Heroic is all-in on CS:GO despite million dollar loss
The esports organization is witnessing a deficit in its annual accounts.
In late October, Heroic Group had to say goodbye to some of its employees.
"Unfortunately, we have had to lay off six full-time employees. Like many other companies, we are experiencing a tougher market, while the capital market is almost closed at home" Joachim Harg told Finansavsen.no
Despite CSGO being an E-sport in a forward motion, many Esports organizations are witnessing a deficit in their annual accounts. Being a Norwegian-owned CSGO team with great success on the server, Heroic Group is still witnessing a minus in its accounts as they lack earnings from the outside. Even though their earnings have increased greatly from 3 million Norwegian kroner to 21 million Norwegian kroner in just a year, the organization still finds it hard to find financial success because of the many costs that the team is struggling with on their annual report submitting a $1.35M loss.
The Organization has made it clear that its lack of financial success will not harm the CSGO team by any means. Their focus will instead be increased on the CSGO team as Heroic Group will do anything to make their all round CSGO squad with coach and players as complete as possible.
"As you have probably experienced, we are investing more in CS:GO than ever before, by hiring Lasse Svan as performance coach, the promotion of Kasper Straube to Head of Performance, hiring sheddaN as assistant coach and new long-term contracts for our players" Oliver Valsgaard told to Dust2.dk
