Esports Market estimated to be worth $2,174.8 million by 2023

(IT-NEWSWIRE.COM, November 25, 2021 ) The report "Esports Market by Revenue Streams (Media Rights (Subscription & Online Advertisement), Tickets and Merchandise, Sponsorship & Direct Advertisement, and Publisher Fees), and Geography (North America, Europe, APAC, and RoW) - Global Forecast to 2023" According to the new market research report, the esports market is expected to be worth USD 926.3 million in 2018 and is expected to reach USD 2,174.8 million by 2023, at a CAGR of 18.61% between 2018 and 2023. Media rights (subscription and online advertisement), tickets and merchandise, sponsorship and direct advertisement, and publisher fees are the major streams that contribute to the overall revenue generation of the esports market. The increasing popularity of video games and growing awareness about esports are the major factors driving the esports market.

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Sponsorships and direct advertisements to account for largest share of esports market revenue by 2018

Sponsorships and direct advertisements have a large contribution to the overall esports market revenue. In the recent years, sponsorship has witnessed a vast increase, bringing a whole new dimension to the concept of professional gaming. Sponsorships and direct advertisements offer various opportunities to the brand owners to directly reach to the game fans in an event. Booths, video displays, posters, freebies, interactive advertising, and many other creative methods facilitate this reach to the brands.

Further, the gamers form a highly dedicated audience, with a strong sense of brand loyalty; they tend to be loyal to their preferred products and brands. If brands succeed in attracting esports audience, they would successfully gain some long-term customers. Further, high prize pool events are also boosting the number of viewers and attracting top-level players, especially for offline esports tournaments. The increasing number of offline esports tournaments is providing opportunities for sponsors and advertisers to create brand awareness and loyalty among its customers.

Asia Pacific currently leads esports market in terms of market value

APAC is the largest market for esports owing to the presence of key game publishers and event organizers, such as Tencent, Alisporst, and Nintendo. Further, the increasing investments from sponsors and advertisers are fueling the demand for esports in this region. The growth of this industry can be attributed to the increasing number of esports competitions in the region. Asia has always been an attractive market for the gaming industry, especially owing to the ease of entry, compared to other markets. Moreover, a number of esports spectators, sponsors, and brands from the western countries are increasingly investing in the market in this region.

The esports ecosystem comprises companies such as Modern Times Group (Sweden), Activision Blizzard (US), FACEIT (UK), Total Entertainment Network (US), Gfinity (UK), Turner Broadcasting System (US), CJ Corporation (South Korea), Valve Corporation (US), Tencent (China), and Electronic Arts (EA) (US). This report also covers the following prominent players: Hi-Rez Studios (US), KaBuM (Canada), Wargaming Public (Cyprus), Rovio Entertainment (Finland), GungHo Online Entertainment (Japan), and Alisports (China). Online streaming companies such as YouTube(US), Twitch (US), Facebook (US), and Beyond the Summit (BTS) (US).

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Esports Market estimated to be worth $2,174.8 million by 2023