Esports is a platform that hosts a swarm of competitive veteran video gamers as part of a thriving global industry. Similar to the competitive field of conventional sports, so does esports involve competitions across a wide assortment of video games.
This industry has engendered a novel fad being a globally growing and investable one. Esports is being watched by a gargantuan 380 million people across the globe, to the extent that there were more views for the finals of League of Legends when juxtaposed to NBA Finals with an added 12 million witnessing the popular esports game.
With its burgeoning presence succoured by the disintegrated landscape and digital platform, the esports sector views the assurance of a melange of monetisation opportunities.
The Augmented Esports Audience
An esports market research states the global audience to be a colossal 385 million in 2017, of which 191 million are to be esports aficionados, and another 194 million were occasional visitors.
The growth of aficionados by 2020 was perceived to grow by 50%, escorting 286 million. The unforeseen pandemic has ushered a more substantial customer base for esports with everyone restricted to the walls of their home.
The craze for esports was perceived as an Asian phenomenon, however concurrently, only 51% of these esports enthusiasts are from Asia, and the remaining have been significantly constituted by North America and Europe.
Another interesting aspect that is inspired by research is that 38% of esports fans are women; at the same time, 65% of enthusiasts are between the age of 18 to 34.
Surveys also enlighten the spending hours, which is a minimum of six hours a day, which has escalated into six hours a day, specifically under this pandemic. This is an impressive average for engaging customers and illuminates the massive potential this industry holds.
A Breath-taking Industry
The market value of esports has reached an elephantine $1.1 billion in 2019 and continues to grow enormously, estimated at a cosmic $3 billion by 2025. This phenomenal upswing has further been heightened with the advent of Covid-19 and the mandatory quarantine taking place.
From 2018, the year 2019 witnessed an escalation of 12.3%, which translates to $443 million. This same intensity of growth will facilitate an increased $600 million by 2020, which has translated to a more spectral profit inspired by the pandemic.
A period of eight years is sure to witness a $5 billion projection in the global market. The growth of esports is observed at a CAGR of 35.6%. The inclusion of esports in the 2022 Asian Games has paved the way for the gaming companies to develop revenue streams like the media companies.