For many people, professional video gaming may sound like a joke. In reality, professional video gaming is a serious business.
Esports, short for electronic sports, is a fast-growing international phenomenon that takes the form of competition via video games. Streaming services and live events have allowed casual gamers to turn themselves into superstars, raking up millions of dollars in prize money and major brand endorsements.
With some professional gamers performing up to 600 actions per minute, which is about 10 actions per second, it’s time we move on from the image of a soda-chugging, frozen pizza-eating geek who never leaves his bedroom out of our minds.
Are you not convinced yet? Here’s why esports is a big deal.
Competition and the economy
In recent years, major companies, such as Spotify and Louis Vuitton, began partnering with esports competitions. In 2019, Louis Vuitton partnered with the League of Legends World Championship to create a trophy travel case, putting the competition in the ranks of similar Louis Vuitton partnerships like the FIFA World Cup and the Rugby World Cup.
In 2021, the League of Legends World Championship Final was watched by 73.86 million peak concurrent viewers. This is more viewership than every presidential inauguration in history, including the inauguration of President Joe Biden, which only reached 33.8 million viewers.
In 2022, the global esports market was valued at $1.38 billion and is expected to reach $1.87 billion by 2025, with Asia and North America representing the largest esports markets.
This should give you an idea of how significant the esports industry is.