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The video game industry has become far more popular than ever before. So much so, analysts at Newzoo say the global gaming market could be worth $175.8 billion this year. By 2023, they note, the market could pull in $204.6 billion. Adding to the popularity is the social networking. In fact, according to WARC, Game developers have taken note, designing games that naturally facilitate social interactions, and players are taking to them like moths to flames. Developers are also transforming what video games offer by incorporating innovative ways to socialize within the games virtual environment. With socialization features now part of video game DNA, gaming is positioning itself as a new kind of social network. As that happens, some of the top companies to watch include Enthusiast Gaming Holdings Inc. (TSX:EGLX) (NASDAQ:EGLX), Roblox Corp. (NYSE:RBLX), Facebook Inc. (NASDAQ:FB), Snap Inc. (NYSE:SNAP), and Twitter Inc. (NYSE:TWTR).

In addition, as noted by Forbes, Many people are using video game platforms similar to social media websites. People can communicate, strategize and forge relationships in a much more meaningful way. Some people develop lifelong friendships from video gaming platforms.

Enthusiast Gaming Holdings Inc. (TSX:EGLX)(NASDAQ:EGLX) Closes Acquisition of Tabwire

Enthusiast Gaming Holdings Inc. just announced it has closed the previously announced acquisition of Tabwire LLC, which owns TabStats (www.tabstats.com ), for US$11 million in cash and stock.

Upon closing of the Acquisition, the Company made a cash payment of US$5 million and issued 790,094 common shares in the capital of the Company (the Common Shares) at an agreed value of CAD$9.51 per share, for total share consideration of US$6 million. The Common Shares are subject to a contractual lock-up with 66.66% released twelve (12) months following the closing date, 16.66% released fifteen (15) months following the closing date, and 16.67% released eighteen (18) months following the closing date.

Tabwire is a proprietary technology and data platform enabling gamers to create a cross-platform registered user identification profile to track and directly view their game data in real-time. In addition, it has a unique feature set including a cheater detection system that enhances fair game play by generating a player trust ranking system for its registered users. Tabwire has already built game play companion tools for Riots Valorant and Ubisofts Rainbow Six Siege with more than 13 million gamers interacting with the platform, collectively generating more than half a billion views in the last year with an aggressive roadmap to launch real-time stats for additional game titles in the coming months.

This important acquisition provides the Company with a technology and data platform that accelerates the development of its pan-Enthusiast social network and freemium subscription offering, codenamed Project GG. As Millennials and GenZs move away from traditional social networks, Project GG will be a cross-platform, gaming centric social network, uniting gaming and esports fans with a platform to connect and share content through their unique gaming profiles, whether it be on desktop, mobile, or in-game.

Developing a proprietary product like Project GG will also enhance the Companys ability to deliver a more complete fan experience with a more targeted, engaged, and personalized journey for gamers and customers alike and represents a significant step towards the Companys evolution to a technology-powered, media, esports, and entertainment company.

As a gamer myself, I can genuinely say that the technology behind Tabwire is a game changer for the industry as it provides the foundation for a new form of community allowing gamers to connect, interact, and compete in a trusting environment, commented Menashe Kestenbaum, Founder and President of Enthusiast Gaming. He continued, This acquisition represents the next big step in our mission to transform this industry even further and successfully deliver a game agnostic social network for gamers globally. I would also like to take this opportunity to welcome Tabwires founder and creator Nader Halim to the Enthusiast Gaming family.

Other related developments from around the markets include:

Roblox Corp released its May 2021 key metrics. Daily active users (DAU) were 43.0 million, up 28% from May of last year and down 1% from 43.3 million in April 2021. Hours engaged were 3.2 billion, up 9% year over year and up 1% from 3.2 billion in April 2021. Bookings are estimated to be between $216 million and $219 million, up 24% - 26% year over year. Average Bookings per DAU are estimated to be between $5.02 and $5.09, down 2% - 3% year over year. Revenue is estimated to be between $149 million - $151 million, up 123%-126% year over year.

Facebook Inc. reported financial results for the quarter ended March31, 2021. "We had a strong quarter as we helped people stay connected and businesses grow," said Mark Zuckerberg, Facebook founder and CEO. "We will continue to invest aggressively to deliver new and meaningful experiences for years to come, including in newer areas like augmented and virtual reality, commerce, and the creator economy."

Snap Inc. announced that Darcie Henry will join the company as Chief Human Resources Officer (CHRO) on July 6, 2021, reporting to CEO Evan Spiegel. The appointment follows Snaps current Chief People Officer Lara Sweets decision in March 2021 to retire. In this role Henry will lead Snaps talent acquisition and management and total rewards programs, its diversity, equity and inclusion efforts, as well as other functions in support of hiring, retaining and inspiring team members at Snap.

Twitter Inc. announced the appointment ofMimi Alemayehouto the Company's Board of Directors as a new independent director, effective immediately. "Mimi's extensive experience overseeing growth in emerging markets in both the public and private sectors will be invaluable as we advance Twitter's mission to serve the public conversation across the world," saidPatrick Pichette, independent chair of the Twitter Board. "Mimi shares our commitment to social responsibility and strengthening global communities, and we're eager to benefit from her perspective and regional expertise as we expand Twitter's presence toGhanaand invest in improving our service acrossAfricaand other regions."

Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Winning Media is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. Winning Media is only compensated for its services in the form of cash-based compensation. Pursuant to an agreement Winning Media has been paid three thousand five hundred dollars for advertising and marketing services for Enthusiast Gaming Holdings Inc. by Enthusiast Gaming Holdings Inc. We own ZERO shares of Enthusiast Gaming Holdings Inc. Please click here for full disclaimer.

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