IT’S all about the Benjamins, baby.
We’ve covered the rise of the eSports industry a lot at this website, so this news is no surprise to us.
But it is validation of the confidence we have, the stories we publish and the future we see in this sport.
Research firm Newzoo released the results of its report on the eSport industry this week and the news is good for everyone involved.
Esports is expected to surpass $1 billion in revenue in 2019 and could come close to doubling that figure by 2022, according to the business analysts.
The eSports industry tallied $865 million in revenue world wide in 2018 according to the Newzoo report, which also had some promising figures as far as the global audience for the sport goes.
In 2018, an estimated 394 million people viewed at least one eSports event in the calendar year. That is expected to grow by 60 million to 454 million in 2019.
Which games are leading the way?
The League of Legends World Championship in November 2018 attracted an incredible 58 million viewers, most of which came from China.
These are figures that are not being ignored by the world’s biggest companies, who are flocking in increasing numbers to partner up with eSports franchises, leagues and institutions — this is where Newzoo forecasts the large bulk of the industry’s revenue growth will come from moving forward.
While the projections are strong, there are still huge challenges for the industry to face if they want to make the big time.
The most pressing issue — broadcasting.
The industry is largely streamed online with providers like Twitch, Facebook and Youtube, but will need more access and exposure to reach a wider audience.
The industry will also have to battle a perception of sexism and raise its female participation numbers.
Of the 173 million people who consumed and participated in esports throughout 2018, Newzoo found that only 28 per cent were women.