What is the Impact of Esports Currently?
Know about the impact of esports on the varied industries and the players who are working on this industry today. Read to know everything.
Players compete in video games like League of Legends, Fortnite, or Call of Duty to earn world rankings and cash in esports, a subset of the video game business. The largest competitions are hosted on vast stages, such as the Barclays Center in New York, while some are held remotely.
How Well-Known are Esports?
According to data provider Statista, esports brought in roughly $243 million in the United States and about $360 million in China in 2021. The industry depends on supporters all over the world to bring in that much money.
A record 73.86 million peak concurrent viewers watched the 2021 League of Legends World Championship Final in Reykjavik, Iceland, according to Statista. For comparison, 96.4 million people watched the Super Bowl in 2021. It’s hardly a coincidence that so many people watched the League of Legends World Championship Final. Over 443 million people watch esports competitions on a regular basis around the world, according to a report from Athletic Panda Sports Editors in January 2020.
How Do Players and Teams Earn Money?
One of the more obvious ways to make money in esports is for teams and players to compete for prizes. Dota 2 was the most paid game as of September 2021, according to an article on The MC Byte blog from October 2021.
The blog said that the multiplayer online battle arena video game Dota 2 broke the record for the greatest overall prize pool with nearly $34 million. Despite the high prize money, many esports teams depend on sponsors for more consistent income.
Two well-known businesses that now fund esports teams and organizers are Adidas and Spotify. 2020 saw the announcement of Spotify’s first-ever esports collaboration with Riot Games, becoming the game’s official audio streaming partner.
Another significant esports investor is the National Basketball Association. A popular video game franchise inspired the NBA to create its own gaming league, the NBA 2K League, which debuted in 2018.
According to a 2020 Forbes article by Bill LeVoir-Barry, the former chief technology officer of IBM esports, “esports players typically outperform other athletes on the math portion of college admissions tests, and they tend to pursue degrees in science, technology, engineering, and math, the so-called STEM tracks.” LeVoir-Barry, who currently runs an esports consulting firm, claimed that “esports are assisting communities in embracing the most cutting-edge technology and they are giving a gateway to STEM education and the best professions of tomorrow.”