SteelSeries Acquired by GN
SteelSeries announced today that they’ve been purchased by GN, a large audio conglomerate known for making hearing aids and Bluetooth products. This is a bit surprising, considering the fierce independent spirit that has long been the company’s trademark — but reading between the lines the move comes into sharper focus.
In both the announcement and its accompanying tweet, SteelSeries mentions now having the resources to truly expand their lineup. That’s an unusual and pointed thing to say twice in an announcement like this. Normally, there would be some boilerplate marketing speak about how the two companies will work better together, but instead SteelSeries has fiercely asserted that they will retain the same leadership and corporate culture while also now having more monetary flexibility. They’re telling us exactly why they did this.
I can’t help but speculate after reading these announcements and proclamations, and my brain keeps reaching the same conclusion: it’s possible that SteelSeries was running out of cash. They appear to operate at the same outwardly high cash burn level as much larger brands like Razer, with flashy marketing campaigns, regular new product launches, expensive eSports sponsorships, and prominent shelf displays in retailers like Best Buy.
