,

2021


June 30,

2022


Sep 30,

2022



Sep 30,

2022


Sep 30,

2021


Sep 30,

2022


Sep 30,

2022


RMB


RMB


RMB



US$ (1)


RMB


RMB


US$ (1)

Loss from operations

(124,255)


(30,556)


(11,115)



(1,563)


(446,719)


(142,864)


(20,083)

Add:















Share-based compensation expenses

33,273


30,834


2,698



379


98,878


66,741


9,382

Adjusted Operating (loss) income

(90,982)


278


(8,417)



(1,184)


(347,841)


(76,123)


(10,701)
















Net Loss

(143,531)


(38,757)


(6,643)



(935)


(427,022)


(132,257)


(18,592)

Add:















Share-based compensation expenses

33,273


30,834


2,698



379


98,878


66,741


9,382

Share of loss (income) in equity method investments

5,161


2,887


(2,647)



(372)


7,191


1,386


195

Impairment loss of investments

32,357


28,571


32,298



4,540


32,357


32,298


4,540

Adjusted net (loss) income

(72,740)


23,535


25,706



3,612


(288,596)


(31,832)


(4,475)
















Net loss attributable to DouYu

(121,416)


(30,916)


(2,971)



(419)


(330,442)


(120,744)


(16,974)

Add:















Share-based compensation expenses

33,273


30,834


2,698



379


98,878


66,741


9,382

Share of loss (income) in equity method investments

5,161


2,887


(2,647)



(372)


7,191


1,386


195

Impairment loss of investments

32,357


28,571


32,298



4,540


32,357


32,298


4,540

Adjusted net (loss) income attributable to DouYu

(50,625)


31,376


29,378



4,128


(192,016)


(20,319)


(2,857)
















Adjusted net (loss) income per ordinary share















Basic

(1.55)


0.99


0.92



0.13


(5.90)


(0.64)


(0.09)

Diluted

(1.55)


0.99


0.92



0.13


(5.90)


(0.64)


(0.09)
















Adjusted net (loss) income per ADS (2)















Basic

(0.15)


0.10


0.09



0.01


(0.59)


(0.06)


(0.01)

Diluted

(0.15)


0.10


0.09



0.01


(0.59)


(0.06)


(0.01)
















Weighted average number of ordinary shares used in calculating Adjusted net (loss) income per ordinary share

Basic

32,692,871


31,827,240


31,966,417



31,966,417


32,520,952


31,953,780


31,953,780

Diluted

32,692,871


31,827,240


31,966,417



31,966,417


32,520,952


31,953,780


31,953,780
















Weighted average number of ADS used in calculating net (loss) income per ADS (2)

Basic

326,928,712


318,272,401


319,664,172



319,664,172


325,209,521


319,537,795


319,537,795

Diluted

326,928,712


318,272,401


319,664,172



319,664,172


325,209,521


319,537,795


319,537,795


(1) Translations of certain RMB amounts into U.S. dollars at a specified rate are solely for the convenience of the reader. Unless otherwise noted, all
translations from RMB to U.S. dollars are made at a rate of RMB7.1135 to US$1.00, the noon buying rate in effect on September 30, 2022, in the H.10
statistical release of the Federal Reserve Board.

(2) Every ten ADSs represent one ordinary share.

Cision View original content: https://www.prnewswire.com/news-releases/douyu-international-holdings-limited-reports-third-quarter-2022-unaudited-financial-results-301683610.html

SOURCE DouYu International Holdings Limited

News Provided by PR Newswire via QuoteMedia

GAMING00
East Side Games

The Office: Somehow We Manage Mobile Game Available Now

East Side Games Group (TSX: EAGR) (OTC: EAGRF) (" ESGG " or the " Company "), Canada's leading free-to-play mobile game group, in collaboration with Universal Games and Digital Platforms, announced today the worldwide launch of The Office: Somehow We Manage on iOS and Android. The free-to-play idle game is inspired by NBC's critically acclaimed, Emmy® Award-winning U.S. version of The Office which is now streaming exclusively on Peacock.

Watch the launch trailer here .

News Provided by Canada Newswire via QuoteMedia

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SIDUS METAVERSE to Lead GameFi Mass Adoption: 'Zeus' Partnership Ensures Esports Standards

The famous Ukrainian Counter-Strike pro player Danylo 'Zeus' Teslenko joins the SIDUS GATES GameFi publisher inside the crypto metaverse. He signed a 10-year contract for the release of exclusive NFT collections. To celebrate this extraordinary event, the team has launched a $100,000 giveaway!

$100,000 giveaway to celebrate Zeus's arrival in the SIDUS METAVERSE (PRNewsfoto/SIDUS METAVERSE)

"I studied many areas, including crypto technologies and NFT," he said. "I met the SIDUS METAVERSE founder and I was inspired by what they're doing, so I decided to join the team. I plan to use my vast experience in esports to help popularize new products, fit them to cybersports standards and attract a global audience.

We plan to release a limited-edition NFT collection. It will be represented by a new race: cyborgs with unique skins and value for all SIDUS users. Holders can receive a unique resource demanded by all SIDUS METAVERSE users."

A game publisher for a new era

SIDUS GATES is an exclusive game publisher that onboards gaming studios and their projects to SIDUS METAVERSE. All future games will adhere to a unified lore and utilize native tokens. With multiple games planned for the launch, Zeus and other players can apply their experience and skills to create products that can compete with giants.

" We're already tightly negotiating with multiple stellar esports athletes and plan to involve them in developing new products. I can't tell you names but they are pretty impressive."

SIDUS GATES, Co-Founder, CEO Roman Povolotski also commented on the latest addition to the team. "We are pleased to announce our partnership and will do our best with high-profile releases and gaming products," he said. "To celebrate this event, we decided to make a special giveaway worth $90,000! 300 NFT kits are at stake!"

Anyone can participate by filling out this form and share a huge prize pool with a guaranteed reward of $100 -worth in-game gadgets: https://forms.gle/gj6iBe2HQkK6YyBK8

Road to metaverse gaming

Now it's official - Danylo 'Zeus' Teslenko joins the metaverse as an ambassador and spokesperson for significant changes and NFT mass adoption. Let's watch his progress closely!

Find out more about SIDUS Metaverse:

Website | Twitter | Discord | Reddit | Telegram | Medium

Danylo 'Zeus' Teslenko official social media accounts:

Instagram | Twitter | Facebook

Photo - https://mma.prnewswire.com/media/1957742/SIDUS_METAVERSE.jpg

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/sidus-metaverse-to-lead-gamefi-mass-adoption-zeus-partnership-ensures-esports-standards-301690481.html

SOURCE SIDUS METAVERSE

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/November2022/30/c6487.html

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BOSTON BREACH ANNOUNCE TICKETS ARE ON SALE FOR CALL OF DUTY LEAGUE MAJOR II & CHALLENGERS TOURNAMENT

ICONIC FENWAY PARK WILL HOST CHALLENGERS TOURNAMENT IN STATE STREET PAVILION

Oxygen Esports (OXG), the owners of the Boston Breach, are excited to announce that tickets are now on-sale for both Call of Duty League™ (CDL) Major II and the second event of this year's installment of CDL's amateur circuit, Call of Duty ® Challengers. The Breach and Fenway Sports Management are thrilled to share that Boston's second Challengers tournament will be hosted at the State Street Pavilion inside one of America's most iconic sports venues, Fenway Park .

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Visit KOREAN HERITAGE Campaign's New Project to be Connected with Generation MZ: We're in Sync!

The K-Heritage universe in your hands

The Cultural Heritage Administration (Administrator Eung-chon Choi) and the Korea Cultural Heritage Foundation (President: Young-chang Choi) unveiled a new project of the 2022 Visit KOREAN HERITAGE Campaign: "We've Got the Feel: Being In Sync!" in an effort to more closely communicate with Generation MZ "Millennials" born in 1981-1996, and "Gen Z" born in 1997-2012 - using metaverse contents and videos.

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New ZVOX Portable Speaker Features Patented AccuVoice Technology for Crystal Clear Dialogue and Voices for Entertainment and Video Conferencing

Palm-Sized AV70 Uses AccuVoice Algorithm to Clarify Voices on Calls And While Watching TV Shows and Movies on Tablets and Laptops.

SWAMPSCOTT, Mass. , Nov. 30, 2022 /PRNewswire/ -- ZVOX , the world leader in voice clarifying technology, has added the compact portable AV70 Bluetooth AccuVoice Speaker to its critically-acclaimed line of dialogue enhancement products. Powered by a rechargeable lithium battery, the AV70 is a "must have accessory" for people who are always on the go, enjoy streaming entertainment or use video conferencing for personal and business use. It's great for conference calls on Zoom ® , Microsoft Teams ® , Facetime ® or other video calling systems. It is also ideal for use while watching videos on a tablet or laptop computer – producing rich, full-range music and soundtracks while clarifying dialogue.

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Ronda Rousey Enters the Arena as a Playable Legendary Champion in the Acclaimed 'RAID: Shadow Legends' Collection RPG

Available For Free During a 7-day Loyalty Program Beginning Today Through February 28th

Plarium a global leader in developing F2P mobile and PC games with more than 435 million users worldwide, announced today that Ronda Rousey WWE SmackDown Women's Champion and former UFC Bantamweight World Champion, is now her own Legendary Champion in Plarium's acclaimed collection fantasy RPG, RAID: Shadow Legends. Beginning today through February 28th the Ronda Legendary Champion will be available for free to all RAID players after 7 days of logging in to the game.

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Cesium for Unity Now Available

Cesium for Unity is free and open source under the Apache 2.0 License.

Cesium for Unity, an open source plugin that enables real-world 3D data to be utilized in the Unity game engine, is now available.

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