Why the Emerge Gaming (ASX:EM1) share price is up 7% today

The Emerge Gaming Ltd (ASX: EM1) share price is surging 7% in early afternoon trade following a positive update. Here's why.

Aaron Teboneras

Author bio Aaron Teboneras is an ASX investment writer with a background in business, marketing and finance. He has been a contributor to The Motley Fool since 2020, covering market news, company announcements, broker views and financial results. Aaron’s previous notable appointments include National Australia Bank, and Computershare where he discovered his passion for the Australian sharemarket. Aaron has been investing for almost 20 years, using both fundamental and technical analysis to find opportunities. Aaron completed a Technical Analysis course with Mint Analysis in 2022 and is currently studying Training and Assessment. Outside the market, he has travelled to more than 45 countries and enjoys trekking, meeting new people and seeing different parts of the world. Areas of expertise ASX growth shares Founder-led companies Company announcements and financial results Fundamental and technical analysis Education Bachelor of Business from RMIT University Social media LinkedIn Instagram Favorite investment quote “If you don't find a way to make money while you sleep, you will work until you die.” — Warren Buffett

Published March 3, 2021 2:33 pm AEDT

The Emerge Gaming Ltd (ASX: EM1) share price is firmly in the green today following strong subscriber growth. At the time of writing, the esports and gaming technology company's shares are up 4.9% to 4.3 cents.

ASX 200 tech shares Investor touching a screen with a smiley face icon on it, indicating a surging ASX share price — Image source: Getty Images

Strong subscriber growth

The Emerge Gaming share price is on the move today after providing investors with a positive update.

According to its release, Emerge Gaming advised that it has registered a record 154,365 subscribers on its MIGGSTER social gaming platform. The company has a presence in over 160 countries and is seeking to further expand in other geographical markets. This will include new eSports and gaming products to support its already impressive global growth.

Emerge Gaming said that it has sold around $13.03 million worth of subscriptions comprising of monthly, bi-annual, and annual packages. Pleasingly, 79% of its subscribers represent annual subscriptions and is growing daily at a fast pace.

Expansion plans for MIGGSTER platform

In order to become the world's biggest online gaming community with MIGGSTER, Emerge Gaming is focusing on an array of promotional strategies. It will use various marketing channels to drive subscriber community numbers in the hope continue to deliver strong financial results.

Emerge Gaming CEO, Greg Stevens, will provide a market update sometime next week regarding its operational performance. This will consist of updates on its two eSports gaming platforms, future development plans, and the company's business strategy.

About the Emerge Gaming share price

The Emerge Gaming share price has accelerated in the past 12 months, gaining more than 630%. The company's shares were trading less than 1 cent for most of the first half of 2020, before gradually increasing. In October, its shares skyrocketed to reach an all-time high of 17 cents.

Since then, some profit-taking and faded investor hype sent the Emerge Gaming share price to a steady decline.

Based on the current share price, the company commands a market capitalisation of roughly $36 million.

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