The Emerge Gaming Ltd (ASX: EM1) share price is jumping this afternoon following an update on the company's operational performance.
At the time of writing, the e-sports and gaming technology company's shares are swapping hands for 4.3 cents, up 13.16%.
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What's pushing the Emerge Gaming share price higher?
The Emerge Gaming share price is soaring higher after the company revealed that it is attracting new subscribers.
In its announcement, Emerge Gaming advised that it has banked around $4.5 million from its platform subscriptions. With more than 300,000 paying subscribers between its MTN Arena and MIGGSTER platforms, the company aims to become the world's largest online gaming community.
Emerge Gaming noted that it was driving growth by offering its products and services across more than 160 countries. In addition, users can pay through credit card, Bitcoin and mobile billing systems, promoting flexible payment options.
A quick take on Emerge Gaming
Emerge Gaming seeks to capture the e-sports market through its online e-sports tournament and social gaming platform and lifestyle hub.
The entertainment company enables subscribers to play against each other via a mobile, console or PC, with rewards and prizes up for grabs through competitions.
Management commentary
Emerge Gaming CEO Greg Steven hailed the progress, saying:
Emerge is feeding the insatiable appetite of the social and casual gaming segments of the market. The uptake in subscriptions is an endorsement of the value proposition in our offering and we are seeing strong user engagement on the platform.
I am enthusiastic about the company's pursuit to substantially grow our online gaming community and the potential for further growth when our new products are launched.
Our financial performance has demonstrated strong early results and the next phase to building a truly global community is for Emerge to target a community size in the tens of millions of subscribers.
The Emerge Gaming share price has gained close to 750% since this time last year. However, year-to-date, the company's shares are down almost 50%.
Based on the current share price, Emerge Gaming has a market capitalisation of roughly $35 million.
