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MSGM supplier relationships

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MSGM supplier map: who powers Motorsport Games and what that means for investors

Motorsport Games (MSGM) operates as a content-driven publisher and developer of licensed motorsport video games, monetizing through game sales, in‑game transactions, and licensed partnerships that grant access to official series, cars and tracks. The company combines in‑house development with third‑party development contracts and licensed technology (notably the rFactor engine and Unreal Engine), while carrying purchase commitments and seller repayment obligations tied to recent acquisitions. For investors evaluating supplier risk, the combination of concentrated supplier spend, critical licensor relationships, and mid‑six‑figure purchase commitments defines the core commercial profile.

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Why supplier relationships matter for MSGM investors

Motorsport Games’s product is its intellectual property and licensed content. That model makes certain supplier and partner relationships operationally critical: licensors supply the content and authenticity that drive unit sales and esports engagement; middleware and engine partners determine performance and time‑to‑market; and third‑party developers expand capacity without permanently expanding fixed headcount.

  • Contracting posture: MSGM mixes in‑house work with third‑party service providers for partial title development, implying variable cost structures and dependence on external delivery timetables (company disclosure on development arrangements).
  • Concentration: The company’s filings disclose at least one supplier that accounted for 10% or more of cost of revenues, a clear supplier concentration signal that elevates counterparty risk.
  • Criticality: Licenses (NASCAR, Le Mans, INDYCAR, Formula E and others) are commercially critical because they underpin franchise value and player demand, so loss or renegotiation of those rights would materially affect revenue.
  • Maturity and financial posture: Recent acquisitions and seller repayment obligations create integration and financing risk; purchase commitments reported (~$918k) show meaningful, near‑term cash outflows tied to supplier contracts.

These company‑level signals — service provider reliance, material supplier concentration, and mid‑six‑figure purchase commitments — shape both upside (scalable content production) and downside (single‑party disruption, repayment obligations).

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Supplier and partner roll call (plain‑English summaries)

  • Technology In Business B.V. — MSGM discloses repayment obligations to Technology In Business B.V., identified as a seller of Studio397, and warns that inability to fully repay could have adverse effects on the company. Source: MSGM FY2024 10‑K filing.

  • Luminis International B.V. — Luminis International B.V. is another seller of Studio397 to whom MSGM has repayment exposure; the 10‑K flags potential adverse impacts from incomplete repayment. Source: MSGM FY2024 10‑K filing.

  • Canaccord Genuity LLC — Canaccord Genuity served as an underwriter for Motorsport Games’s IPO on the Nasdaq Capital Market, playing a role in the company’s public financing and capital structure. Source: Faegre Drinker coverage of the IPO (2020/2021).

  • The Benchmark Company, LLC — The Benchmark Company also acted as an IPO underwriter alongside Canaccord, underwriting Motorsport Games’s initial public offering. Source: Faegre Drinker recap of the IPO (2020/2021).

  • Epic Games — Motorsport Games used Epic’s Unreal Engine for certain titles; public commentary credits Unreal for enabling customization features in NASCAR 21. Source: Motor1 report on NASCAR 21 (FY2021).

  • INDYCAR — Motorsport Games entered an exclusive partnership with INDYCAR in July 2021 to create and distribute INDYCAR video games, establishing a primary licensor relationship for that series. Source: InsideEVS report (July 2021/FY2022).

  • MRN Radio — MRN Radio provided broadcast voice‑over work for NASCAR 21, delivering the in‑game “Voice of NASCAR” that enhances the licensed experience. Source: Motor1 report on NASCAR 21 (FY2021).

  • Studio 397 — Studio 397 supplies the rFactor physics engine used across several titles; MSGM acquired Studio 397 and has seller obligations tied to that transaction, while the studio’s engine is integrated into products like Le Mans Ultimate. Sources: Motor1 (FY2021) on rFactor and Studio 397; Globenewswire press release on Le Mans Ultimate (FY2025); MSGM FY2024 10‑K re sellers.

  • Ferrari (RACE) — Ferrari provided manufacturer support for Le Mans content, collaborating closely on vehicle recreation to ensure high realism in Le Mans Ultimate. Source: Motor1 coverage of Le Mans Ultimate content (FY2024).

  • Easy Anti‑Cheat — MSGM integrated Easy Anti‑Cheat into Le Mans Ultimate Version 1.2 to protect competitive integrity and reduce tampering in online play. Source: Quiver Quant and Sahm Capital reporting on Version 1.2 (FY2025).

  • NASCAR — NASCAR is a core licensor; MSGM holds rights to develop and publish NASCAR games and used official drivers, teams and tracks in NASCAR 21. Source: CityBiz and Motor1 reports on NASCAR licensing and NASCAR 21 (FY2021).

  • FIA World Endurance Championship — MSGM is the officially licensed developer and publisher for the FIA World Endurance Championship, a relationship central to the Le Mans Ultimate product. Source: Finance Yahoo announcement of Le Mans Ultimate (FY2025).

  • 24 Hours of Le Mans — MSGM holds the official Le Mans license and released Le Mans Ultimate in Early Access, leveraging the iconic series to drive product demand. Source: Finance Yahoo announcement and subsequent product releases (FY2025).

  • British Touring Car Championship — MSGM’s portfolio of licenses explicitly includes the British Touring Car Championship, expanding the company’s range of official series content. Source: CityBiz article on MSGM licences and appointments (FY2021).

  • Formula E — rFactor 2 serves as an official simulation platform for Formula E, linking MSGM technology to another major racing series and associated commercial opportunities. Source: Finance Yahoo press materials referencing rFactor 2 and Formula E (FY2025).

  • Penske Entertainment — Penske Entertainment (owner of INDYCAR) is a strategic distribution/licensing partner; public comments from the company emphasize the intended global reach of the INDYCAR gaming partnership. Source: RideApart coverage quoting Mark Miles, Penske Entertainment (FY2021).

  • Kindred Concepts — rFactor 2 powers F1 Arcade through a partnership with Kindred Concepts, showing how MSGM’s simulation technology is licensed and embedded in third‑party experiences. Source: Finance Yahoo summary of product partnerships (FY2025).

  • European Le Mans Series — The European Le Mans Series content was included in Le Mans Ultimate Season Pass rollouts (Circuit Paul Ricard and other content), underlining ongoing content refresh pipelines. Source: Quiver Quant and Sahm Capital reporting on Version 1.2 (FY2025).

  • WEC & 24H Le Mans (collective) — Market commentary attributes MSGM’s turnaround momentum in 2025 to the Le Mans Ultimate title tied to WEC and 24H Le Mans licensing, signaling commercial leverage from flagship series. Source: TS2.Tech market note on Q3 2025 premarket (FY2025).

  • Ginetta — Ginetta’s LMP3 car and related content were added in Version 1.2 of Le Mans Ultimate, demonstrating manufacturer collaboration for roster expansion. Source: Sahm Capital release covering the Version 1.2 update (FY2025).

Investment implications and risk checklist

MSGM’s supplier profile creates a clear set of investment tradeoffs:

  • Upside: Official licenses and a proprietary physics engine create product differentiation and recurring content opportunities. Studio 397 and rFactor provide a strategic technology moat.
  • Supply risk: At least one supplier represents more than 10% of cost of revenues, creating concentration risk that can affect margins or delivery if disrupted.
  • Cashflow and financing risk: Purchase commitments (~$918k) and seller repayment obligations tied to Studio397 create known cash outflow and integration risk disclosed in the FY2024 10‑K.
  • Operational exposure: Reliance on third‑party developers for partial title development converts fixed costs into vendor risk and execution dependency.

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Bottom line

Motorsport Games monetizes through licensed franchise titles and technology‑enabled simulation platforms, supported by a mix of in‑house work and critical third‑party suppliers. Key investor takeaways: concentrated supplier exposure, critical licensing dependencies, and mid‑six‑figure purchase commitments that support near‑term cash outflows. Monitoring repayment schedules for Studio397 sellers, delivery milestones with third‑party developers, and the status of major licenses (NASCAR, Le Mans, INDYCAR, Formula E) should be primary items on any operational diligence checklist.

For bespoke supplier analysis or to monitor MSGM counterparty risk continuously, visit https://nullexposure.com/ and request a tailored report.