The Emerge Gaming Ltd (ASX: EM1) share price is surging 7% in early afternoon trade following a positive update. Here’s why.
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The Emerge Gaming Ltd (ASX: EM1) share price is firmly in the green today following strong subscriber growth. At the time of writing, the esports and gaming technology company’s shares are up 4.9% to 4.3 cents.
Strong subscriber growth
The Emerge Gaming share price is on the move today after providing investors with a positive update.
According to its release, Emerge Gaming advised that it has registered a record 154,365 subscribers on its MIGGSTER social gaming platform. The company has a presence in over 160 countries and is seeking to further expand in other geographical markets. This will include new eSports and gaming products to support its already impressive global growth.
Emerge Gaming said that it has sold around $13.03 million worth of subscriptions comprising of monthly, bi-annual, and annual packages. Pleasingly, 79% of its subscribers represent annual subscriptions and is growing daily at a fast pace.
Expansion plans for MIGGSTER platform
In order to become the world’s biggest online gaming community with MIGGSTER, Emerge Gaming is focusing on an array of promotional strategies. It will use various marketing channels to drive subscriber community numbers in the hope continue to deliver strong financial results.
Emerge Gaming CEO, Greg Stevens, will provide a market update sometime next week regarding its operational performance. This will consist of updates on its two eSports gaming platforms, future development plans, and the company’s business strategy.
About the Emerge Gaming share price
The Emerge Gaming share price has accelerated in the past 12 months, gaining more than 630%. The company’s shares were trading less than 1 cent for most of the first half of 2020, before gradually increasing. In October, its shares skyrocketed to reach an all-time high of 17 cents.
Since then, some profit-taking and faded investor hype sent the Emerge Gaming share price to a steady decline.
Based on the current share price, the company commands a market capitalisation of roughly $36 million.
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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.