LOS ANGELES - The Los Angeles Rams have announced a partnership with Genius Sports Limited (NYSE:GENI) to enhance the game-day experience for fans at SoFi (NASDAQ:SOFI) Stadium with augmented in-game highlights. These highlights will utilize the NFL's Next Gen Stats (NGS) data and be prominently displayed on the stadium's Infinity Screen during every Rams home game.
The new feature, powered by GeniusIQ, Genius Sports' advanced data and artificial intelligence platform, will offer fans real-time insights such as player locations, speeds, quarterback throw times, and minimaps. This initiative aims to create a more immersive and informative experience for spectators, connecting them with the on-field action in innovative ways.
Verizon (NYSE:VZ), a long-term Rams partner, will sponsor the augmented content, providing them with a unique advertising platform that integrates their branding with the highlights. This collaboration will allow Verizon to engage with a captive audience and enhance their brand presence among football fans.
GeniusIQ leverages machine learning and AI to interpret extensive volumes of NGS data, providing a deeper semantic understanding of the game. The technology facilitates the creation of real-time insights and brand activations that resonate with fans during peak moments of live sports.
Kathryn Kai-ling Frederick, Chief Marketing Officer of the Los Angeles Rams, expressed excitement about the partnership with Genius Sports and the value it brings to the fan experience. Steve Bornstein, President, North America of Genius Sports, highlighted the collaboration's role in setting a new standard for fan engagement in sports.
Genius Sports is recognized as the exclusive distributor of NFL Official League Data and serves as a key player in the sports data and technology industry. The company partners with over 400 sports organizations globally, providing innovative solutions that span big data, computer vision, machine learning, and augmented reality.
This partnership underscores the Los Angeles Rams' commitment to enhancing the game-day atmosphere and delivering unique experiences to their fans. The information for this report is based on a press release statement.
In other recent news, Genius Sports Limited reported strong Q2 2024 earnings, with revenues of $95 million and an adjusted EBITDA of $21 million, surpassing market expectations. The company is targeting a revenue of $510 million and an adjusted EBITDA of $85 million for the full year of 2024, which includes a 29% revenue growth in the second half of 2024 compared to the same period in 2023. Benchmark has maintained its Buy rating on Genius Sports, citing the expanding total addressable market for sports betting, particularly in the U.S., as a positive indicator. In addition, Genius Sports has publicly denied any merger discussions with Kambi, addressing recent market rumors.
The company has announced two significant appointments: Robbie Bach, former Chief Xbox Officer at Microsoft (NASDAQ:MSFT), has joined the Board of Directors, and Mark Kropf, former Technical Director at Google (NASDAQ:GOOGL)'s Office of the CTO, has assumed the role of Group Chief Technology Officer. Both are expected to contribute significantly to the company's mission and technological advancements. Genius Sports has also extended its exclusive data partnership with Football DataCo, securing data rights for the English Premier League until 2029. The company will supply the league with a new semi-automated offside technology system from the 2024/25 season, powered by its GeniusIQ platform. These are among the recent developments at Genius Sports.
InvestingPro Insights
The partnership between the Los Angeles Rams and Genius Sports Limited (NYSE:GENI) aligns with the company's growth trajectory and innovative approach in the sports technology sector. According to InvestingPro data, Genius Sports has demonstrated strong revenue growth, with a 20.65% increase in the last twelve months as of Q2 2024, reaching $444.07 million. This growth is particularly relevant to the article, as it suggests the company's expanding capabilities in providing cutting-edge solutions like the GeniusIQ platform.
InvestingPro Tips highlight that analysts anticipate sales growth for Genius Sports in the current year, which could be partly driven by partnerships like the one with the Rams. The company's focus on enhancing fan engagement through data-driven experiences is likely to contribute to this projected growth.
However, it's worth noting that Genius Sports currently operates with negative profitability metrics. The company's operating income margin stands at -19.21% for the last twelve months, indicating that while revenue is growing, the company is still investing heavily in its growth and technology development.
For investors interested in a deeper analysis, InvestingPro offers 11 additional tips for Genius Sports, providing a more comprehensive view of the company's financial health and market position. These insights could be valuable for understanding the long-term potential of Genius Sports in the evolving sports technology landscape.
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