If you've played any competitive game in the past ten years, be it Counter-Strike: Global Offensive or Fortnite, you'll likely have heard of FaZe Clan. It's an American esports team that's been dotting about since 2011 and it's about to make a big leap by going public on the Nasdaq exchange, being valued at a staggering $1 billion.
It does a lot more than just esports, though - in fact, only 20% of its revenue comes from esports. FaZe is a multimedia conglomerate with merchandising, YouTube channels, and a bustling sports scene across a wide variety of different games. In total, it has over 350 million followers across its vast array of platforms, and it has even partnered with the likes of McDonald's over the years. Now, it's opening the door to new investments from anyone who can afford it.
"There are so many things I would never have thought in a million years I would ever get an opportunity to do," FaZe chief executive Lee Trink said. "Maybe at the end of a long list is something like this - to be CEO of a billion-dollar value company. It's humbling."
Current stockholders in the company will now own 68% of the 'new' FaZe - that includes Swae Lee, Kyler Murray, Nyjah Huston, and even Mr Worldwide himself - Pitbull.
"This is a world where the Harlem Globetrotters are more famous than the Lakers," Trink added. "It's a world where the most entertaining player has a more lucrative career than the best player."
Trinks goal to expand includes more partnerships, expanding social media reach, pushing merchandising, and creating more content. He stated that it's "not the finish line" for FaZe but rather a new beginning - the "starting line."
https:/twitter.com/FaZ🍸eC🍬lan/status/1452575754676580352
In the announcement, FaZe stated that this is a move for the fans and that it wants to open the door to more followers investing money 🌃in the company. Going into specifics, it stated that it is and wants to continue being a "digital content platform created for, and by, the Gen Z and Millennial generations."
However, the company is currently in a dispute wi🐼th Alissa Vi🦩olet who has sued FaZe, claiming she is owed shares. How this wꦰill play into the company go🔜ing public remains to be seen.