Animoca Brands' Shift Toward Advisory Services Surpasses Web3 Income in 2024
Business/Finance

Animoca Brands' Shift Toward Advisory Services Surpasses Web3 Income in 2024

Animoca Brands has reported a significant increase in their advisory services, pulling in $314 million in bookings for 2024, marking a 12% rise from the previous year.

Summary

Animoca Brands has revealed that its advisory unit outperformed traditional revenue streams in 2024. The firm reported $314 million in total bookings, reflecting a 12% increase from $280 million in 2023, as it transitions from a focus on gaming and NFTs to advisory services.

Key Highlights

  • Animoca’s advisory division achieved a 116% year-over-year increase, generating $165 million in revenue for 2024.
  • The company experienced a 40% decline in its web3 business, dropping from $182 million in the previous year.

Despite reduced private investment income, Animoca Brands strengthened its balance sheet by holding $293 million in cash and stablecoins, and $538 million in digital assets. The decline in its investment holdings was attributed to various external factors including token unlocks and asset write-downs.

In a strategic move, Animoca opened a new office in Hong Kong, securing its presence in an environment where many companies are reevaluating their operational footprints.

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