Motorsport Games Announces Sale of NASCAR License to iRacing: CEO’s Message to Employees
In a recent company-wide email, Motorsport Games (MSGM) CEO Stephen Hood announced the sale of NASCAR game licenses to iRacing. The sale came following the public announcement of the agreement, with NTP approval.
Focusing Finances and Prioritizing Projects
Hood mentioned that the sale was crucial to help Motorsport Games manage its finances, reduce contractual obligations related to the NASCAR license, and enable a more immediate focus on projects.
Retaining Back Catalog Until 2024
The CEO confirmed that the company would retain the back catalog of NASCAR titles until the end of 2024, ensuring a steady revenue stream. Once iRacing’s console game release is imminent, Motorsport Games will remove the products from sale.
Future Projects: INDYCAR and Traxion.GG
“Detailed commercial evaluations are already in progress for projects like INDYCAR, currently in development with our Australian team, and Traxion.GG, our UK-based media site,” Hood said.
In a recent email to employees, Motorsport Games CEO Stephen Hood announced the sale of the NASCAR game license to iRacing. The email highlighted that this strategic move aimed to rebalance financial resources, reduce contractual obligations, and focus on immediate projects.
Sale of NASCAR License: A Positive Step for Motorsport Games
According to Hood’s email, the company will retain the NASCAR back catalog until the end of 2024 and then remove products from sale before iRacing’s console game release in 2025.
Financial Rebalancing and Focus on Immediate Projects
The email confirmed that the sale was done to help with Motorsport Games’ finances and allow the company to concentrate on more pressing projects.
Retaining Back Catalog Until 2025
The company will continue selling the NASCAR back catalog until the end of 2024, generating a steady revenue stream before removing products from sale.
Two Primary Objectives: Financial Viability and Ongoing Projects
According to Hood, the company will focus on achieving two primary objectives: ensuring all projects are financially viable and continuing to develop ongoing projects like INDYCAR and Traxion.GG.
Motorsport Games’ Email to Employees After Selling NASCAR License
Dear Team,
I have a brief message to share with you all.
I’m pleased to announce that we have successfully negotiated the sale and transfer of the NASCAR video game license to iRacing, with NTP approval.
Rebalancing Finances and Focusing on Immediate Projects
This strategic move is aimed at rebalancing our financial resources, reducing our contractual obligations tied to the license, and enabling us to focus on more immediate projects. We will retain the back catalog until the end of 2024, ensuring a steady revenue stream before removing products from sale in anticipation of iRacing’s new NASCAR release sometime in 2025.
CEO’s Email to Employees: Key Takeaways
In an email to employees, Motorsport Games (MSMG) CEO Stephen Hood confirmed the sale of the NASCAR gaming license to iRacing. He mentioned that the decision was made to help with the company’s finances and allow them to concentrate on “more immediate projects.”
Retaining Back Catalog Until 2024
The company will retain its back catalog of NASCAR titles until the end of 2024, ensuring a steady revenue stream before removing them from sale. This is in anticipation of iRacing’s new NASCAR release, expected in 2025.
Financial Viability
Motorsport Games is committed to achieving two primary objectives: ensuring all projects moving forward are financially viable.
Commercial Evaluations in Progress
Detailed commercial evaluations are currently underway for ongoing projects like INDYCAR and Traxion.GG.
Motorsport Games CEO’s Email to Staff
Dear Team,
I am delighted to share some positive news with you all. We have successfully completed the sale and transfer of the NASCAR video game license to iRacing, with NTP approval.
This strategic decision aims to improve our financial resources and enable us to focus on more immediate projects. We will retain the back catalog until the end of 2024, generating a steady revenue stream before removing products from sale in preparation for iRacing’s new NASCAR release, predicted to occur around 2025.
Financial Restructuring: A Steady Stream of Revenue
The sale signifies a significant step towards balancing our financial resources and reducing obligations tied to the NASCAR license. The back catalog will continue to generate revenue until 2025, providing a stable foundation for Motorsport Games.
Focusing on Immediate Projects
By divesting the NASCAR license, Motorsport Games can concentrate on pressing projects. The company will keep the back catalog until 2024 to maintain revenue flow before retiring the titles.
New Objectives for Motorsport Games
In his email to employees, CEO Stephen Hood outlined two primary objectives:
Financially Viable Projects
With the sale of the NASCAR license, Motorsport Games can prioritize financially viable projects moving forward.
Pursuing INDYCAR and Traxion.GG
Detailed commercial evaluations are ongoing for projects such as INDYCAR, currently in development with the Australian team, and Traxion.GG, the UK-based media site.
Motorsport Games’ CEO, Stephen Hood, shared some news with employees following the sale of the NASCAR game license to iRacing. Here are the highlights from his email:
Financial Rebalancing
The sale of NASCAR game license to iRacing is aimed at rebalancing Motorsport Games’ financial resources by reducing contractual obligations tied to the license and focusing on more immediate projects.
Retaining NASCAR Back Catalog Until 2024
The company will retain the back catalog of NASCAR titles until the end of 2024 when they will be removed from sale prior to iRacing’s console game release.
Financially Viable Projects
Motorsport Games’ primary objectives moving forward include ensuring all projects are financially viable.
Detailed Commercial Evaluations
Detailed commercial evaluations for projects like INDYCAR and Traxion.GG are already in progress.
CEO’s Email to Employees
style=”padding-left: 40px;”>Dear Team,
style=”padding-left: 40px;”>I am excited to share some news with you all.
style=”padding-left: 40px;”>We have completed the sale and transfer of the NASCAR video game license to iRacing, with approval from NTP. This strategic move aims to:
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