Jimmy Iovine invests in esports and entertainment organization FaZe Clan
Los Angeles-based FaZe Clan, which is a professional esports and entertainment organization was looking for investors and they landed a big fish with music and headphone mogul Jimmy Iovine. FaZe Clan has players around the world across different games such as Call of Duty, Counter-Strike: Global Offensive, PlayerUnknown’s Battlegrounds, Tom Clancy’s Rainbow Six Siege, FIFA, and Fortnite Battle Royale.
Iovine who is best-known for Interscope Records and Beats Electronics, is stepping out of his comfort zone with this new investment. It’s not all that surprising however, as he has partnered alonside NTWRK, an e-commerce paltform started by his son, Jamie Iovine.
NTWRK teams up with brands such as Nike, Puma, and celebrities like Billie Eillish, and DJ Khaled to drop limited edition merchandise.
Following the investment, NTWRK has acquired the globaldirect-to-consumer product rights for FaZe Clan.
“We’re at the birth of a new disruptive entertainment genre. FaZe Clan is a very powerful pipeline into gaming culture and their cultural impact reminds me of the early days of ’90s hip-hop. The combined reach of FaZe Clan and NTWRK is going to be very powerful.” Iovine said in a news release.
Forbes valued FaZe Clan at $240 million and with Iovine and NTWRK now on board, the Clan will be seen as a lifestyle company as much as an esports company. The actual amount of Iovine’s investment has not been disclosed, but it is rumored to be in the multimillions and gave Iovine a seat on the board.