Statistics point out that the global esports industry revenue will reach $1.084 billion by the end of 2021. The industry registers an increase of 14.5% up from 2020 when it made $947.1 (sponsorship and media rights contributed around 75% of the total revenue).
A market report reveals that the increase in revenue is due to the high number of streamers worldwide, and it’s expected the revenue to further grow annually until 2024, when the market most likely resumes natural growth. Statista reports that the esports industry’s global market revenue will reach $1.62 billion in 2024.
Even if video games have always been popular, only recently have esports started hitting the headlines. Until a couple of years ago, gamers were considered amateurs. But with the evolution of technology, the sector registered a surge in fans and gamers. Since March 2020, digital video consumption has increased steadily, and people are spending more time on streaming platforms. While live events are closed, fans can get their competitive fix through esports websites. Broadcasters, games publishers, and sports federations organise tournaments involving famous players and celebrities to replace live sports. They are streamed on social platforms like Twitch or YouTube and cable television networks, boosting the prominence of esports. By the end of 2021, the number of people who watch esports at least once a month will reach 234 million.
What makes the market grow at this rate?
Accessibility
A couple of years ago, only those who had sophisticated gaming machines could play video games. Some had to travel to gaming shops to engage in the activity. Now everyone can engage in esports online because most games are hosted over the cloud, and gamers no longer need sophisticated technology.
It is a way to make money
The introduction of the internet opened many opportunities to monetise esports. The market opened several options to make a living. Unlike other sports, gamers don’t need superior skills to become pro gamers. Also, they can gain money if they play video games on online platforms similar to Norges Casino. Gamers dedicate a few hours daily to their craft to improve their aptitudes. Some people also earn money by becoming influencers on social platforms.
Worldwide coverage
Esports are predicted to become more popular than traditional sports because they attract even professionals from the sports and entertainment industries. For example, the former NBA champion Michael Jordan invested in Team Liquid, an esports organisation. Esports has started to attract as much attention as football among the online audience.
Broad range of games to choose from
Gamers don’t get bored if they settle for esports because there are hundreds of categories they can choose from (fantasy games, sports-themed games, adventure games, war games). They can always switch from a category to another if they want to try something new. Professional esports teams recruit members based on their skills and speciality to participate in competitions.
The uptrend in esports will trigger infrastructural improvements in the market. For example, in 2020, the rise of mobile esports resulted from the convenience of mobile gaming. In 2021 the market will witness releases from star publishers that work to meet the demand and expectations of the audience.
