The esports market is set to surpass $6 billion by 2028 on account of sizeable sponsorships, growing smartphone uses, the introduction of virtual reality and the booming esports infrastructure, according to the latest study by Fact.Mr. This global revenue would be seven times from where we are now.
As esports continues to gain popularity and attract increasing viewership, leading industry titans are sponsoring the tournaments and teams of the esports. In addition, the esports market is witnessing a considerable number of partnerships among technology providers and investors.
The study showed how broadcast advertising plays a crucial role in the esports landscape, however, the industry has witnessed the challenges of broadcasting on traditional media. Being an all-digital sport, a growing number of media companies have recognized the potential of esports and increased the coverage of esports events. For instance, Turner Broadcasting System, WME/IMG, and ESPN have initiated esports broadcast and are covering more esports events. Growing coverage of esports events on broadcast media is expected to enhance the viewership and, in turn, propel the esports market in the coming years.
The key esports market trends include growing penetration among young gamers, as well as influencer-driven marketing. The inclination of young people towards social media and live video streaming has stimulated the demand for esports market. Many esports companies are getting sportspersons and athletes on board for their promotional activities.
Substantial investments in esports sponsorships are likely to augur well for the future growth of the esports market. In addition to these sales channels, sales of esports merchandise are also a lucrative channel. In recent years, esports merchandise has caught the attention of the retail industry, and more prominent names are likely to come on board.
(All information was provided by EIN Newswire)
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