Esports is popular in the video gaming community. Professional esports players and teams participate in various tournaments. Through digitization, esports has transformed video gaming and entertainment. The accessibility to online video gaming platforms and esports has increased due to digitization and enhanced internet accessibility.
Internet connection has enabled players to access various esports on their devices from anywhere in the world. They also don’t have to deal with limited availability due to 24/7 accessibility. Esports is compatible with 90% of internet-connected devices, making it easy for video gaming fanatics to play using their desktops, laptops, mobile, and tablets. An extensive percentage of the world population owns a video gaming device, either a smartphone, tablet, or laptop, and the number of esports games people love to play online is quite big.
Esports has created a vibrant community of video gaming enthusiasts. Online gaming platforms organize various tournaments attracting players and participants from all over the world. During these tournaments, participants and players get to interact with each other without any geographical limitations. Esports platforms offer various localizations in different languages. International players can access their products and services.
Every Month, There are More Options for Everyone
According to the Fortune Business Insights report, esports had a US$1.45 billion market size in 2022. It was estimated to have a CAGR annual growth rate of 21.5% between 2023 and 2030. Esports contributed the largest percentage of gaming industry revenue. It was also reported that esports events and tournaments generated a huge percentage of gaming revenue.
Esports generates revenue through the following means:
- Media rights
- Ticket and merchandise
- Game publisher fees
- Other sources like in-app purchases
Sponsorship remains the fastest and most significant revenue streaming segment contributing 60% of the revenue. In 2021 the number of esports fanatics was estimated to be 234 million, with 240 million occasional Esports viewers. The 2024 expected figures are 285.7 million Esports fans and 291.6 million occasional viewers. 57% of the esports viewers come from the Asia Pacific region.
It Is Not a Hobby Anymore
Esports is a multibillion-dollar industry, which at the very beginning was just a hobby for people. Today, it’s a big industry that has professional players, streamers, and a significant group of fans. Players can earn cash prizes by participating in various tournaments. As of October 2022, the largest accumulative prize pool in the esports industry was held by Dota 2 ($290.54 million). The Dota 2 prize pool was spread over 1,687 tournaments and 4,429 players. Other esports video games which had high prize pools during the same period include:
- Fortnite: $141 million
- Counter-Strike: Global Offensive: $140 million
- League of Legends: $96 million
- Arena of Valor: $58 million
The 2023 PlayerUnknown’s Battlegrounds tournament’s prize pool is expected to reach over $25 million. In 2017 the esports video game had a cumulative prize pool of $1.01 million. It increased to $8.19 million in 2018. The cumulative prize pool of the game grows annually from 2017 to 2023. In five years, the PUB cumulative prize pool will have a 300% increase.
Apart from tournaments, fans can choose the industry as their profession. Johan Sundstein, famously known as N0tail in the esports industry, tops the list of the best players. He is a professional Dota 2 player. He also has four major esports championships under his name. Due to his skills and experience in the industry, N0tail teamed up with other experts to found the OG Esports platform.
People Not Only Play But Also Stream
With more than 240 million Esports viewers, live streaming is viral. 57% of the esports video game viewers are from the Asia Pacific region. Europe has 16%, North America has 12%, and the rest of the world takes 15% of the viewers. The Philippines, Indonesia, and India contributed the most significant percentage of viewers, 49%, 40%, and 39%, respectively. Live streaming has contributed to the increased esports viewership.
Esports streaming provides video gaming fans with a more interactive experience. Esports live-streaming platforms offer different features and tools. The tools elevate the user experience. Below are some of the most reliable and effective esports live-streaming platforms:
- Facebook Gaming
In 2020, Counter-Strike: Global Offensive was streamed by over 1 million esports fanatics. The game had an average of 273,000 esports viewers in 2020 and 224,000 in 2021. Twitch is the most popular streaming platform. Over 4 million esports streamed Just Chatting on the platform from March 2021 to March 2022. Twitch’s most streamed video games are Fortnite, VALORANT, Call of Duty: Warzone, and League of Legends.
From February to March 2022, the most streamed game on Twitch was Elden Ring, with over 4.4 million streams. During the same period, eight different video games attracted more than 2 million streams on the platform. Live streaming in esports continues to promote the growth of the video gaming community.
To Sum Up
Digitization and advancements in technology fuel the appeal of esports. Esports welcomes novice and professional players. They can participate in thousands of tournaments and win real money. Thanks to the accessibility of the internet, esports is available to players globally. It is an innovative way for video game fanatics to participate in their favorite games and earn money.