Castleford and Peterborough are prepped to see more investment within the business sector in the coming months, with Buzz Bingo announcing a business-wide rebrand of its clubs. Once open, these fresh gaming houses will become part of a UK-wide network of halls and online connections, all managed and operated under the new and single company name. The company has a total of 143 locations at present, and that number only looks to be on the rise following this £40 million business makeover.
Buzz Bingo, backed by Caledonia Investments and owned by Caledonia Venus Acquisitions, has stated that it hopes to maintain their ‘unique relationship with customers’ and the ‘spirit of the community’ throughout these changes, apparently aware of the potential growing pains that could occur as the roll-out takes place over the next twelve months. Buzz reportedly came to choose their new name as a result of talks with customers and employees – a testament to this commitment and responsibility.
Such a drastic rebrand isn’t the result of a financial downturn, as one might expect. Rather, the process is taking place of the back of a large net profit for the UK company, with Buzz’s most recent financial period between September of 2015 and January of 2017 taking in around £18.1 million. For comparison, their revenue also jumped – this time from £284.6 million to £360.7 million.
Mobile gaming also continues to grow around the world – it boasted a $60 billion revenue as recently as 2017 according to SuperData – and bingo apps are a particularly large draw in the UK. 71% of UK adults own a smartphone. 59% of households own a tablet. The transition to Buzz Bingo nights seems to be just one way the company can keep up with the changing and ever colourful times both online and at its country-wide locations. And as it seeks to grow its audience, their customer portfolio will also only continue to diversify. According to figures published in the Daily Mirror, only 75% of bingo players today are women, and while the majority are on the older side of things, a large chunk of online users are sprightly and young, with a variety of backgrounds and careers. The numbers don’t lie: the stereotype of little old ladies gathered around the bingo table is beginning to fade, with the Buzz rebrand as an evident signpost.
Chief executive Chris Matthews has been quoted as saying that Buzz wants to bring their titular game to a wider audience via this process, with a modern lick of paint that brings in more players to the ‘sense of fun, nostalgia and community’ that their business can provide. Buzz’s confidence in this investment and ultimate expansion is likely due to the continued growth of bingo itself in recent years. A decade ago, there might have been less than several dozen sites operating the game online. Today, some estimates put that number as high as 300 or 400.
As mentioned above, recent quarterly and financial reports do see Buzz Bingo flourishing for now, with a rise in both revenue and net profit hand over fist. Only time will tell if the company is able to sustain such numbers over the course of their upcoming changes.