Esports, commonly known as competitive video gaming, has been experiencing remarkable growth over the last few years, despite its relatively short history. In fact, it’s quickly becoming one of the world’s most popular activities among youth and adults alike—and it’s not hard to understand why. What makes esports so special? Here’s what you need to know about this captivating phenomenon.
There are many reasons why esports have become so popular. One reason is how it helps to satisfy the competitive side of gamers. Another reason may be that people who play video games might not have a chance to compete in real sports, but with esports, they can feel like they are competing for a title.
Still, another reason could be that people like watching other people play video games because it is entertaining and allows them to try out new video games before purchasing them themselves.
Esports has grown from a niche hobby to a worldwide phenomenon. This growth can be attributed to a variety of factors, such as the rise in internet speeds, improved video game graphics, and increased availability of online streaming platforms. All these innovations have led to esports’ ability to reach an audience globally.
The following are some statistics that show esports’ incredible growth:
- In 2006, there were around 20 million esports enthusiasts worldwide. Today, there are over 320 million.
- The annual revenue for esports tournaments exceeded $900 million in 2017 and could exceed $1 billion this year.
- The popularity of games like League of Legends has led to it becoming one of the most-played video games in China, with over 100 million players each month.
The age range of esports participants is 18 to 34, with 30% of women and 70% of men. These individual are enthusiastic, friendly, and quite active on many platforms. These people are willing to spend money on their passion and are employed.
Esports Overview
In esports, players play against one another individually or in teams in front of thronging online and live audiences. Professionals or amateurs may host these tournaments.
Gamers’ top choices are first-person shooters, warfare, and battle royale games.
Some of the most well known and frequently played games worldwide include League of Legends, Fortnite, and Overwatch. Gamers also enjoy sports video games like the FIFA Soccer, NBA 2K and Madden NFL series.
Esports Market Industry Growth Trends
The industry’s explosive income growth was temporarily slowed down by COVID-19 restrictions on major public esports events, but by 2022, things seem to be back to normal. There are numerous additional sectors where esports has grown that are somehow related.
The extent to which competitive video games continue to permeate popular culture is closely watched by international investors, firms, and media organizations. Expert predictions state that 29.6 million monthly esports viewers will be present in 2022, an increase of 11.5 percent from 2021.
The pop-culturization of the industry has contributed partly to the increases in esports investment and income. One of the main factors contributing to the success of esports is the social component of live streaming and games.
Through video game-specific streaming platforms like Twitch and YouTube Gaming, fans may communicate with players and teams directly, while more popular social networks have helped to cultivate these connections.
Some esports organizations, like FaZe Clan, have a more well known brand than if they had concentrated on esports because of their aggressive expansion into other industries.
Esports Live Coverage Platforms Development
Since more individuals can now easily access esports content thanks to online platforms, it’s not surprising that more people are viewing esports videos and events.
Esports streamers utilize these platforms to broadcast live coverage of tournaments and their gameplay. Fans will find it simpler to participate in their favorite sporting events and interact with their famous esports gamers.
Consequently, you’ll notice a rise in both the number of viewers and broadcasters on these platforms. While not all of the viewers and broadcasters on these platforms are pertinent to the esports business, this growth undoubtedly impacts it.
There are now numerous online esports platforms, making it easier to watch. There is, therefore, little surprise that more people are viewing eSports videos and competitions.
As a result, it will be easier for fans to engage in their favorite activities and communicate with their favorite esports competitors.
There are now more broadcasters and viewers using these platforms as a result. Even though not all of the viewers and broadcasters on these platforms are relevant to the esports industry, this increase unquestionably impacts it.
The audience for live-streamed games
In its analysis of game live streaming for 2021, Newzoo has included more details. While many systems are used worldwide, Twitch and YouTube Live are the most popular in the west.
In China, live gaming broadcasting is widespread on websites like Douyin, Huya, Zhang, Huomao, and PandaTV.
In 2019 and 2020, there were 593.2 million and 662.7 million viewers for live game streams, respectively. The need for social isolation during the epidemic and the extra time spent at home contributed to the 11.7% growth over 2020.
Newzoo forecasted an additional 10.0% increase to 728.8 million viewers in 2021. They indicate that the global gaming live-streaming audience will reach 830.3 million by 2024, representing a CAGR of 9.2% from 2019 to 2024.
China’s market is now developed. The audience for gaming live streams in China is expected to increase from 185.5 million in 2020 to 214.3 million in 2024, according to Newzoo.
The estimated CAGR for the following regions through 2024 is expected to be: Latin America (+14.0%), Middle East and Africa (+15.1%), Central Southern Asia (+14.8%), and Southeast Asia (+14.8%). They also anticipate double-digit growth rates in several developing nations.
Live broadcasts in Spanish and Portuguese saw the most significant increases in 2020. They are currently the second and third most popular languages for live streaming, behind English. Portuguese and Spanish streams saw 369 and 189% increase in viewership, respectively, reaching 1.4 and 1.1 billion hours watched.
More people are becoming aware of Esports
More people becoming aware of Esports is among the key factors contributing to its increase in viewership. Since 2015, the esports industry’s visibility has grown significantly.
The number of people who had heard about it at the time was slightly over 800,000. These figures quickly shifted; by the following year, more than a billion individuals had become familiar with esports.
In the ensuing years, these figures increased by a few hundred thousand per year. By 2017, 1.28 billion people were aware of esports. This number increased to 1.43 billion in 2018 and 1.8 billion in 2019. In 2020, Newzoo predicted that 2.0 billion people would be aware of esports, including 530.4 million Chinese people.
It primarily states that they have a new channel to focus on in its marketing mix. The esports sector is more prominent than they think, so they still have more people to reach.
As a result, using esports marketing will enable businesses to reach a wider audience and spread their thoughts via exciting platforms.
Lastly, some people believe that esports will one day overtake professional sports as the most watched competition in America, which would make sense given how technologically advanced society has become.