The global esports industry continues to go from strength to strength, reaching new corners of the world and millions of spectators. Now being fully realized as a sport in its own right, it’s being talked about as a multi-billion industry. In terms of market size, esports globally exceeded 1.4 billion last year. Before the end of the decade, estimates are seeing esports grow to a massive 5.5 billion.
The value of the market isn’t just down to the respective esports tournaments and their viewers; the market value will be greatly helped by third-party businesses building their reach and engagement. Here’s how some businesses can look to capitalize on the industry’s incredible growth.
Associated and integrated products and promotions
Now being seen as a fully-fledged sport, it only makes sense that the forever-associated industry of sports betting is a viable option for third-party businesses. Just as you can bet online on football, there are some emerging markets for esports betting. However, what makes the sector successful as an associated feature is the depth of markets. In football betting, you can bet on just about any professional game taking place around the world, as well as so-called “Specials,” like the 2023 Ballon d’Or winner, the next manager to get sacked, and transfer specials.
It’s this attention to detail and the depth of the offering that lends an expanded betting offering to esports. For non-gambling businesses, this same angle can be utilized. Via promotions and giveaways, other businesses could offer tickets to major events like The International, or even set up their own competitions. Anyone can set up their own tournament for esports, starting small and growing with interest, and this can be a good way to increase brand awareness within the growing industry.
Address gaps in the ever-expanding market
At all levels, esports is quite a product-heavy endeavor. At the highest end, there are top-class computers or consoles, headsets, smartphones, chairs, and more. In fact, it’s been found that professionals see four tools as the key pieces of kit to get right: computer mouse, mouse pad, keyboard, and headset. While a business could seek to compete at the most premium tier of products to enhance the top-end of esports kit, there are opportunities lower down the budget scale.
Some of the fastest-growing esports markets in the world are nations with much lower GDPs and average incomes. Brazil, India, and Nigeria are a few of the countries that look set to explode in importance within esports in the near future. Brazil already has several pros representing the country in the likes of CS:GO, while India’s 600,000-strong army of competitive players is greatly focused on mobile esports – as is mostly the case in Nigeria.
All three are huge markets, and many will be looking for cost-effective gear that will improve their performances on mobiles and PC. This lends an opening to good-but-cheap headsets, smartphone expansions for handling improvements, smartphone add-ons to step away from touchscreen analogs, and cost-effective keyboards. Those who can get the right price points could benefit in these nations from their massive populations getting into esports.
The growth and continued expansion of the esports industry are opening up many opportunities for businesses around the world, including those that aren’t intrinsically tied to the new form of sport. The best way to approach it is to consider esports to be the same as a traditional sport, with its vast audience wanting ways to interact with it.