Popular gaming brand, Logitech, grew impressively in its financial year ending in March 2021, benefitting from a spike in engagement felt by the entire gaming industry. According to data presented by Safe Betting Sites USA, Logitech’s revenue from gaming grew by 79.5% in FY 2021 to $1.24B.
Logitech’s gaming segment earns more than $1bn in FY 2021
The gaming industry benefited from the lockdowns imposed in 2020 due to the Coronavirus pandemic. As people stayed indoors, video game engagement received a sustained boost throughout the year. As a result, Logitech’s gaming revenue grew by 79.5% in their financial year ending in March 2021 generating $1.24B.
From FY 2019 – FY 2021, Logitech’s gaming segment grew at an estimated compound annual growth rate of 38.33%. The strong uptick in gaming is also attributed to Logitech’s timely acquisition of live-streaming software, Streamlabs in Q3 of FY 2020 (Sep. 2019) for a reported $89M.
Streamlabs 2019 acquisition just in time for 2020’s pandemic
Streamlabs is software that streamers use to enhance the streaming experience that they provide their viewers. The 2019 acquisition of Streamlabs was just in time for Logitech to reap the benefits gained by the live-streaming industry in 2020. The video-game streaming industry experienced an enormous spike in the calendar year of 2020 as many found themselves seeking alternative forms of entertainment from the confines of their own homes.
Streaming itself also became a popular avenue for content creators making Streamlabs a valuable tool for streamers. In May 2021, Streamlabs mobile app revenue from iOS apps amounted to $30K and less than $5K from android apps. The Steamlabs: Live Streaming App was their most downloaded app in May 2021 with 90K downloads with all Streamlabs Apps totalling more than 100K downloads.
Rex Pascual, eSports editor at Safe Betting Sites USA said, “Logitech’s purchase of Streamlabs could not have been more timely as just 6 months later the world was crippled by the Coronavirus pandemic. During the pandemic, video game streaming saw an enormous spike in engagement giving Logitech a significant boost in revenue. Expect Streamlabs to continue to give a strong return on Logitech’s investment as the gaming world builds on the momentum from 2020.”