Skillz becomes first public-traded obile eSports platform. Skillz Inc., the leading mobile gaming site, became the first publicly traded mobile sports platform after the completion of its merger with the special purpose acquisition firm Flying Eagle Acquisition Corp (NYSE: FEAC).
The merged company is called Skillz Inc. and its common stock will begin trading on the New York Stock Exchange tomorrow under the ticker symbol “SKLZ.” With $250 million in cash and no debt on the balance sheet, Skillz is poised to capitalise on the anticipated massive growth in mobile gaming.
Andrew Paradise, CEO and founder of Skillz said “We built Skillz on the founding belief that esports are for everyone, and have made significant progress toward our vision of enabling everyone to share in the future of competition. We stand at the intersection of mobile gaming and esports, perhaps the two most exciting growth opportunities of the next decade. I thank the entire Skillz team for their dedication, passion, and creativity, which have led us to this incredible moment on our journey to build the competition layer of the internet.”
With just a fraction of the world’s 2.7 billion gamers on its platform today, Skillz has a long runway for growth in building its service for the 10 million game developers globally. Skillz is uniquely positioned to capitalize on the rapidly expanding mobile gaming market, which is expected to more than double by 2025 to $150 billion.
As Skillz moves beyond casual esports into new genres, adds new monetization models, and enters new geographies, the company’s addressable market will increase substantially. Going international is a significant opportunity for Skillz. The international market is four times larger than the North American market and represents less than 10% of Skillz revenue today.
Skillz has pioneered the future of the gaming industry, allowing developers to monetize their content five times better than advertisements or in-app purchases. The company’s platform helps game developers to extend the scope of their games and scale their companies.
Using powerful network effects built from the data science foundation, Skillz drives more user interaction, higher conversion, and monetization.Core to the company’s proprietary advantages is patented anti-cheat and anti-fraud technology designed to ensure trust and fairness.
“I’ve had a front row seat to the video game and entertainment industry’s evolution over the past two decades, from my role as founding investor and board member of Bethesda Games to recently taking DraftKings public,” said Harry Sloan, Chairman of Flying Eagle. “We believe that Andrew has positioned Skillz to lead the convergence of mobile, gaming, and player enablement into the future of entertainment itself.”