HT&E to shut down Gfinity Australia

Here, There and Everywhere (HT&E) will close Gfinity Esports Australia, which launched in 2017, at the end of the year because of a lack of “sustainable, positive earnings.”

HT&E is the holding company of a radio business called ARN, and due to a sinking radio market, the company’s revenue has suffered. The Gfinity investment also didn’t seem to work out, either. In fact, it will be marked down as a $5.3 million loss on the company.

In a statement, Gfinity announced the Supercars Eseries would continue until its intended conclusion, which should come as a pleasant surprise for competitors.

Gfinity had grown to become one of the biggest esports tournament organizers in Europe over the past several years, but its failed launch in Australia may scare the company from investing further in other foreign markets.

H/T Mumbrella