Esports Industry Set to Reach Revenue of $1.6 Billion by 2023

It is no secret that Esports has been on the rise for the past few years, however a new prediction states that the industry will be worth a massive $1.6 billion in revenue by just 2023. This is according to Betenemy, who believe that advertising, sponsorship and professional events will lead to such a figure.

Did Esports Manage to Cope with the Covid-19 Pandemic?

While 2020 was a difficult year for most industries, with the Covid-19 pandemic having seen many businesses fold completely, Esports has been able to come out relatively unscathed. Revenue for the year was down some $7 million from 2019, at around $950 million, with the major factor behind such numbers being the cancellation or postponement of several tournaments. Dota 2 was undoubtedly the Esports title which got hit the hardest, due in part to the fact that it offers some of the biggest prize pools around.

A host of major Esports tournaments should help to take the industry over the billion-dollar mark, with regional events also lending a helping hand. The International, known as the Dota 2 World Championship, attracts the leading organizations and teams from around the world, who battled it out for their share of a massive $34 million prize pool in 2019. The International 10 was postponed until 2021 due to the pandemic, however it still somehow managed to amass over $40 million. As a result, it is the largest Esports tournament when it comes to prize money, with the next event set to take place in Sweden in August 2021.

Elsewhere, Fortnite and League of Legends are among the other games to have made a significant impact in 2020, with events from both scenes regularly delivering millions of dollars in prize funds. Meanwhile, a host of additional titles are soon to join the Esports scene, which is popular thanks to games such as Counter-Strike: Global Offensive, Overwatch and VALORANT too.

How Lucrative is Esports for the Gamers?

Professional gamers can now earn huge amounts by competing in Esports events, with their basic salary and percentage of winnings made making it a lucrative industry to be a part of. The leading names in the business can earn over $5 million in just two years from competing, not to mention the royalties brought in by streaming and content creation. Esports players are not celebrities in their own right, with many brands using their draw to promote their services and products.