The Future of Esports
Esports is one of the fastest growing industries in the 21st century. In terms of prize money and viewership, Esports has already surpassed many regular sports. Some even say that it can become the next big Olympic sport. Who knows? Maybe it will! In the meantime, let’s check out what the future holds for the video-game industry and Esports.
Esports Statistics
Statistically speaking, Esports is growing rapidly. In 2012, the global market revenue of Esports was around $130 million dollars in total. Only 10 years later, this number is already above $1 billion dollars. If the rise continues, it is projected to reach 1.6 billion by 2024.
Considering that this industry was affected during the pandemic, the numbers are more than fascinating. As you can see from the chart above, it took a slight hit in 2020 during the global COVID outbreak. The majority of tournaments were canceled, which affected the numbers. Be that as it may, the global pandemic only postponed the inevitable, and Esports reached 1 billion in 2021.
In terms of viewership, Esports is already above 500 million. Half of them are occasional viewers, while the other half are Esports enthusiasts who watch every tournament.
With new games being released on daily bases, the popularity of Esports can only grow. It is only a matter of time until it overtakes some of the biggest regular sports. The biggest esports tournament, Dota 2 The International, had a prize pool of over $40 million dollars in 2021. To put this into perspective, the most famous tennis tournament Wimbledon Grand Slam had a total prize pool of $48 million in 2021. If Esports continues to rise at this pace, it can overtake tennis, which has been around since the 19th century.
Why is Esports Growing?
The biggest question is, why is Esports growing? Why is this phenomenon happening? What separates Esports from regular sports? Well, it is closely tied to new generations and their lifestyle. Generation X (born 1965-1980) is the first generation that was introduced to personal computers, and they are considered as digital immigrants. Back then, the video-game industry wasn’t so popular, so this generation couldn’t develop a hobby in this niche.
However, Millennials (born 1981-1995) are digital natives. Their hobbies included both regular sports and video-games. That’s why Millennials are currently the most involved generation in Esports. But that is about to change.
As it seems, Gen Z (born 1996-2015) is the future of Esports. Most of them spent their entire childhood playing videogames. Every year, more and more of them are becoming adults that want to stay involved with Esports by watching Esports tournaments and betting on them.
Esports betting is still a relatively new term, but it’s obvious that it has the potential to surpass regular sports in the following years. The world is evolving, and it becomes more digital every day, so there is no wonder that newer generations optin for videogames and Esports instead of regular sports.
What The Future Holds for Esports?
In the early beginnings of Esports all games were played on PCs and consoles. Nowadays, mobile phones are taking charge, and Esports is slowly switching to mobile videogames. However, virtual reality games are the future, and we can expect that they will enter this market and probably overtake it in the following years.
The same goes for streaming platforms. Only 5 years ago, you could watch Esports tournaments only on Twitch and YouTube. Today, there are Esports dedicated TV channels, new streaming platforms, and even Social Media streaming TVs that bring Esports to a wider audience. Esports is everywhere.
Conclusion
With the information presented above, the industry is surely headed in the right direction. The market revenue is rising, viewership is increasing, and prize pools are bigger. Esports will grow year by year, and it is only a matter of time until it becomes just like every other sport. There is no room for conservatism here. Sponsors can recognize the potential,and they all want a piece of this market. This is the world we live in now.
