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Play Magnus expects quicker growth

In its presentation on the fourth quarter of 2020, the Play Magnus Group has increased its expected bookings for 2021 from $14–16 million to $19–21 million and identifies Chessable with its fast output and higher revenue per customer as the main driver of growth. Thanks to sponsorship and media right deals the Champions Chess Tour has contributed 19% to group revenues in 2020, which doesn’t yet include new sponsorships by Meltwater and just announced Aker Biomarine. The tour final is planned not to be held online but otb in San Francisco in September, if the pandemic allows. The burn rate across the group increased in Q4 from $500,000 per month to $800,000 due to one-time-costs connected to the stock exchange listings, acquisitions and the set-up of a TV studio in Oslo. How much was paid for iChess and Interchess BV (the company behind New in Chess) is not revealed, but a combined $4,8 million can be estimated from the current cash position of $31 million. Acquisitions will remain important said CEO Andreas Thome and that the first priority is content followed by bringing technology and talent from start-ups into the group. The weak spot is the chess24 Playzone which has been in development since 2019 and has yet to launch. Localization efforts include the push of Chessable into the Spanish-speaking market and increased attention to India and Russia.