Change In Gaming Industry
Breaking Down Esports: How the Industry is Changing
Esports has exploded in popularity over the past few years, and it shows no signs of slowing down. With the global pandemic driving more people online, esports has become a viable option for entertainment and competition. This has led to the growth of the esports industry, and as it continues to change and evolve, it’s important to understand what’s happening.
What is eSports?
Esports, or electronic sports, refers to competitive video gaming. Players compete in organized tournaments and leagues, often with huge prize pools. The games played are usually multiplayer and require a high level of skill and strategy.
Growth of gaming industry
The industry has seen tremendous growth over the past decade, and it’s now worth billions of dollars. According to Newzoo, a gaming and esports analytics firm, the global esports market was valued at $1.08 billion in 2019 and is projected to grow to $1.62 billion by 2024.
Big changes in the gaming industry
One of the biggest changes in the industry has been the shift towards franchising. In traditional sports, teams are usually owned by wealthy individuals or organizations, and they compete in leagues against each other. Esports, on the other hand, has seen the rise of franchising, where organizations pay for a spot in a league and have guaranteed participation for a set number of years. This model has been adopted by leagues like the Overwatch League and the League of Legends Championship Series.
The result of these changes
This has led to more stability for teams and players, as they no longer have to worry about relegation and the potential loss of their spot in a league. It has also attracted more investment, as organizations are willing to pay large sums of money for a guaranteed spot in a league.
Some other changes
Another change in the industry has been the rise of streaming platforms like Twitch and YouTube. These platforms allow players and teams to stream their gameplay and interact with their audience. This has led to the growth of content creation and has helped players build their personal brand.
Streaming becoming viable income
Streaming has also become a viable revenue stream for players, with some of the top players making millions of dollars per year from streaming and sponsorships. This has led to more players pursuing a career in esports, as they see the potential for financial success.
eSports becoming mainstream
Finally, esports has become more mainstream, with traditional sports teams and organizations investing in esports. The NBA, for example, has created its own esports league, and many soccer teams have signed esports players to represent them in competitions.
Esports has come a long way since its inception, and it’s clear that it’s here to stay. As the industry continues to grow and evolve, it’s important to understand these changes and how they impact players, teams, and fans. Whether you’re a fan of esports or not, it’s clear that it’s a major player in the entertainment industry and will continue to shape the way we consume and interact with gaming content.