Posted 22nd February 2018 By: Kyle-Tipify Staff
According to a business report, 2017 was a big year for the esports industry in terms of growth. The esports industry earned 655 million dollars in revenue globally for the first time in its history. Back in 2017, a market research firm projected the esports revenue to reach 696.6 million dollars. It goes to show that the industry is promising and holds a solid future. We go through the contributors and how each one helped the industry rise to fame.
Both sponsorship and broadcast rights play a huge role in the revenue streams of esports. Sponsors alone hold 36 percent of the entire industry revenue and is projected to increase to 46 percent in 2021. Meanwhile, media rights are expected to grow between 10 to 24 percent in 2021. Basing off the deals done by the tournament organizers, for example, ESL dealt its broadcasting rights exclusive to Facebook until the end of 2019. Fans may not have loved this change of viewing platform, but it demonstrates how the industry can scale by acquiring more viewers through the social media giant.
The audience of esports is believed to grow even further. The end of 2017 saw over 350 million casual viewers and dedicated fans. But by 2021, predictions say that number will reach 550 million viewers worldwide. In hindsight, Twitch earned more viewers than TV channels CNN and MSNBC. The live streaming platform became popular and is continuing to contribute to esports. Twitch has an average of 962,000 concurrent viewers while the aforementioned TV channels have 885,00 and 783,000 daily audiences in January 2018. This goes to show that cable television has a competitor in Twitch.
Other factors of significant growth are the teams, leagues, and franchising, and the demand for college esports were the biggest achievements of 2017. These are the new esports leagues that came to life including the revamped NA LCS, Overwatch League, college esports leagues. Plus, big branded sports teams and related brands begin to draw closer to esports, which produced plenty of development inside and outside the industry.
The year 2017 was huge for the industry, and this year, closing in the first quarter of 2018 already shows a great start. With the many ongoing and upcoming tournaments, the industry is going be bigger than ever before.
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