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Why the Emerge Gaming (ASX:EM1) share price soared 33% today

The Emerge Gaming share price is on fire today, up close to 40%. Here’s what’s getting investors just a little bit excited.
The post Why the Emerge Gaming (ASX:EM1) share price soared 33% today appeared first on The Motley Fool Australia. –

The Emerge Gaming Ltd (ASX: EM1) share price closed up a very healthy 33.33% today at 4 cents a share. That comes after Emerge shares closed at 3.1 cents a share yesterday and opened at 3.6 cents this morning.

This latest move somewhat reverses a downward trend that Emerge shares have been in over the past 7 months or so.

The company spiked in value last October, shooting from around 4 cents a share on 9 October to a high of 19 cents by 23 October. That was a gain of roughly 250%.

But a run of poorly-received developments in the months since cramped investors’ enthusiasm for this gaming company. Despite today’s share price move, Emerge Gaming is now down around 70% from those highs.

Back in early December 2020, the company crashed close to 50% in one day after just 25,000 gamers signed up for its Miggster platform. The was despite the company recording more than 6 million pre-registrations for the platform. Last Friday, Emerge incidentally announced that Miggster was now up to 500,000 subscribers.

So what’s going on with Emerge today?

In a before market release this morning, Emerge announced that it can now boast more than one million subscribers in its overall “community”, a number it has previously told investors (last month) it was aiming for.  

Here’s some of what Emerge CEO Gregory stevens said of this milestone:

Emerge Gaming (EM1) is pursuing a growth strategy to increase subscribers, revenue and shareholder value, after proving out our Competitive Social Gaming product. We are delighted to achieve the milestone of a 1 million subscriber community in 10 months. The competitive social gaming platforms operated by Emerge continue to demonstrate growth in new subscribers daily. As we drive growth in new subscribers through the current scaling phase of our growth strategy, we are developing exciting new products, features and Go-to-Market channels.

Additionally, Emerge Gaming also announced a new “social gaming show” called ‘Social Gaming & Coconuts’.

The show will reportedly debut on 2 June on the GINX Esports TV channel in Europe. It will be a weekly show, with episodes consisting of 24 minutes.

The partnership between Emerge and GINX Esports is for 6 months. It will result in Emerge providing the show to GINX in a license-free capacity, whilst Emerge can “commercialise the show’s content” for revenue generation.

Investors seem to approve of these announcements today. On today’s share price, Emerge Gaming has a market capitalisation of $42.91 million.

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The post Why the Emerge Gaming (ASX:EM1) share price soared 33% today appeared first on The Motley Fool Australia.

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