World Poker Tour posts weak results
7th August, 2008
The World Poker Tour has yet to see improvement in numbers despite a number of moves it has been making at the beginning of this year.
The WPT has released its numbers for the second quarter of 2008 and the results are weak, but the company seems to remain optimistic and confident that the moves they’ve been making will pay off in the end.
“We continue to be disappointed in our online gaming results and have begun directing resources in our growing sponsorship business,” said Steve Lipscomb, WPT’s president and CEO. “On the other hand, we continue to be encouraged by the strength of our brand in the domestic and international marketplace.”
For the same period last year WPT’s revenues have fallen from $7.7 million in 2007 to $5.1 million in 2008, which said to be the result in a decrease in television license fees when the WPT made the switch from the Travel channel to the Game Show Network.
Additionally, product licensing revenue have fallen from $1 million in 2007 to $600,000 in 2008, which is the result of higher license revenues in 2007.
“We announced two important collaborations with the Fox Sports Network subsequent to the end of the quarter,” Lipscomb said. “The first is a broadcast deal to air 26 all-new one hour episodes of Season VII of the World Poker Tour television series across the U.S. as a part of FSN’s Sunday sports block. The second deal is an agreement that will provide television and other media exposure that we expect to allow us to grow our subscriber based online poker business, ClubWPT.com,” Lipscomb said. “Fox will broadcast at least 13 one hour episodes of a new television series called “ClubWPT.com” on FSN. WPT will have the option to produce up to 40 additional episodes as the subscription business grows.”
Players who want to get on the ClubWPT.com television show will have to win their way through the ClubWPT.com Web site, which should bring notice to their online presence.
By Michael
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