MSGM customers relationship map

MSGM Customer Map: who pays, distributes and powers Motorsport Games

Motorsport Games (MSGM) operates as a niche developer-publisher of licensed racing titles and related esports services, monetizing through game sales (digital and physical), downloadable content (DLC), licensing deals and esports sponsorship/participation revenue. The business combines software sales with services and distribution partnerships, concentrating revenue through a small set of platform partners and motorsport licensors—an exposure profile that directly affects top-line volatility and bargaining leverage. For a concise tracker of MSGM relationships and filings, visit https://nullexposure.com/.

Business model in one line: build and publish officially‑licensed motorsport titles, distribute through major digital storefronts and partners, and extract recurring revenue via DLC, esports and licensing arrangements.

Operational constraints and posture

Concentration and critical channels. Company disclosures identify three main distribution channels that together accounted for the large majority of consolidated revenues (approximately 86% in 2024), which signals a concentrated contracting posture with platform intermediaries. (10‑K, FY2024)
Material customer concentration at the company level. The 10‑K shows at least one customer accounted for 10%+ of revenue (Customer D: 46.4% in 2024 vs. 25.7% in 2023), a material concentration risk to revenue stability. (10‑K, FY2024)
Hybrid product/services mix. MSGM reports revenue from software (game sales and DLC) alongside services (esports sponsorships/fees), indicating diversified monetization within a single product category but still reliant on third‑party platform economics. (10‑K excerpts)
Geographic footprint signal. The company operates in the United Kingdom and Netherlands, providing an EMEA operational presence relevant to licensing and tournament relationships. (Company disclosures)

A full, relationship-by-relationship run down Below I list every customer/partner mentioned in the collected results with a crisp investor-oriented summary and the underlying source.

Twitch

Motorsport Games leverages Twitch as a third‑party distribution and marketing platform for league tournaments and competitions, making the streaming ecosystem an important channel for audience reach and esports monetization. Source: MSGM 2024 Form 10‑K (FY2024).

iRacing

MSGM transferred its NASCAR console license to iRacing (transfer consummated Oct 3, 2023), removing MSGM as the official developer/publisher of that franchise and shifting future NASCAR console economics away from the company. Source: MSGM 2024 Form 10‑K (FY2024) and contemporaneous reporting on the iRacing acquisition (news, 2023–2026).

Kindred Concepts

Kindred Concepts is a development partner: rFactor 2 (the simulation engine powered by Motorsport Games) was selected by Kindred Concepts to tailor game experiences such as F1® Arcade, representing B2B licensing and platform partnerships for MSGM’s simulation technology. Source: GlobeNewswire press release (Jan 30, 2023) and multiple 2025–2026 press items.

F1® Arcade

F1® Arcade is a commercial product powered by rFactor 2 technology provided by Motorsport Games via the Kindred Concepts partnership, illustrating MSGM’s role as an underlying sim technology provider to third‑party consumer experiences. Source: GlobeNewswire (Jan 30, 2023) and Kindred Concepts press references (2025–2026).

Genba

Genba is identified as one of the primary digital channels for MSGM’s PC distribution—Genba accounted for roughly 18% of 2025 revenue while Steam represented the larger share—underlining Genba’s role in PC digital sales. Source: TradingView coverage of MSGM’s 2025 results (FY2026 reporting).

Steam

Steam is the single largest digital distribution channel for PC sales, representing about 64% of MSGM’s 2025 revenue; this concentration makes Valve’s storefront economics central to MSGM top line and pricing power. Source: TradingView summary of MSGM 2025 disclosure (FY2026 reporting).

Formula E

rFactor 2 is cited as the official sim racing platform of Formula E, indicating an ongoing licensing/endorsement relationship between MSGM technology and the Formula E brand for game and esports integration. Source: GlobeNewswire (2023) and motor news references (2024).

Xbox Store

MSGM titles have historically been distributed through the Xbox Store; press coverage of console launches references availability via Xbox storefronts as part of multi‑platform release strategies. Source: Motor1 and console store reporting (FY2021–FY2026).

X-box (console mentions)

Press commentary positions an eventual console version for PlayStation and Xbox as an upside option (targeted for late 2026 / early 2027), tying future revenue growth to successful console launches. Source: Globe and Mail / TradingView press summaries (FY2026).

Play Station

PlayStation is listed in coverage as a planned console distribution partner for future releases; MSGM’s console opportunity hinges on agreements with Sony/PlayStation platforms. Source: Globe and Mail / TradingView summaries (FY2026).

PlayStation Store

Historically, MSGM releases have been made available on the PlayStation Store alongside other storefronts, indicating a standard retail/digital channel for console distribution. Source: Motor1 coverage of game launches (FY2021).

SONY

Sony is referenced in press commentary framing PlayStation as the console partner for potential releases; Sony’s platform economics and certification processes will be material to any console rollouts. Source: Globe and Mail / TradingView (FY2026).

PlayStation / X-box (consolidated console opportunity)

Multiple press items reiterate that a console version for PlayStation and Xbox is an optional revenue upside if releases execute in late 2026–early 2027. Source: Globe and Mail and TradingView commentary (FY2026).

24 Hours of Le Mans

MSGM is the officially licensed video game developer and publisher for the 24 Hours of Le Mans franchise, a marquee licensing relationship that underpins the Le Mans Ultimate title and associated DLC. Source: MarketScreener press summary and Motor1 coverage (FY2024–FY2026).

FIA World Endurance Championship

Similarly, MSGM holds the official game development/publishing rights for the FIA World Endurance Championship, which complements its Le Mans licensing and drives branded content sales. Source: MarketScreener and Motor1 (FY2024–FY2026).

British Touring Car Championship (BTCC)

MSGM lists BTCC among its esports partnership roster, reinforcing the company’s role as an esports partner across multiple motorsport series. Source: CityBiz / company press (FY2021).

eNASCAR Heat Pro League

The company is an esports partner for eNASCAR Heat Pro League activities, supporting sponsorship and tournament revenue streams tied to the NASCAR brand. Source: CityBiz / company press (FY2021).

FIA World Rallycross Championship

MSGM cites the FIA World Rallycross Championship as an esports partner, showing the breadth of series‑level licensing the company leverages for game content and competition formats. Source: CityBiz / company materials (FY2021).

Automobile Club de l'Ouest (ACO)

ACO is the rights holder for 24 Hours of Le Mans; MSGM’s Le Mans Ultimate Early Access release was done in partnership with ACO, making ACO a critical licensor for the Le Mans product line. Source: Motor1 (Le Mans Ultimate Early Access press, FY2024).

What this means for investors

Concentration is the headline risk: Steam/major digital channels + a single large customer accounting for >10% of revenue create concentrated counterparty exposure that can drive revenue swings. (10‑K and 2025 channel breakdowns)
Licensing is a durable moat but non‑fungible: High‑profile licences like Le Mans and FIA WEC create product differentiation and franchised monetization (DLC, branded expansions) but require ongoing contractual renewals and share of revenue with rights‑holders. (MarketScreener, Motor1)
Shift to digital benefits margins but increases platform bargaining: The 2025 shift to PC digital downloads (Steam + Genba dominant) boosts gross margins but gives platform owners leverage on pricing and discoverability. (TradingView summary of 2025 results)

For a consolidated tracker of MSGM’s customer relationships, licensing disclosures and channel concentration, see the research hub at https://nullexposure.com/. If you want a tailored counterparty-risk brief or revenue concentration model for MSGM, visit https://nullexposure.com/ to request the investor pack.

Bottom line: Motorsport Games monetizes through a tight ecosystem—licensed franchises, digital storefronts and esports partnerships—where distribution concentration and a handful of large licensors/customers are the primary levers of upside and downside for investors evaluating MSGM.

MSGM customer relationships