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MSGM customer relationships

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MSGM customer relationship map

MSGM customer map: who pays, who distributes, and what that means for investors

Motorsport Games (MSGM) builds and monetizes racing content by developing multi-platform video games, licensing simulation software, and operating esports programs; revenue streams include game sales (digital and physical), downloadable content, mobile store revenues, and esports sponsorships and fees. Investors should value MSGM as a hybrid software-and-services media company whose topline is highly dependent on a small set of platform relationships and licensed properties, with monetization that blends gross-sold product economics on some platforms and net-of-store economics on others. For a focused view of customer relationships and operational levers, read on — or return to the main research hub at Null Exposure for ongoing updates: https://nullexposure.com/

Quick map: the customer and platform relationships you need to know

Below I walk through every customer and platform referenced in the available records. Each entry is a concise, plain-English summary followed by the source cited naturally.

  • iRacing — Motorsport Games sold its NASCAR console/game license to iRacing on October 3, 2023, transferring the official NASCAR simulation-console publishing rights and effectively removing Motorsport Games from that franchise role. This change is disclosed in MSGM’s FY2024 10‑K and covered in news reports describing iRacing’s acquisition of the exclusive NASCAR console license. (MSGM 10‑K FY2024; industry coverage, FY2023–FY2025)

  • Twitch — MSGM identifies third‑party platforms such as Twitch as integral distribution and marketing channels for league tournaments and competitions, meaning Twitch is a strategic channel for esports viewership and community engagement that drives commercial success. (MSGM 10‑K FY2024)

  • Kindred Concepts — Kindred Concepts has partnered with Motorsport Games’ rFactor 2 engine to power F1® Arcade and related projects, with multiple press releases noting Kindred as a content and deployment partner. This reflects a B2B integration where Motorsport Games supplies simulation software to arcade and third‑party operators. (GlobeNewswire Jan 2023; QuiverQuant FY2025; Motor1 FY2024)

  • F1® Arcade — F1® Arcade is explicitly powered by Motorsport Games’ rFactor 2 simulation technology via the Kindred partnership, positioning the company as a technology supplier for branded, off‑console experiences. (GlobeNewswire Jan 2023)

  • Steam (storefront) — Steam is listed in historical coverage as a digital retail channel through which players can purchase Motorsport Games titles, confirming PC storefront distribution as part of the company’s multi-channel sales approach. (Motor1 FY2021)

  • Xbox Store (storefront) — The Xbox Store is cited alongside PlayStation Store and Steam as a storefront distribution channel for MSGM’s titles, underscoring console digital retail as a revenue conduit. (Motor1 FY2021)

  • PlayStation Store (storefront) — PlayStation Store appears in early distribution references; combined with later press mentions about PlayStation console versions, this indicates PlayStation is both a historic and potential future direct sales channel. (Motor1 FY2021; press coverage FY2026)

  • Play Station (Sony) — Press commentary and analyst write‑ups point to optional upside from a planned console release for PlayStation targeted for late 2026/early 2027, positioning Sony’s platform as a potential incremental revenue vector. (Press/analyst coverage FY2026)

  • X-box (Microsoft) — Similar to PlayStation, analyst/press notes highlight a potential Xbox console release in the same timeframe, indicating Microsoft’s Xbox platform is part of MSGM’s console distribution roadmap. (Press/analyst coverage FY2026)

  • Formula E — Motorsport Games’ rFactor 2 is described as the official sim platform of Formula E, demonstrating direct licensing and partnership relationships with major motorsport rights holders. (GlobeNewswire Jan 2023; Motor1 FY2024)

  • 24 Hours of Le Mans — Motorsport Games serves as an esports partner for the 24 Hours of Le Mans and powers titles tied to the FIA World Endurance Championship, reflecting franchise‑level publishing and rights relationships. (CityBiz FY2021; Motor1 FY2024)

  • British Touring Car Championship (BTCC) — MSGM is identified as an esports partner for BTCC, indicating a role in producing or operating competitive content under series branding. (CityBiz FY2021)

  • eNASCAR Heat Pro League — The company lists eNASCAR Heat Pro League among its esports partnerships and league activities, showing direct engagement in league operations and sponsorship monetization. (CityBiz FY2021)

  • FIA World Rallycross Championship — Motorsport Games is referenced as partner for FIA World Rallycross Championship esports activity, illustrating breadth across motorsport series. (CityBiz FY2021)

  • Automobile Club de l'Ouest (ACO) — The ACO (organizer of 24 Hours of Le Mans) is identified in launch coverage for Le Mans Ultimate, confirming a formal rights/licensing relationship for the Le Mans title. (Motor1 FY2024)

What these relationships collectively tell investors

MSGM’s commercial model is multi-channel and license-driven: the company develops and sells software (games) while monetizing rights and esports services. Several attributes matter for valuation and operational risk:

  • Concentration and material customers: MSGM discloses that individual customers accounted for 10%+ of revenues, and one listed customer (not tied to any single public relationship in these excerpts) reached 46.4% of revenues in 2024, down from 25.7% in 2023, which signals significant concentration in prior periods and material revenue swings year-over-year. (Company concentration schedule; FY2023–FY2024)

  • Channel dependence: Sales through three main distribution channels represented roughly 86% of consolidated revenues in 2024, highlighting that distribution partners (storefronts and digital platforms) are central to monetization and cash collection. (MSGM filing FY2024)

  • Mixed principal/agent economics: MSGM reports revenue net of storefront fees when the third party is principal, but reports gross where it determined it is principal (for some mobile store contracts), which creates variability in reported revenue and margins depending on platform. (MSGM filing)

  • Product and services duality: The firm sells software (games, DLC) and runs esports and sponsorship services, so growth can come from content releases, new console launches, licensing deals, or expanding esports sponsorships. (MSGM filings; esports commentary)

  • Geographic footprint: MSGM has operations in the UK and Netherlands, signaling an EMEA operational presence that supports partnerships with European series like Formula E and Le Mans. (Company disclosure on operations)

If you want a deeper, ongoing breakdown of MSGM’s customer exposures and rights positions, visit our research home: https://nullexposure.com/

Investment implications — risks and opportunities

  • Opportunity: console rollouts (PlayStation/Xbox) are framed in press commentary as a potential upside catalyst in late‑2026/early‑2027, which could re‑accelerate revenue if releases are executed and marketed effectively. (Press coverage FY2026)

  • Risk: high concentration and distribution reliance amplify downside if a major platform relationship shifts or a cornerstone license transfers (as occurred with the NASCAR license sale to iRacing). The NASCAR transfer demonstrates both risk and flexibility—MSGM reduced exposure to one franchise but retains the ability to license rFactor 2 across other series. (MSGM 10‑K FY2024; industry reports FY2023)

  • Operational posture: The company acts as both a seller (taxed as principal on some storefront sales) and a supplier/distributor partner to leagues and third‑party operators, producing variable margin outcomes by channel.

If you want to see how these customer dynamics stack up against peers and track new license announcements, check updates and detailed exposure matrices at https://nullexposure.com/

Bottom line and next steps for modelers

Motorsport Games is a niche content and esports operator with concentrated revenue drivers, meaningful platform dependency, and upside tied to successful console and rights executions. Model risk around distribution economics (gross vs net reporting), customer concentration, and licensing cadence. For active investors and operators, monitor console release schedules, esports sponsorship growth, and any shifts in distribution terms with major storefronts and streaming platforms.

For ongoing monitoring, data consolidation, and alerts tied to MSGM’s partner moves and licensing announcements, visit our research hub: https://nullexposure.com/ — we maintain live trackers on rights transfers, platform deals, and concentration signals.