Animoca Brands bookings are up 72% in Q1 as recovery from 2023's decline continues
| Date | Type | Companies Involved | Key Datapoint |
|---|---|---|---|
| Jul 10, 2024 | report | Animoca Brands | $90 million in Q1 |
- Animoca Brands generated $280 million in bookings during 2023, down from $402 million in 2022
- Bookings increased by 72% year-on-year in Q1 2024
Animoca Brands has announced its latest figures marking a gradual return to form for the web3 giant with Q1 2024 bookings showing a 72% year-on-year increase.
The company generated $280 million in bookings during 2023, a 30% decline from $402 million in 2022.
Of the company’s 2023 total, $182 million came from the token sales, NFT sales, in-app purchases, and other non-blockchain sales of its subsidiaries. $77 million came from token advisory fees, trading, and blockchain node operations.
Meanwhile, almost 10% of bookings were attributed to investment activity, with management fees from Animoca Ventures and realised gains from digital asset investments. These totalled $21 million.
Despite a stark year-on-year decline in bookings - which Animoca Brands attributed mainly to "the slowdown of economic activities in the overall digital asset market space" and broader crypto challenges - its performance did improve towards the end of 2023.
In fact, bookings increased by 59% quarter-on-quarter into Q4, and the upwards trend continued into the start of 2024, too.
A glimmer of hope
During Q1 2024, Animoca Brands generated $90 million in bookings at a 72% year-on-year increase, up from $52 million in Q1 2023. Of that $90 million, $19 million was attributed to its Web3 operating business, including token sales, NFT sales, in-app purchases and other non-blockchain sales.
$6 million came from investment management - including realised gains from digital asset investments - but the lion’s share of bookings came from token advisory fees, trading, and blockchain node operations; this activity generated $65 million in Q1, only $12 million behind the category’s bookings for the whole of 2023.
The results included contributions from key Animoca business units such as The Sandbox, TinyTap, Darewise Entertainment and others - as they did last year too. The strong incline suggests a warming after the "crypto winter" that eclipsed 2022.
Operating expenses were down too - at $55 million in Q1 2024 versus $64 million in Q1 2023; higher expenses overall last year accumulated into $246 million across the four quarters and led to "cost reduction initiatives".
As of March 31st, 2024, Animoca Brands’ asset balances were $291 million across cash and stablecoin, $558 million in liquid third-party assets, and $1.8 billion in off-balance sheet token reserves.
Animoca Brands has made investments in more than 450 web3 companies and games from Axie Infinity to Yuga Labs. One such investment was made into Forge, a video games platform backed by a sweeping range of big names.
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