Gaming

Updates Fiscal 2022 Revenue Guidance to $55 to $60 Million

Esports Entertainment Group, Inc. (NASDAQ: GMBL) (NASDAQ: GMBLW) (or the "Company") today announced financial results for its fiscal 2022 third quarter ended March 31, 2022.

Fiscal Third Quarter 2022 Financial Results

  • Net revenue of $15.7 million, up $10.3 million compared to fiscal 3Q21, and an 8.0% sequential increase from net revenue of $14.5 million in fiscal 2Q22.
  • Gross profit of $9.4 million, up $6.3 million compared to fiscal 3Q21, and a 17.5% sequential increase from $8.0 million in fiscal 2Q22.
  • Gross margin of 60.0% favorably compares to 55.0% in fiscal 3Q21.
  • GAAP net loss to common shareholders of $63.8 million, or $2.11 per share, inclusive of a $38.6 million asset impairment charge as well as a $20.6 million charge for a derivative debt liability. This compares to a net loss of $12.4 million, or $0.73 per share in fiscal 3Q21, and a net loss to common shareholders of $34.5 million, or $1.53 per share, in fiscal 2Q22.
  • Non-GAAP adjusted EBITDA* loss of $7.3 million, inclusive of an adjustment of $38.6 million for an asset impairment charge and $20.6 million for a derivative debt liability. This compares to an adjusted EBITDA loss of $2.6 million in fiscal 3Q21 and an adjusted EBITDA loss of $6.8 million in fiscal 2Q22.
  • As of March 31, 2022, the Company had total cash and cash equivalents of $9.4 million.

* Reconciliation on non-GAAP financial measures provided in the tables of this press release.

Fiscal Third Quarter 2022 and Recent Operating Highlights

  • Subsequent to the end of the quarter, in May 2022 the Company named Jan Jones Blackhurst and Kaitesi Munroe to its Board of Directors, bringing the total number of Board members to 8, including 5 independent directors, effective June 1.
  • Subsequent to the end of the quarter, in April 2022 the Company fully launched its VIE.gg esports betting platform in the state of New Jersey following the completion of the soft play portion of the approval process which commenced in February 2022.
  • In March 2022, Damian Mathews was named the Company's CFO. He has served on the Company's Board of Directors since June 2020 and served as CFO of the Qatar and Abu Dhabi Investment Company from 2014 to 2020.
  • On March 19-20, the Company held the launch event for its peer-to-peer esports wagering platform at the Hard Rock Hotel & Casino Atlantic City. The landmark event drew hundreds of registered participants and over 16,000 live stream viewers.
  • In March 2022, the Company sold 15 million shares of common stock and warrants to purchase 15 million shares of common stock for a combined offering price of $1.00, raising net proceeds of approximately $13.6 million.
  • In February 2022, the Company announced that GAMMAX, a gaming and esports provider in the Netherlands, became the exclusive distributor of OMEGA in the Dutch market. GAMMAX also agreed to install the turnkey esports solution in its GAMMAX Gaming & Esports Centers and Leisure locations across the Netherlands over a five-year period.
  • In January 2022, Stuart Tilly was named the Company's COO after serving as the Company's Chief Legal Officer since 2020. From 2016 to 2020, he was CEO of Argyll Entertainment, a business acquired by the Company in 2020.

Management Commentary

"Our fiscal third quarter 2022 results illustrate growing top-line momentum across both our iGaming and esports verticals, which benefited from a more normalized operating environment in the quarter," said Grant Johnson, CEO of Esports Entertainment Group. "On the iGaming front, we generated record-breaking quarterly revenue at Lucky Dino, one of our proprietary iGaming brands, experienced more balanced sportsbook hold, and improved the overall profitability of the business, reflecting initial benefits from our newly implemented efficient marketing strategy. With respect to esports, the market continues to recover from the impact of the pandemic as more live, in-person events return to calendars worldwide. Following the successful launch of our proprietary peer-to-peer wagering platform, at the Hard Rock in Atlantic City in March, we expect an increase in similar events going forward as interest in our unique esports solution continues to grow. We also completed the full launch of our mobile real money esports betting product, VIE.gg, in New Jersey and are excited to further leverage this product offering in what is the U.S.'s 11th most populous state. In addition, we continue to see healthy interest in ALPHA and OMEGA, our turnkey solutions for businesses and entertainment venues looking to add an esports attraction, from a wide variety of potential customers who are looking for ways to leverage existing facilities by expanding their current offerings and create new revenue streams.

"Despite this momentum, we are addressing several near-term challenges which are constraining our ability to grow the business and to drive that growth to the bottom line. Given our lack of liquidity, we have been unable to fully monetize certain of our esports assets - including Helix, ggCircuit and EGL. As a result, we are taking a $38.6 million impairment charge in the quarter across these three businesses. We do not see a path to attractive profitability in the Helix business given its significant overhead and ongoing capex and are currently working to divest our two existing centers. ggCircuit and EGL are two assets which we have not effectively been able to monetize due to liquidity constraints. Our team is working internally to properly forecast the long-term opportunity for these businesses, which will allow us to better establish their carrying value. To address our liquidity position and improve our ability to invest in the business and adequately support our growth initiatives, we are actively working with our lender on key modifications to the loan and hope to have more to share on this front in the near-term.

"To address these challenges, position the Company for added growth, and ultimately achieve our operational and profitability goals, we are implementing a number of strategies which we believe will allow us to create value for our shareholders. First, our team is in the final stages of dramatically simplifying our offering in the esports space, focused on SAAS-based technology under the ggCircuit brand, in-person tournaments under the EGL brands, and our peer-to-peer wagering platform. This asset-light model will allow us to more efficiently leverage our esports assets. Second, and most importantly, we are aggressively cutting costs across our seven brands. This includes removal of duplicative functions and de-emphasizing non-core assets. It has also driven our iGaming team to be more strategic in our sales and marketing initiatives in certain European markets and implement a return-focused player investment strategy that yields more attractive customer acquisition metrics. To-date, we're projecting material savings over the next 12 months through an amended marketing strategy and through the implementation strategies to drive operating efficiencies. We have also identified further avenues to increase our cost savings and will pursue these in the coming months. We are encouraged by the early results of these efforts and expect them to have a significant positive impact on our future results, including our progress towards profitability, with a goal to achieve break-even on an annualized basis by early fiscal 2023.

"As we look ahead, the building blocks for further growth remain firmly in place. However, today's market conditions are different and, as such, our team has adjusted to focus on achieving breakeven as quickly as possible. Given this change in focus and our third quarter performance, we believe it is prudent to update the full-year revenue expectations to a range of $55 to $60 million from the prior $70 to $75 million range. While we have come a long way in a short period of time, there is much work ahead of us as we become a leaner organization that can operate more efficiently and create greater value for our partners and shareholders."

About Esports Entertainment Group
Esports Entertainment Group is a full stack esports and online gambling company fueled by the growth of video-gaming and the ascendance of esports with new generations. Our mission is to help connect the world at large with the future of sports entertainment in unique and enriching ways that bring fans and gamers together. Esports Entertainment Group and its affiliates are well-poised to help fans and players to stay connected and involved with their favorite esports. From traditional sports partnerships with professional NFL/NHL/NBA/MLS teams, community-focused tournaments in a wide range of esports, and boots-on-the-ground LAN cafes, EEG has influence over the full-spectrum of esports and gaming at all levels. The Company maintains offices in New Jersey, the UK and Malta. For more information visit www.esportsentertainmentgroup.com.

FORWARD-LOOKING STATEMENTS
The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. The safe harbor for forward-looking statements contained in the Securities Litigation Reform Act of 1995 protects companies from liability for their forward-looking statements if they comply with the requirements of the Act.

Investor Relations Inquiries 
JCIR
Joseph Jaffoni, James Leahy, Norberto Aja
212-835-8500
gmbl@jcir.com

Media Inquiries
brandon.apter@esportsentertainmentgroup.com
 or
eeg@kcsa.com

 

Esports Entertainment Group, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)




March 31, 2022
 June 30, 2021
ASSETS



 



 



 


Current assets



 


Cash
$9,404,637
 $19,917,196
Restricted cash

2,968,183
 
3,443,172
Accounts receivable, net

374,435
 
136,681
Receivables reserved for users

1,329,709
 
2,290,105
Other receivables

1,339,497
 
658,745
Prepaid expenses and other current assets

1,727,567
 
3,264,344

         Total current assets

17,144,028
 
29,710,243




 
 
 
Equipment, net

136,612
 
726,942
Operating lease right-of-use asset

221,332
 
1,272,920
Intangible assets, net

37,835,275
 
45,772,555
Goodwill

28,118,967
 
40,937,370
Other non-current assets

2,217,660
 
1,315,009




 
 
 

         TOTAL ASSETS
$85,673,874
 $119,735,039




 
 
 
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

 
 
 




 
 
 
Current liabilities

 
 
 
Accounts payable and accrued expenses
$12,973,020
 $8,458,689
Liabilities to customers

3,932,287
 
3,057,942
Deferred revenue

580,004
 
22,110
Senior convertible note

35,000,000
 
-
Derivative liability

20,573,051
 
-
Current portion of notes payable and other long-term debt

258,385
 
223,217
Operating lease liability - current

585,786
 
414,215
Contingent consideration - current

2,436,591
 
-

         Total current liabilities

76,339,124
 
12,176,173




 
 
 
Senior convertible note, net of unamortized discount

-
 
6,302,504
Notes payable and other long-term debt

112,425
 
221,300
Warrant liability

4,411,580
 
23,500,000
Deferred income taxes

-
 
1,870,861
Operating lease liability - non-current

1,120,225
 
878,809
Contingent consideration - non-current

1,296,385
 
-




 
 
 

         TOTAL LIABILITIES

83,279,739
 
44,949,647




 
 
 
Commitments and contingencies

 
 
 
Mezzanine equity:

 
 
 
10% Series A cumulative redeemable preferred stock, $0.001 par value, 1,725,000

 
 
 
authorized, 835,950 shares issued and outstanding, aggregate liquidation preference
$9,195,450 at March 31, 2022


7,707,543
 
-




 
 
 
Stockholders' equity (deficit):

 
 
 
Preferred stock $0.001 par value, 10,00,000 shares authorized

-
 
-
Common stock $0.001 par value, 500,000,000 shares authorized, 40,722,944 and

 
 
 
21,896,145 shares issued and outstanding as of March 31, 2022 and June 30, 2021,

 
 
 
respectively

40,723
 
21,896
Additional paid-in capital

144,528,035
 
122,341,002
Accumulated deficit

(145,364,841) 
(46,908,336)
Accumulated other comprehensive loss

(4,517,325) 
(669,170)

         Total stockholders' equity (deficit)

(5,313,408) 
74,785,392




 
 
 

         TOTAL LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS'
          EQUITY (DEFICIT)

$85,673,874
 $119,735,039

 

Esports Entertainment Group, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)



Three Months Ended March 31,
 Nine Months Ended March 31,


2022
 2021
 2022
 2021
Net revenue
$15,699,587
 $5,398,708
 $46,638,925
 $7,983,293



 
 
 
 
 
 
 
Operating costs and expenses:

 
 
 
 
 
 
 
Cost of revenue

6,282,445
 
2,321,620
 
19,248,877
 
4,249,889
Sales and marketing

7,074,414
 
2,399,200
 
21,332,423
 
4,891,688
General and administrative

14,339,615
 
6,291,388
 
38,685,937
 
14,082,111
Asset impairment charges

38,629,310
 
-
 
38,629,310
 
-
Total operating expenses

66,325,784
 
11,012,208
 
117,896,547
 
23,223,688



 
 
 
 
 
 
 
Operating loss

50,626,197
 
5,613,500
 
71,257,622
 
15,240,395



 
 
 
 
 
 
 
Other income (expense):

 
 
 
 
 
 
 
Interest expense

(611,021) 
-
 
(5,368,933) 
-
Loss on conversion of Senior Convertible Notes

-
 
-
 
(5,999,662) 
-
Loss on extinguishment of Senior Convertible Notes

-
 
-
 
(28,478,804) 
-
Change in fair value of derivative liability on senior convertible note

(20,573,051) 
-
 
(22,055,672) 
-
Change in fair value of warrant liability

8,181,398
 
(5,358,313) 
28,641,920
 
(4,729,924)
Change in fair value of contingent consideration

99,247
 
(1,305,804) 
1,950,693
 
(1,305,804)
Other non-operating income (loss)

(39,440) 
(165,463) 
(1,391,855) 
(265,487)
Total other income (expense)

12,942,867
 
(6,829,580) 
(32,702,313) 
(6,301,215)



 
 
 
 
 
 
 
Loss before income taxes

63,569,064
 
12,443,080
 
103,959,935
 
21,541,610



 
 
 
 
 
 
 
Income tax benefit (expense)

(431) 
-
 
5,503,430
 
-



 
 
 
 
 
 
 
Net loss
$63,569,495
 $12,443,080
 $98,456,505
 $21,541,610
Dividend on 10% Series A cumulative redeemable preferred stock

(200,628) 
-
 
(300,942) 
-
Accretion of 10% Series A cumulative redeemable preferred stock to

 
 
 
 
 
 
 
redemption value

(73,136) 
-
 
(108,209) 
-



 
 
 
 
 
 
 
Net loss attributable to common stockholders
$63,843,259
 $12,443,080
 $98,865,656
 $21,541,610



 
 
 
 
 
 
 
Net loss per common share:

 
 
 
 
 
 
 
Basic and diluted loss per common share
$(2.11) $(0.73) $(3,97) $(1.54)
Weighted average number of common shares outstanding, basic and diluted

30,308,685
 
16,950,275
 
24,874,910
 
13,974,197

 

Adjusted EBITDA

The table below presents our Adjusted EBITDA reconciled to our net loss, the closest U.S. GAAP measure, for the periods indicated:




Three Months Ended March 31,
 Nine Months Ended March 31,



2022
 2021
 2022
 2021
Net income (loss)
$(63,569,495) $(12,443,080) $(98,456,505) $(21,541,610)




 
 
 
 
 
 
 
Adjusted for:

 
 
 
 
 
 
 

        Interest

611,021
 
-
 
5,368,933
 
-

        Income tax

431
 
-
 
(5,503,430) 
-

        Depreciation and amortization

3,343,725
 
882,951
 
10,026,191
 
1,687,161

        Shared based compensation expense

1,346,502
 
743,527
 
3,958,275
 
3,055,118

        Asset impairment charges

38,629,310
 
-
 
38,629,310
 
-

        Transaction related expenses

13,532
 
1,340,249
 
269,013
 
1,435,788

        Other non-operating cost

39,440
 
165,463
 
1,391,855
 
265,487

        Change in fair value of warrant liability

(8,181,398) 
5,358,313
 
(28,641,920) 
4,729,924

        Change in fair value of derivative liability
        on senior convertible note


20,573,051
 
-
 
22,055,672
 
-

        Loss on conversion of senior convertible
        note


-
 
-
 
5,999,662
 
-

        Loss on extinguishment of senior
        convertible note


-
 
-
 
28,478,804
 
-

        Change in fair value of contingent
        consideration


(99,247) 
1,305,804
 
(1,950,693) 
1,305,804
Total adjusted EBITDA (loss)
$(7,293,128) $(2,646,773) $(18,374,833) $(9,062,328)

 

Non-GAAP Financial Measures
To supplement its consolidated financial statements, which are prepared and presented in accordance with Generally Accepted Accounting Principles (GAAP), the Company uses adjusted EBITDA, a non-GAAP financial measure. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. The Company uses this non-GAAP financial measure for financial and operational decision making and as a means to evaluate period-to-period comparisons. The Company believes that it provides useful information about operating results, enhances the overall understanding of past financial performance and future prospects, and allows for greater transparency with respect to key metrics used by management in its financial and operational decision making. The non-GAAP financial measure used by the Company in this press release may be different from the methods used by other companies.

We define and calculate Adjusted EBITDA as net loss before the impact of interest income or expense, income tax expense or benefit, depreciation and amortization, and further adjusted for the following items: stock-based compensation, transaction-related costs, non-core litigation, settlement and related costs, remeasurement of warrant liabilities, and certain other non-recurring, non-cash or non-core items, as described in the reconciliation below.

Adjusted EBITDA excludes certain expenses that are required in accordance with U.S. GAAP because they are non-recurring items (for example, in the case of transaction-related costs), non-cash expenditures (for example, in the case of depreciation, amortization, and stock-based compensation), or are not related to our underlying business performance (for example, in the case of interest income and expense and litigation settlement and related costs).

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/125013

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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 .

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JSAUX Takes The Lead In Steam Deck Accessories

JSAUX has been all the rage in the world of steam deck gaming recently, and rightly so.

JSAUX Steam Deck Accessories

The renowned digital accessories brand rolled out its steam deck docking station in June and became an instant hit amongst steam deck users around the globe.

Following the delay in the launch JSAUX ' s new accessory, the Steam Official Dock – the first third-party docking station made specifically for the steam deck – attracted attention and captured the imagination of many worldwide.

The all-new steam deck offers users multiple customisable and flexible options. Equipped with a desktop mode, the steam deck transforms into a PC gaming by connecting to a monitor or TV.

The docking station also acts as a stand for the steam deck, allowing gamers to optimise their playing experience, functionality, and aesthetics by playing while standing on a table.

Priced at $39.99 , the steam deck docking station is an affordable accessory for users, adding to its functional appeal. Furthermore, with plans for the second batch of products to start shipping globally by the end of June, steam deck gamers can expect to get their hands on their own docking station if they haven ' t already.

With a USB-C male and female and HDMI capabilities, the steam deck allows a stunning power input of 100W and output of 4K60Hz and supports high-intensity data transfers of up to 10Gbps. The advanced steam deck accessory further improves the user experience with a USB-A*2 that supports data transmission of up to 480Mbps and a power supply of 5V/1A. For more connectivity options, it also has an RJ45 option to support 100/ 10M networks.

This isn ' t the first JSAUX product that has captured the attention and enthusiasm of steam deck players worldwide. The brand offers an exclusive range of high-tech and comfort accessories to pair with the steam deck and provide an ultimate gaming experience. Going by the motto, " Connect More, Power More," JSAUX is changing the game with its accessories.

Like the docking stations, JSAUX protective standing case has also added comfort, convenience, and optimisation to steam deck gaming. Along with serving its core purpose of protecting the steam deck from dust and damage with high-quality TPU and PC material, the built-in stand allows users to place the device on any desk and continue gaming uninterrupted.

But that ' s not all. The protective standing case also boasts a reserve heat dissipation port, or in simple terms, a cool vent, that prevents the device from heating up during intense gameplay. Despite such improved features, the usability and gameplay remain as smooth as ever with the case's texture being incredibly adaptable for the skin and not affecting user control.

About JSAUX : JSAUX's range of steam deck accessories covers every area of the gaming experience ensuring users can keep their steam decks in perfect condition while maximising their gameplay performance. From screen glass and silicon cases to storage bags, 90° adapters, stand bases, and much more, the JSAUX collection has it all.

A brand built upon identifying customer needs and tailoring its products to fulfil them, JSAUX is much more than an electronics accessories supplier. Delivering power, enabling data transit, providing audio/video connectivity, and enhancing productivity, the company develops customer-centric solutions beyond what is available in the market.

Transforming its customers ' digital life with comfort, functionality, style, and performance is what drives the JSAUX brand!

Learn more at : www.jsaux.com

Media Contact: official@jsaux.com

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/jsaux-takes-the-lead-in-steam-deck-accessories-301574250.html

SOURCE JSAUX

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GigaMedia Limited (NASDAQ: GIGM), a digital entertainment services provider, announces that at the Annual General Meeting ("AGM") of the Company held on 23 June 2022 all resolutions relating to the matters set out in the Notice of AGM dated 13 May 2022 were duly passed.

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Employees give an NPS of -29 to their organizations' online training, despite increased investment in e-learning

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Employees from organizations in different sectors were asked what they thought about the online training they received, and their verdict was alarming— they rated the e-learning at their companies with an average NPS of -29 . This is in-line with the typical ratings associated with e-learning, which is now exacerbated by digital burnout.

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xpression camera Launches as the Only Real-Time AI-Generated Face Filtering App for Video Meetings, Live Streaming and Chatting

Bring Speed and Privacy to Live Video Interactions

Tokyo -based synthetic media developer EmbodyMe, Inc . today announced the U.S. launch of xpression camera the real-time, face-filtering app for video meetings, live streaming and chatting. xpression camera reflects users' facial expressions on any face-featured photo or video in real-time to take video meetings at any time and create content videos, GIFs, memes, and more. As the only real-time, AI-generated, face filtering app on the market, xpression camera lets content creators easily import their videos or stream live, for fun or for work, in Zoom, Twitch, Microsoft Teams, Google Meets, YouTube and more.

With xpression camera, the creator's face becomes the blueprint to instantaneously maneuver expressions, as well as the facial and head movements in a chosen photo or video. EmbodyMe, xpression camera's developer, uses neural rendering and 3D Dense Face-Tracking to capture facial movements in real time and regenerate visual elements immediately.

Setting it apart from others in the real-time filtering space, xpression camera maintains complete privacy of the user by changing the facial and background images on the screen. In addition, all videos and live-streams have a watermark embedded to protect users and viewers of the content from deep-fake confusion.

"xpression camera offers users a transformative experience, whether they are using the app on work calls or are inspired to insert their face or voice into the latest tik-tok trend," said Issay Yoshida , CEO of EmbodyMe Inc. "We are empowering creators to put their best face forward, whether it's their face or not, letting them effortlessly create new content when they want to be off camera or when a spark of creativity takes hold."

Standard PCs and Macs will quickly produce high-quality content using images from the web, camera roll, social media, or the app. Creators can become any image with a face -- pictures, paintings, stuffed animals, dolls, artwork, comics, cartoons, sculptures, illustrations, pets, or a star in a movie or TV clip.

xpression camera – Free/Pro
  • Free App Version : A free version of xpression camera allows creators unlimited access to 7 default face images and 15 default background images.
  • Pro App Version ( $8 a month/ $84 a year): The Pro version of xpression camera allows access to the default images and backgrounds found in the free app, and also features the ability to import local images, create video recordings, image searching and virtual background customization.

The beta version of xpression camera launched in September 2020 . In November, 2020, the app secured the "No. 1 product of the week" spot on Product Hunt. In 2018 it was also awarded the Microsoft Innovation Award and the GTC Japan NVIDIA Inception Award.

About EmbodyMe

EmbodyMe, Inc., based in Tokyo , develops synthetic media using AI, which enables user-generated video and image manipulation content. With specialists in deep learning and computer graphics technologies, the company provides inventive solutions to today's most pressing audio-visual communication challenges. EmbodyMe is supported by well-known investors, including Techstars, IncubateFund, and DeepCore (a Softbank AI-focused fund). The company has released several products, including a VR app called Embody Me, xpression for iOS, a meme generator, and xpression camera.

Thanks to xpression camera, you can take your next video meeting in your pajamas without anyone knowing.

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