The popularity of esports has been growing as there are many tournaments where players and teams can play for millions of dollars and these types of tournaments come with big prices. For example, many of the teams on social media ranging from League of Legends to Counter-Strike have a huge following, especially on Instagram and Twitter. The younger generation is also streaming for fun on platforms such as Twitch which could generate income for content creators, especially during the pandemic.
THE GROWTH OF ESPORTS SINCE LAST YEAR
The growth and demand for video games have grown so much in a year. CEO and founder of G2 Esports stated,
“If traditional companies don’t understand why video games are the largest entertainment industry in the world right now, then there has to be a shift.”
Gamers and many companies saw companies like Activision Blizzard thrive with Call of Duty Warzone even though the management side of the company went through a lot of changes in a short span.
Compared to the numbers in 2019, the viewership of esports events has gone up 10 percent according to research. Many consumers are seeing that esports may have more options than competitive sports as there are more ways to consume the content according to the chief executive of esports agency Hurrah, Mathieu Lacrouts.
EVEN TRADITIONAL SPORTS IS ADOPTING DIGITAL CONTENT
Even traditional sports are adapting to the technology that the esports industry is using to reach a wider audience around the world with the use of social media and other platforms in the digital space. Just look at how Thriller used promoters from TikTok and YouTube celebrities to promote entertainment and uncompetitive combat sports especially to the younger generation.
With the use of digital content, Thriller was able to get the support of celebrities and many big brand names. The esports sector is doing the same with the numerous events that are being held for different games.
ESPORTS INDUSTRY WILL CONTINUE GROWING
Before the pandemic, some big-name brands spent more than $21.8m on sponsorships within the esports market. Some of these companies included Mastercard, Coca-Cola, Dunkin Donuts, Intel, Verizon, and many more companies that took advantage of the growing industry when the numerous opportunities presented themselves.
For example in 2019, the League of Legends World Championship final was viewed by four million people around the world at its peak. Last year the numbers skyrocketed. Last year alone, esports events reached a total of approximately 947 million dollars in terms of revenue.
Numerous teams are also getting sponsored by some big companies and some small companies which shows the potential of the whole market. Even if the bubble bursts like the cryptocurrency market did this should slow down the whole esports market, but will not put the industry on a halt. The inevitable growth will result in a bubble ready to burst.
Esports deserves recognition as it involves talent, skills, dedication, and communication skills when playing as a unit. It will certainly be interesting to see how much the industry will grow in the near future as more brands see the potential.
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