Esports competitions feel like a relatively new phenomenon, but that’s not actually the case. Their history goes back to 1971 when the University of Stanford hosted a Spacewar arcade game tournament for students. The prize? A year-long subscription to Rolling Stone magazine. Needless to say, we’ve come a long way since then. In fact, we’ve come a long way in the last ten years alone. Today, there’s a lot of talk surrounding esports, and with good reason. With the testimony that we’ll outline in this blog, the future of esports looks to be exceptionally bright.
A Growing Reputation
Engagement with esports tournaments has grown at an incredible rate over the past few years. In 2019, the entire industry was valued at $950 million, which is in itself a pretty impressive figure. But jump forward to 2021, and that valuation had increased to $1.08 billion. And current projections suggest that this trend is going to continue in the future; by 2024, the valuation will be around $1.62 billion. There aren’t too many industries in the world that can boast that level of growth, let alone ones in the entertainment industry. All this suggests that far from being a pastime for gaming enthusiasts, esports is becoming a more accepted form of entertainment, with tournaments that are more broadly respected.
Crossing barriers
It’s not just the stature of esports tournaments that is growing. The activities and media surrounding esports are on the rise, too. We can see it perfectly with the example of soccer, in which many professional teams have seen how esports had a way out and have been investing in Esports. As a marketing campaign, they help clubs to keep young people connected through a channel other than soccer, trying to ensure the longevity of their club by building loyalty among young people with another type of service. Clubs such as Schalke, Manchester City and Leipzing have already signed up, and the list of clubs is sure to grow in the future.
The Potential of the Metaverse
The esports industry is in a solid position right now, but as technological capabilities continue to develop, we’ll likely see even more growth. Of particular interest is the impact that the metaverse will have on esports engagement. Right now, players are attending tournaments in person or following along online. When the metaverse gets up and running, players will be able to experience the action in an entirely new way. They’ll be able to watch the action from inside the game. That’s a level of fan engagement that no other form of entertainment in the world can offer.
Corporate Sponsorship
Perhaps the biggest indicator that esports will continue to grow in the coming years is the increasing number of corporate sponsors that it attracts. Of course, corporations are not in the business of giving their money away; if they’re investing, it’s because they believe in the future of esports. Some of the biggest companies in the world have already committed cash, which helps to fund tournaments, new technology, prize money, and so forth. Intel, Red Bull, Coca-Cola, and Kraft are all involved in esports in one way or another.
More Professional Players
Finally, it’s important to remember that we’re still in the infancy of esports gaming. As such, there is only a small group of professional players, who can be thought of as pioneers in the industry. Before them, no one thought it was possible to become a professional gamer. Today, it’s an aspiration shared by many casual gamers. An increase in the number of professional players will lead to more competition, more “personalities,” and an all-around growing reputation for esports.
Esports is riding a wave of popularity at the moment. And if things continue this way, then it won’t be long before it’s a form of entertainment with global appeal.
