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What’s the future of video game with Motorsports Games turmoil?

He helped spearhead the fundraising of more than $11 million across a single week in February – the same week IndyCar president and CEO Mark Miles spoke about “overcoming headwinds” and a video game that should have a beta version by May and headed to shelves as the series handed over the Astor Cup in Laguna Seca.

But in mid-March, Motorsport Games CEO Dmitry Kozko revealed to investors on the company’s 2022 Q4 earnings call that it had seen net losses over the last 24 months of more than $70 million. It had seen less than half the fourth quarter revenue ($3.8 million vs. $8.2 million) compared to 2021 and lost more than 30% of the company’s annual revenue year-over-year ($15.1 million to $10.3 million).

Penske Entertainment Corp. president and CEO Mark Miles

“My comment (in Thermal to IndyStar regarding the release of IndyCar’s first video game in nearly 20 years) was based on what they were telling us at the time,” Miles said in Long Beach. “And as they worked through their situation, how much capital they have, how much has been raised and how much burn is there, they came to the conclusion they had to have a delay.”

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