Global eSports industry revenue to jump 50% and reach $1.6bn by 2023 - Business Leader News

Global eSports industry revenue to jump 50% and reach $1.6bn by 2023

The eSports market is expected to grow rapidly over the next three years. According to data gathered by Psychic Ventures, the global eSports industry revenue is set to hit $1.05bn value in 2020. The increasing trend is forecast to continue in the following years, with the revenue jumping 50% and reaching $1.6bn by 2023.

In 2018, the global eSports industry revenue amounted to $776.4m, revealed Statista and Newzoo data. By the end of 2019, this figure rose to $957.5m, a 24% jump in a year. Statistics show the global eSports industry profit is set to increase by 10.6% in 2020.

The Newzoo data also revealed that sponsorships remain the most significant revenue stream of the global eSports industry, set to reach $614.9m profit this year, a 13.1% jump in a year. As the second-largest revenue source, media rights are expected to generate $176.2m in profit in 2020, an 11.5% increase in a year. Publisher fees will drop by 2.5%, reaching $120.2m in revenue. Merchandise and tickets are set to reach $106.5m profit in 2020, a 13% drop amid coronavirus outbreak.

However, due to cancelled or postponed events, the eSports digital and streaming revenues are expected to witness substantial growth. Statistics indicate the digital revenue stream is set to generate $21.5m profit this year, a 60.9% jump year-on-year. Streaming profits are forecast to grow 44.9% in a year, reaching $19.9m value in 2020.

Recent years have also witnessed a surge in the number of people watching their favourite games and eSports tournaments. In 2018, there were 173 million frequent eSports viewers, and 222 million occasional viewers worldwide. Since then, the number of eSports fans rose to 495 million globally, with enthusiasts accounting for 45% of that figure.

Statistics show that by 2023, there will be almost 300 million frequent eSports viewers worldwide, a 75% increase compared to 2018 figures. Additionally, more than 350 million people are expected to occasionally watch eSports tournaments and events in the next three years.