Games are a terrific way to relive, unwind, and have a good time with friends and family – either online or outdoors. The emergence of Covid-19 pandemic in 2020 turned everyone’s life. Not only lives, but it also affected almost all businesses across sectors. However, it turned out to be a blessing in disguise for Esports industry, which witnessed a growth owing to the lockdown and 'work from home' culture.
It is anticipated that the Esports market will continue to grow in after Covid as well. In one of the reports published by Insider Intelligence, the total Esports viewership is expected to grow at a nine per cent CAGR between the year 2019 and 2023, up from 454 mn in 2019 to 646 mn in 2023.
What is Esports?
Esports is an electronic form of competition using video games. It often takes the form of organised, multiplayer video games, between professional players, individually or teams. Esports is commonly divided into broad categories like multiplayer online battle arena (MOBA), first-person shooter (FPS), fighting, card, battle royale and real-time strategy (RTS) games.
Though such competitions have been a part of video game culture for years, they mostly happened amongst amateurs. It was in late 2000 when it gained popularity after professional gamers started live streaming competitions. The world’s first true
Esports events, however, happened in 1997, when 2,000 entrants competed in Quake’s Red Annihilation online tournament.
The surge
The year 2022 looks one of the exciting years for Esports in terms of innovation and revenue growth with the introduction of metaverse, the accessibility of affordable smartphones, internet penetration, 5G, NFTs, and mainstream audiences. In addition, one of the major reasons behind its growth is the digital first infrastructure and enormous appeal to Gen Z and millennial consumers. Some of the reasons that reshaped the Esports industry are:
Live Streaming: The live streaming of Esports is one of the recent trends and has picked up the pace in the last two years. The consumption of live stream content is rising and gamers are targeting audiences via various live streaming platforms.
Increase in prize pools and rewards: Content consumption and viewership are increasing. Hence, an increase in prize pools will eventually be the need of the hour. Many gamers have also dedicated themselves completely to the Esports and have taken it up as a viable career option.
New brand partnerships: Various brands are stepping forward to collaborate with the gamers in the Esports space. They are scouting for creative solutions to promote their services through sponsorship deals with reputed Esports players. The industry is also receiving financial assistance from corporates via brand collaborations and advertisements.
As a career option: Various educational firms have already initiated the process of designing a curriculum and building communities around Esports and video gaming arenas. Young people are considering Esports industry as one of their career options. They are entering the world of entrepreneur-ship by introducing their own ventures.
More women players: More women are participating at the professional level and spending their time in Esports. They are taking part in tournaments and there’s a rise in demand for female players.
Technological developments: The adoption of new technologies such as Artificial Intelligence (AI), Machine Learning (ML), and big data will alter the segment in India. These solutions are enhancing the user experience. It will aid in conceptualising better strategies to boost the Esports ecosystem.
Summing up
This fast-growing industry will help in employment generation, entertainment, and the growth of economy. As Esports in India is attracting audience from across the globe, larger brands have started investing in the medium and mainstream media is considering taking Esports tournaments. So far, it has been a promising year and going forward the Esports industry is going to evolve faster than ever before.
(Ishan Verma is Founder and CEO, Chemin Esports)
