Can Esports Become a Multi-Billion Dollar Industry by 2023?
Some argue that esports players have many similar qualities to real athletes as it takes a certain level of talent to excel in the game
In 2020, the esports industry saw exponential growth in both viewership and fan base. Viewership grew by over 490 million as people around the world began participating in and viewing tournaments and competitions online. And enthusiasts are not limited to just die-hard supporters, but casual fans and gamers as well. With the industry currently valued at nearly $ 1.1 billion and growing 15% every year, Esports will most likely be a multi-billion dollar business by 2023. But what about the esports experience that is attracting so many people, and how can we be sure that it can be expanded even further? Let’s see why so many companies are investing their hard-earned money in one of the largest modern industries geared towards great success.
The growth of high profile tournaments
Every professional sport has its own major competitions and events, and esports is no different. Today, however, tournaments in the industry have exploded, mirroring big leagues like the NFL and NBA in terms of fan engagement and attendance. Esports stars have follower bases that compete with even the most popular athletes like Lebron James and Tom Brady. In fact, the League of Legends Esports tournament, which was held in Seoul, South Korea in 2018, was watched by over 100 million people around the world. That number, at nearly 103.4 viewers, was just short of the NFL’s Super Bowl championship that same year.
But why are people everywhere so drawn to these high profile tournaments? Well, in esports, some of the best professional gamers compete against each other in a highly competitive environment with huge prize pools. The real money bonus adds another dimension to these events and makes fans extremely aware. That same League of Legends World Cup grossed winning team Invictus Gaming a whopping $ 2.41 million, giving each group member $ 403,000 and perpetual bragging rights. In addition, the gameplay in esports is even more intense and action-packed than in many other professional sports that exist today. With big brands like T-Mobile, Coca-Cola, MasterCard and millions more spending to sponsor them, these mega-events are becoming global phenomena that are sure to continue to positively impact the industry’s revenue.
There is no other sport like her
Really think about it for a moment. What other professional sport is comparable to esports? Every other major league like basketball, baseball, soccer, golf, and more compete for victory in a real-world setting, but esports is the only one whose victories are digital. As mentioned above, professional players compete for huge prize pools in live tournaments, but their gameplay takes place in a virtual world outside of reality. This is extremely attractive and unique because it sets the industry apart from all others. Also, esports is special in that any gamer can compete from any corner of the world if they have a stable internet connection.
Esports announcers add a fun touch to broadcasts and captivate the live audience and those watching from home
An increase in viewership on platforms like Twitch
As the world continues to focus on esports, businesses are getting more involved too. Twitch, the most important streaming service for games, has seen a steady increase in the number of active users and has largely developed into the “ESPN of Esports” in the gaming community. While other platforms like YouTube TV are also popular, Twitch undoubtedly has a stronghold in the market.
Between top-class tournament sponsorships from Coca-Cola, Red Bull, MasterCard and many more, as well as more and more celebrities and corporate investors getting on the esports train, the industry is certainly a must. Sales will only continue to grow if users join in from home for an unparalleled entertainment experience.
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