A new report was recently published by IMARC Group providing an analysis of the global esports industry. Based on this study, the global esports market was worth $1.8 billion last year. By 2027, this number is expected to shoot up to $3.86 billion, registering a compound annual growth rate (CAGR) of 22.4%.
“The revenue in the esports industry is generated through sponsorships and advertisements, tickets and merchandise, and media rights,” the report says. “As a result, the market is primarily driven by the increasing investments by various media organizations for winning exclusive media rights to broadcast the live streaming of these events. In addition to this, easy access to communication technology has enabled fans across the globe to track live esports activities, which is fueling the market growth. Esports are commonly available in numerous formats, making them easily accessible for players. Moreover, the ‘pop-culturization’ of the sports industry, coupled with the growing acceptance of video games, is creating opportunities for the market. As a result, streaming platforms such as Twitch, HitBox, Beam, Azubu, Bigo Live, and YouTube Gaming are gaining popularity among consumers.”
IMARC Group is a world-renowned market research organization providing analysis for major markets across the globe. The company has offices in offices in India and the United States.