OverActive Media, the parent company of League of Legends team Movistar KOI, has published its financial results for the 2024 fiscal year. Here is what you need to know about the economic results achieved by the esports company following the merger with KOI and Movistar Riders.
OverActive Media nearly doubled its revenues in 2024 while cutting costs
The company generated CAD$27.0 million (€17,069,400) in revenues, increasing by 72% compared to the previous year, which stopped at CAD$15.7 million (€9,925,540). The increase was mainly driven by acquisitions and growth across team operations, digital merchandise sales, brand partnerships, influencer business, and live events.
The merge with KOI and Movistar Riders was a major strategic move that allowed the group to capitalize on the addition of the celebrity and face of the KOI brand, Ibai “Ibai” Llanos. With his presence, KOI were able to maintain competitive performance while also creating a strong engagement with its community.
The gross profit was around CAD$16.8 million (€10,620,960), marking a 62% increase compared to the previous year. According to a release, the lower margins were caused by changes in the product mix and the lower-margin revenues from influencer agency and live events. This is further backed by the increase in operating costs, which totaled CAD$23.4 million (€14,793,480), which included a CAD$2.3 million (€1,454,060) one-time restructuring and business development expense tied to acquisitions.
With that in mind, the adjusted EBITDA loss was CAD$3.6 million (€2,275,920), lower than the one in 2023 (CAD$6.2 million, €3,919,640), marking an overall positive result for the organization, considering the strategic operations made in the year.
The overall comprehensive income loss totaled CAD$311,000 (€196,614), reflecting a 103% year-over-year improvement driven by strong revenue growth, better cost management, and most importantly, the elimination of franchise liabilities, which caused a CAD$11.5 million (€7,270,300) gain and ultimately strengthened the company’s balance sheet.
Adam Adamou, CEO and Co-Founder of OverActive Media, commented on the results: “2024 was a year of real progress for OverActive Media. We completed two major acquisitions, expanded into new games and regions, and grew our revenue by 72 percent. Managing that kind of growth while integrating teams and operating across multiple markets required focus, coordination, and an incredible effort from our entire organization.”
A deeper look into Q4 2024 highlights
The final quarter of 2024 saw major highlights, with the company generating CAD$9.9 million (€6,258,780) in revenues, driven by higher league share, expanded partnerships, and influencer agency revenue from the KOI and Riders acquisitions.
The company had a gross profit of CAD$5.3 million with a gross margin of 54% and operating costs amounting to CAD$6.6 million (€4,172,520). The higher costs were mainly caused by additional headcount, content production, and the agency infrastructure related to the strategic expansion.
The company has been expanding across different markets, having entered Latin America via Movistar KOI’s participation in the Free Fire League in Mexico. In 2025, the company has also announced plans to expand its presence in China by opening up its own social media channels on platforms like Weibo and BiliBili.
The adjusted EBITDA saw a loss of CAD$554,000 (€350,238.8), going down from the CAD$699,000 (€441,907.8) loss in the same period in 2023. That said, the comprehensive loss for the quarter was higher (CAD$1.3 million, €821,860), caused by foreign currency translation losses.
OverActive Media’s 2024 Year Summarized – Expansion and more revenue streams
OverActive Media not only runs the League of Legends team in the LEC EMEA but it also has competitive teams in the VALORANT EMEA scene (VCT EMEA), Call of Duty through Toronto Ultra, and Overwatch World Championship Series (OWCS) with Toronto Defiant.
Aside from the competitive results which saw MAD Lions KOI qualify for the League of Legends World Championship, and the company getting 11th place in the Esports World Cup Club Championship, OverActive Media has laid the foundation needed to capitalize on the expanded markets and the new business lines it created following the merger while using a leaner cost structure.
The new business lines, such as hosting live events and making activations through its influencer agency, should bring more recurring revenues, further consolidating the company’s ability to generate operating cash flows. After hosting a Call of Duty Major, the inaugural KOIKON, and the CDL Major I, OverActive is bringing the first-ever LEC Roadtrip at the Madrid Arena on April 26-27, with 16,000 attendees expected at the event. Additionally, it will be hosting the Call of Duty League Championship Weekend in Ontario at the end of June, expecting to draw more than 20,000 fans.
On top of that, OverActive Media strengthened its portfolio by signing new partnerships with brands like Monster Energy, CUPRA, and Blacklyte, and it was also able to lock in an important naming partnership with Telefónica for the LEC. Paired with the admission in the Esports World Cup Foundation Partner Program, the company is expected to have diversified revenue streams in 2025.
“We’re proud of what we’ve built, but we know we’re not finished. Our priority in 2025 is to continue growing responsibly, improving margins, staying disciplined, and making sure that every step we take adds lasting value. We’re entering this next chapter with momentum, a strong foundation, and a clear plan to keep building a great business in a growing global industry, “Adamou added.
After the announcement, the company’s stock price went up to CAD$0.28 (€0.18) with a CAD$0.04 (€0.025) increase. Despite the positive results achieved in 2024 and the strategic outlook for this year, the reality is that the company hasn’t turned a profit yet. So the question now is – has the company created a profitable and sustainable structure for the years to come? We’ll have to wait for Q1 2025 to have a clearer answer.
The currency conversion was calculated based on the exchange rate as of April 25, 2025, CAD$1 = 0.63€.
