How eSports boomed in the industry of gaming

Video games were previously popular among the teenage group for fun and entertainment. However, today, it’s a business estimated to exceed $1.5 billion by 2023, according to Business Insider. According to Forbes, “Due to massive exposure and interest in big tournaments, esports is quickly on its way to becoming the most financially rewarding business on the planet.” Celebrities, investors, and major brands are grasping possibilities in this brisk sector by forging alliances and investing.

Simultaneously, cities are constructing stadiums for it, colleges are awarding scholarships to elite players, and entire leagues are sprouting. Thus, the esports sector is rapidly expanding.

This article is for those less familiar with the sport. Here is a brief glimpse at how it started, how quickly it’s growing, and the direction of its growth in the future.

History of Esports

Competitive gaming is not a new phenomenon. We’ve had tournaments for as long as video games have existed. Like the 1980 Space Invaders championship. Furthermore, films like 1989’s The Wizard offered stories about highly structured competitions.

In the 1990s, improved technology brought better at-home gaming systems and events like the Nintendo World Championships in 1990 and 1994. Furthermore, the emergence of the internet-connected at-home players in unimaginable ways. This allowed for connected gaming experiences.

The 1990s also introduced a new type of game: head-to-head competition. It allowed players to engage with one another rather than depending on high scores to determine the victor of the games.

The initiative by the Korean Government

With the formation of the Korean e-Sports Association in the early 2000s, the Korean government elevated esports to a new level. Additionally, the advent of streaming sites such as Twitch truly took digital gaming on a global scale. Twitch catered to the desire to watch video game competitions from anywhere. Along with this, esports tournaments progressed from regional to worldwide events. This resulted in professional esports leagues, esports scholarships, and even the recognition of players as professional athletes.

Market Growth Trend of the Esports Industry

Global investors, companies, and media outlets are all paying attention to the industry. Because competitive video games continue to blend into mainstream culture. According to the report, there will be 29.6 million monthly esports viewers in 2022, up 11.5 percent from 2021.

The popularization of the digital sports business has aided in the explosive growth of esports investment and income. Moreover, the sales of custom esports jerseys are adding to the expanding revenue. The social component of live streaming and gaming has helped propel esports to this level. Twitch and YouTube Gaming, for example, provide fans with a direct connection to the players and teams. While more popular social media sites have allowed those connections to blossom. Certain esports organizations, like FaZe Clan, are also expanding into areas such as retail, offering more prominence to the companies.

Future of Esports

Analysts do not expect esports to slow down anytime soon. More tournaments, teams, and leagues are being added all the time. In fact, many major sports leagues are investing in their own esports leagues.

While the esports audience has typically been male, that is changing as more ladies are becoming esports fans. Fans are also getting younger, with more teenagers entering the esports fan base.

Esports Presents Big Opportunity for Camps

Esports are still in their infancy. Children are now growing up with aspirations of becoming professional esports athletes. So that, they can earn money for playing video games.

This means that there are several options for anyone who wants to participate in the thriving industry. There is still plenty of room in the esports business for local groups such as camps and classes.

People might want to look into programs like Gamer Camp, offered by Texas A&M University Athletics. After watching the industry’s rise, the department decided to provide Gamer Camp to 10-15-year-old students. It turned into a huge success, bringing in $35,000 in income. And, based on this year’s success, the university has chosen to expand the program.

Understanding the Esports Ecosystem

According to experts, the esports ecosystem will top $1 billion in revenue for the first time this year. And revenue is likely to rise, reaching up to $1.8 billion by 2022. Money pours into esports through media rights, live event ticket sales, sales of custom youth esports jerseys, and in-game purchases. But the majority of revenue (69 percent) comes from sponsorships and advertising.

This expanding revenue source comes from all over the world:

·         The top three esports markets are Asia-Pacific (APAC), North America, and Europe.

·         The remainder of the world accounts for only about 15% of total esports revenue.

·         Mobile will most likely power the future of the esports sector. It will lower entry barriers and allow more gamers and fans to enter. This year, mobile gaming is expected to account for 45% of the overall worldwide games market. As China already has an expanding mobile esports sector, this popularity is already spilling over into some competitive spaces.

How is it being an athlete?

 

Being a professional eAthlete can be just as lucrative as playing a physical sport for players. The best players earn millions of dollars. That will always entice individuals to find out how they can grab a piece of it. They could actively play the games, provide support services to players, or train new players on how to get involved.