Games Industry Growth Expands Peripherals, Pun Intended
Many would say the game industry has witnessed a bit of a growth spurt because of games like Fortnite and PUBG, and Turtle Beach would agree. The headset manufacturer just witnessed a 218% year-on-year increase in net revenue, due in large part to the growth of the gaming space.
According to Turtle Beach’s financial report, yearly revenue is up from $19.1 million to $60.8 million. During their 2nd financial quarter, they witnessed $6.3 million in net income; the same interval last year saw finances flip $7.1 million in losses. The company credits their sales increase to the rise in popularity of PUBG and Fortnite. The battle royale genre has performed wonders for the industry by garnering new interest in gaming peripherals. Considering such a surge in the consumer base, Turtle Beach CEO Juergen Stark seemed surprised by the company’s ability to meet demand.
“Our growth continues to be driven by a healthy console gaming headset market and our market share gains,” said Stark. “The successes of Fortnite and PlayerUnknown’s Battlegrounds, and their innovative battle royale format, has driven new gamers into the market at significantly higher headset attach rates than we have experienced in the past. In addition, our better-than-expected execution in keeping up with consumer demand for our products allowed us to exceed our expectations.”
Turtle Beach projects additional year-on-year increases and increasing demand for their products – The projection for Q3 is $65 million. By the end of the financial year, they expect $255 million in net revenue. It’s strange to think their income may hinge on the popularity of a few games, but the Q2 financial report is instructive.
COGconnected has reviewed sundry Turtle Beach products in the past, so our own staff can attest to their reliability. It seems many battle royale players will soon do the same. What are your thoughts? Are you surprised by the success of Turtle Beach, PUBG, and Fortnite? Comment down below. And if you like, check out one of our more recent headset reviews here.