According to a new report from Bloomberg Business, TheScore is hopeful that a new fantasy app, which will be unveiled during the NFL season, will restore a stock that has lost half its value since April.
The fantasy app, originally called Swoopt, will be renamed and launched early in the NFL season, which starts on September 10. The fantasy app will focus on daily results, meaning that users will be inclined to check the app multiple times a day.
According to a study released by the Fantasy Sports Trade Association, 57 million people play fantasy sports games in Canada and the United States.
TheScore CEO John Levy says that most of these people are playing season-long games, while only 2-3 million play daily fantasy games like the one TheScore is set to offer. Levy says that this market is ready for growth and he thinks his company will be able to achieve that with their new app.
The Toronto-based company is looking to harness the millions of sports fans that already use its existing sports app. In a statement, Levy said:
“We don’t have to spend all these humongous dollars in marketing, we know people who love sports, they’ve got our app.”
The new fantasy app will include various cash prizes and will focus on a small group of friends or co-workers would want to compete against each other. The app will charge a fee to play, however, the fee is unknown at this time.
The company’s stock has decreased about 50 percent since April to 43 cents per share. This brings the market value of the company to $127 million as user growth continues to slow.
TheScore’s original news app is available as a free download from the App Store. The app requires any device running iOS 8.0 or later and has been optimized for the iPhone 5, 6, and 6 Plus.