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eSports have come a long way from being just a form of entertainment reserved for the younger generation. Over the past few years, this industry has become one of the fastest-growing and profitable niches in the world of sports entertainment. According to research by NewZoo, the esports industry is expected to generate a revenue of $1.08 billion by the end of 2021.
What are eSports?
eSports, also known as electronic or competitive sports, are video games played in a professional competitive setting. The main difference between gaming and esports is that the latter involves structured competition, team rankings, and lucrative prize pools. Esports covers various tactical games such as Dota 2, Fortnite, CS:GO, and League of Legends, among others.
Factors Contributing to the Growth of the eSports Industry
Increased Accessibility
The increasing accessibility of video games has been a vital factor in the growth of esports. With online streaming platforms like YouTube Live and Twitch, gamers can access millions of esports tournaments, live competitions, and international video game events from their homes. This has resulted in a surge of young audiences, making it a big hit among the new generation of gamers.
Crossover to Mainstream Sports
Esports have finally penetrated the barriers of mainstream pop culture. With esports leagues being broadcasted on television and the increasing number of sports franchises working on their in-house esports leagues, the participation and sponsorship of non-endemic brands like Coca Cola and Samsung have increased dramatically.
Cross Platform Gaming
Multiplayer games have taken on a new level of popularity due to their cross-platform functionality, which allows players to compete against other gamers on different consoles and devices. This innovation has helped expand the esports market, enabling players to use any of the available platforms without restrictions. This has led to growth in the online community and engaged the entire gaming industry.
The Future of eSports
With the growth of esports expected in 2021, future prospects for the industry remain bright. Feasible technological advancements such as Virtual Reality and Augmented Reality will likely manifest the gaming industry in the coming years. In conclusion, the future of esports is multi-dimensional, and it appears that it is here to stay.
