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The video game industry has been around for decades, but in recent years, it has experienced explosive growth. The industry has evolved from being a pastime to becoming a legitimate spectator sport called eSports. eSports, or electronic sports, is a form of competitive video gaming that involves professional players and teams competing against one another in organised tournaments.
The Numbers Don’t Lie: eSports is Booming
The growth of the eSports industry can be illustrated by its numbers. According to Statista, a leading market research company, the global eSports market generated USD 776.4 million in revenue in 2020. By 2023, that number is expected to increase to USD 1.5 billion. Furthermore, the eSports audience is projected to grow to over 646 million people worldwide by 2023.
Why is eSports so Popular?
The popularity of eSports can be attributed to several factors. One significant factor is the accessibility of gaming. With smartphones and low-cost computers, gaming has become more accessible to people from all walks of life. The rise of streaming platforms such as Twitch and YouTube has also increased the visibility of competitive gaming, allowing fans to watch their favourite players and teams compete in real-time. Additionally, the COVID-19 pandemic has contributed to the growth of the eSports industry, as many traditional sports were cancelled, and people turned to eSports as a way to get their competitive fix.
The Future of eSports
The future of eSports looks bright. With the industry projected to generate more revenue than traditional sports, more companies are investing in eSports teams, leagues, and sponsorship deals. Additionally, the International Olympic Committee is considering the inclusion of eSports in the Olympics. If this happens, it could further legitimise eSports as a legitimate sport and bring it to an even larger audience. In conclusion, the growth of the eSports industry has been nothing short of phenomenal. With a growing audience, increased investment, and the potential inclusion in the Olympics, eSports is poised for continued growth and success.
