SEGG Media has acquired troubled streaming service Galaxy Racer (GXR) for US$10 million as it looks to build out its own digital sports platform.
Confirmed:
- SEGG will integrate GXR streaming assets into its planned Sports.com ‘super app’
- Sports.com acquires one million active users
- Sports.com app will offer live streaming, community features, e-commerce, statistics and gamified experiences
- GXR chief executive Paul Roy will join to oversee growth strategy
Context:
This is the second major acquisition by SEGG Media, which was previously known as ‘lottery.com’, in the space of a month. The gaming and entertainment specialist has also purchased Concerts.com and a stake in esports company Veloce Media.
The acquisition of GXR’s streaming tech is another feather to its bow, allowing it to transform Sports.com into a digital platform that can host live content whilst benefiting from other businesses and services in the wider SEGG portfolio.
Sports.com already has the global rights to India’s Super League Kerala and will target underserved, regional leagues. It also plans to make a major push into esports – something that the acquisition of GXR’s user base will accelerate.
As for GXR, this sale marks the end of the road for its own sporting ambitions. The Dubai-based media company, which made its name in esports, had won the broadcast rights to LaLiga and Ligue 1 soccer in the Indian subcontinent but was plagued by technical issues and financial problems.
Comment:
“Acquiring the GXR platform and adding Paul Roy to the team allows us to accelerate our mission to deliver the world’s first fully immersive, unified sports and entertainment media app,” said Matthew McGahan, chief executive of SEGG Media. “This is all about execution and the market is now seeing that SEGG Media is delivering.”
“With GXR’s existing user base of more than [one million] active users, the Sports.com ‘super app’ is rapidly positioning itself to become the go-to app for sports, esports, and immersive fan experiences around the world,” added Tim Scoffham, Sports.com Media chief executive. “Integrating the two platforms allows us to accelerate the development timeline for the ‘super app’ bringing fans closer to the action much sooner.”
Coming next:
The Sports.com ‘super app’ is due to launch in the third quarter of 2025.
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