How esports organization 100 Thieves rejuvenated its sponsorship business in 2024

In spite of many esports companies’ attempts to escape the pain of brands’ shrinking marketing budgets, 100 Thieves’ evolution over the past year shows how the industry at large remains dependent on advertising to stay afloat, for better or worse.

Based in Los Angeles, 100 Thieves was founded by former pro gamer Matthew “Nadeshot” Haag in 2017, building a fan base in the millions thanks to its group of popular creator-owners and hip, streetwear-inspired aesthetic. Between 2021 and 2023, 100 Thieves went on a diversification spree by acquiring the peripherals company Higround, launching an energy drink and opening a game development arm, initiatives led by then-CEO Haag in an explicit attempt to diversify the team’s business and reduce its dependence on esports brand partnerships. 

But 100 Thieves’ push to diversify led to a reduced focus on the company’s brand partnership business, which previously formed the lifeblood of its revenue strategy. Feeling neglected, sponsors began to jump ship, and the entire company suffered as a result, with 100 Thieves laying off roughly 15 percent of its staff last year. At the end of 2023, the company spun off its energy drink and game development businesses and announced that it would refocus on its core product of esports. 

Leadership changes

100 Thieves’ decision to refocus on esports – and the sponsorships it brings – was marked by changes across the team’s executive leadership group. In March 2024, former COO John Robinson stepped into an advisory role and was replaced by Julie Van, who previously served as 100 Thieves’ svp of people; Jacob Toft-Andersen, formerly the org’s vp of esports, was elevated to president; and Haag has quietly stepped back from his CEO responsibilities to refocus on content creation, although some official company materials still refer to him as CEO.

“For the first four years, Matt was in pretty much every meeting. He was involved in the day-to-day; he was making creative decisions, business decisions. And over the last couple years, he’s really been burnt out, and really wanted to go back to the things that he really enjoys doing, which is creating content,” Van said. “And he feels, and we feel, like that’s the best use of his time, because not only is he obviously promoting his own brand, but he continues to promote and represent 100 Thieves.”

100 Thieves’ boosted sponsorship numbers reflect the increasingly creative ways in which 100 Thieves has learned to connect brands with its fan base beyond the usual logo slaps, including activations such as a 100 Thieves-hosted party celebrating Heineken’s “Player 0.0” sim racing league and a team-branded “Summer Block Party” in August featuring sponsors like Neuro Gum.

“A key aspect of 100 Thieves’ sponsorship approach is their emphasis on authentic integration and collaboration,” said Ryan Chen, the CFO of Neuro, which signed a sponsorship deal with 100 Thieves in July 2024. “They have a history of creating unique, co-branded products and experiences with their partners, which resonate deeply with their community.”

Partner pleasure

As 100 Thieves enters the new year, the esports organization’s sponsors appear to be satisfied with its new direction. In August, Lexus announced an extension of its multi-year partnership with the team, which kicked off in 2021.

The automobile brand’s decision to double down on its partnership with the org is one sign that Lexus is keeping sponsors happy after stumbling in its relationships with some brand partners in 2023. Subway, for example, became the official sponsor of the team’s “League of Legends” squad in May 2023, but did not re-sign with 100 Thieves in 2024, and the company sold its “League” franchise spot back to Riot Games in October of this year. Energy drink brands were also turned off by 100 Thieves’ ownership of its own beverage brand at the time, hurting the team’s potential sponsorship business in that category.

“One of the things that makes this partnership work is how easily we are able to get one another and make things work, in terms of what our needs are at Lexus – initiatives that might not necessarily be focused around reaching the gaming community, and vice versa,” said Lexus senior media manager Lorenzo Harris. “For example, having them support us with some of the events we might have for our dealers, or being a part of some of the races that we have with our motorsports teams.”

100 Thieves’ leadership changes and updated sponsorship approach were one reason behind the company’s improved fortunes in 2024, but the bouncing back of its partnership business also reflects a general rise in marketers’ interest in esports following the “esports winter” of 2023. There are fewer active esports teams now than in recent years, meaning the largest and most prominent esports properties that still remain – such as 100 Thieves, Team Liquid and prominent events such as the “League of Legends” World Championship and Esports World Cup – are the ones that could stand to benefit most from brands’ return to the space.

“When you’re right at the top of the triangle, your opportunity for brands is quite tight, and you’re really targeted at a specific audience – which works well for some brands and some sponsorship opportunities,” said Gareth Leeding, global chief strategy officer at the gaming marketing company Livewire. “But when you find ways to broaden it out, bringing other artists and entertainment into the experience, then all of a sudden, it becomes less about a narrative around esports and more around just competition and people generally having fun.”