New Delhi, Aug 28 (IANS) FanCode, the sports content platform owned by Dream11 parent company Dream Sports, on Thursday announced that it will shut down its sports merchandise business, FanCode Shop, by October this year.
The decision to close the shop was made in June, and the company said it now wants to focus entirely on strengthening its core sports content business.
A company spokesperson said that FanCode has always focused on building for sports fans, and redirecting resources will allow it to grow in areas that bring the most value to users.
The spokesperson said that the shop will continue to operate until October and all existing orders will be fulfilled during this period.
"At FanCode, we’ve always taken pride in building for sports fans. This will help us focus on what’s growing fastest and delivering the most value to our users," the spokesperson said.
"FanCode Shop will continue running till October and we will fulfil all orders placed during that time," the spokesperson added.
The development comes just days after Dream Sports, the parent company, discontinued all paid contests on its flagship fantasy platform Dream11.
The company has now shifted completely to free-to-play online social games after India’s new online gaming law banned money-based games where users deposit funds with the hope of winning returns.
Currently, about 95 per cent of Dream Sports’ revenues and all of its profits come from cash-based contests.
Launched in August 2020, FanCode Shop offered official sports merchandise such as jerseys, T-shirts, hoodies, footwear, accessories, and even home furnishings.
Over the years, it has tied up with several major sports brands and tournaments, including IPL franchises, ICC cricket events, international football clubs, and racing competitions.
With this shift, FanCode is betting on its content platform as the main driver of growth, while winding down its merchandise business after four years of operations.
--IANS
pk/vd
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