Event organizers Games Media Properties have announced on their website that the company will no longer be producing the World Series of Video Games (WSVG) and that the remainder of the 2007 events in Los Angeles, London and Sweden are canceled.
In a brief statement on the WSVG website
, a lack of adequate revenues is blamed for the cancellations. The cost of sustaining the production of large scale events and television programming in a now crowded market has caused Games Media Properties to step away from the professional gaming business.
Said the group, "We are proud of the accomplishments and memorable entertainment we have provided through the World Series of Video Games. While we are sorry that this news will disappoint our fans and players, we are deeply appreciative that we have had the opportunity to contribute to the growth of eSports."
The company says it will now change its focus to its online advertising network of websites, which currently have a global audience of seven million users each month. Winners of already completed WSVG events have been assured that they will still be paid their prize money, once "requisite paperwork is complete".