Is WeWork getting into esports? Is it working with Play By We to involve in professional gaming? The professional gaming industry is changing fast. Some new names are expected to enter the industry. WeWork is one of them. As stated by the Bloomberg Gillian Tan and Marion Dakers, WeWork has recently trademarked a brand known as Play By We to focus more on professional games and similar kinds of events. This step is the indication that WeWork is getting into esports and some more news might come regarding this in the near feature. A lot of speculations are going on about the next step.
WeWork filed the trademark with the Intellectual Property Office of the United Kingdom a few days back. The report is clarified by Bloomberg. WeWork has keenly interested to participate in upcoming events. It has already started showing interest and has also hired a few members for the Play By We.
Also, the co-working company has posted two job listings for the trademark brand. These job listings are for content and experience manager and a delivery project manager. Both these posts will be for all those based in New York. When the experience manager will take care of the Play BY We by keeping it engaged with professional organizations, industry influencers, and gamers, the delivery project manager will take care of other responsibilities. The project manager will take control of managing designers, construction staff, and architects.
eSports industry or professional gaming is going through its best time. The industry is growing fast and now many businesses are showing interest in professional gaming. The increasing demand for the event space and the use of the advanced technologies offer better possibilities for the investors across to make money from this industry. All the credit goes to the existing-infrastructure that ensures high-speed internet access and a huge real-estate footprint.
The event organizers and video game companies are coming forward to spend millions every year on conferences, high-profile tournaments, and other private tournaments to secure their place in the industry and entertain the fan and followers across.
Theoretically, Play By We can help WeWork to try in specialized video game centre events, long term events, and short-term events. It can mold WeWork properties in different games to ensure better exposure and profits.
The recent venture of WeWork might come as a surprise for a company that launched WeGrow and Rise By We. When the WeGrow was launched as an elementary school, Rise By We was launched as a fitness center and spiritual wellness. However, both these have been slowly entering into the esports industry.
This step of WeWork has gathered a lot of attention from gamers and fans. It seems that WeWork is planning to recover from the IPO attempt at the beginning of this year. WeWork is designed this plan to come out of that failure and to do some business in the esports industry.
In early 2019, WeWork started a private valuation of $47billion. The IPO was appreciated highly from different sectors. However, its August S-1 filing made it clear that the company is experiencing losses even if it is making hype as a real-estate portfolio.
In September, when WeWork began its roadshow, it could not succeed to find and impress investors. The former WeWork CEO Adam Neumann and co-founder and his wife Rebekah Neumann failed to retain the reputation of the company. Both of them faced many criticisms that led the company to shelve the IPO plan. In the end, both the CEO and the confounder were out of their jobs. All these developments affected the company’s reputation and even financial health.
The failed IPO made the company financially unstable. Ultimately, the company agreed on a $9.5 billion bailout from the largest single investor, SoftBank. After this, SoftBank took some initiatives to oversee the recovery of WeWork. It appointed a new chairman to handle the ongoing crisis. However, it is considering layoff thousands of its employees.
It will be too early to predict the role of Play By We in this scenario. In this painful period, Play By We might be struggling a bit to help WeWork to cope up and recover from the damaged reputation and financial crisis. However, the recent venture of WeWork shows that the company has still interest to prove and succeed.