Esports, an acronym for electronic sports, is a term that refers to spectator-watched competitive video gaming. The tournaments are conducted in big venues often reserved for professional sports events, such as the Staples Center in Los Angeles and the Barclays Center in Brooklyn. Furthermore, similar to conventional sports, esports include a diverse range of genres, ranging from first-person shooter games like “Counter-Strike” to multiplayer online battle arena (MOBA) games like “League of Legends.”
Twitch and other massively successful broadcasting services have successfully brought gaming and esports into the spotlight. The esports industry has captured the attention of celebrity athletes and superstars, many of whom can attract hundreds of thousands of people to a single broadcast. pThe esports industry will keep expanding, and this development will occur when conventional television’s reach is in a diminishing phase. The magnitude of the esports audience — which is projected to reach 600 million worldwide consumers by 2023 — should motivate marketers to take notice. What keeps this market so appealing is its unmatched ability to reach youth, ad-blocking consumers who are difficult to attract via conventional media. Esports represents a sizable and significant potential for companies with the foresight to seize it.
While brand advertising and sponsorship provide a large share of revenue to the esports industry’s growth, broadcast rights, ticket sales, and game publisher fees all factor significantly, global esports income is expected to reach $2.1 billion in 2023, increasing 131% from $906 million in 2018. To put this in perspective,