The global esports market size is expected to reach USD 6.82 Billion by 2027, according to a new report by Grand View Research, Inc. Esports which is also known as electronic sports is an organized competitive video gaming contest. It turns online gaming into a spectator sport. The experience of esports is similar to attending a physical sporting event, except that viewers watch the professional video gamers play against each other in a simulated world, instead of a physical world. Esports competition involves several teams competing against each other in a tournament to win a cash prize. To name a few of the games these gamers compete in are Fortnite, League of Legends, Counter-Strike, Call of Duty, Overwatch, and Madden NFL. These tournaments are streamed live via services such as Twitch, YouTube to make sure fans can enjoy the gameplay in real-time making it one of the reasons for esports popularity.
Some of the major reasons for the growth of the esports industry include professional career opportunities for an individual. Since, each of these massive esports competitions, attracts millions of fans obsession, much like traditional sports.Such competitions continue to draw sponsors and investments from foreign brands resulting in overcrowded stadiums and video streaming. These investments and the fame involved making way for an individual to pursue a professional path in the industry.
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Another reason for the growth of this industry involves the introduction of free-to-play games with optional in-game microtransactions which ultimately drives the company’s revenue. There are no initial costs for the free-to-play games, but it requires to pay for extra or enhanced content, which makes the game interesting.Fortnite, League of Legends, and Counter-Strike: Global Offensive are few games involving microtransactions. The free-to-play game model thus continues to expand the gamer pool overall, taking young players into the world of esports and fostering diversity in the gaming population.
The global esports market can be segmented on the basis of revenue sources. The revenue source segment comprises of sponsorship, advertising, merchandise & tickets, publisher fees, media rights.Sponsorship provides a significant opportunity for different brands to meet the target market directly through offline and online media platforms. Digital ads, posters, billboards, video exhibits, freebies, and many other innovative approaches make it easier for the company to reach millions of fans.Some iconic brands such as Intel Corporation and Nvidia Corporation also have well-established sponsorship agreements with sports teams and leagues.Such offers have proven to be a successful investment because by selling gaming-related products, these companies tend to increase their market share and brand awareness.The media rights segment is one of the largest revenue-generating segments. Broadcasting rights include all the fees charged to event promoters, teams, and leagues to obtain the right to stream the event live on a particular platform.
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Recent Trends and Developments:
The launch of Lite apps has led to an increase in gamers in markets such as Southeast Asia, India, and Brazil.Such Lite apps have solidified competitive mobile gaming as a common pastime in these emerging markets, especially with the success of games like PUBG Lite and Garena Free Fire.
In January 2020, Activision Blizzard and Google announced a multi-year strategic relationship to drive new player experiences. Google Cloud will act as the chosen platform for the game hosting a network of Activision Blizzard and YouTube as its sole streaming partner worldwide, excluding China, for live broadcasts of its popular sports leagues and events.
In May 2020, Tencent reported its Q1 2020 financial results, with total revenues for the period up 26% to USD 15.2 Billion from USD 12.1 Billion in the same period of 2019. As gameplay time and in-game microtransaction activity increased due to COVID-19 policies, the company recorded a year-over-year increase in quarterly online game revenues of 31% to USD 5.26 Billion.
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In June 2020, Electronic Arts Inc. and FIFA announced an evolved EA SPORTS™ FIFA 20 esports ecosystem. The EA SPORTS FIFA 20 Summer Cup Series will be made up of six online regional tournaments featuring invited top players across Europe, Asia, South America, Oceania, North America, and Middle East-Africa, all competing to be crowned one of six winners. The total prize pool created for the Summer Cup Series is $228,000, with the tournaments running from July 17 – August 9 this year.
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Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 126 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 4126 analysts and consultants, the company adds 121200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 600 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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