How is the eSports Industry Going to Change in 2024

With New Year just around the corner, we can’t help but wonder, what will the eSports industry look like in the upcoming year.

Will it stay the same or will it perhaps become even more popular attracting ever bigger audiences from across the globe?

Today, we will be exploring just this, with an overview of some statistics and predictions from experts on the future of eSports and take a look at how much is the eSports industry worth today.

As a refresher, allow us to remind you that the current value of the video game industry is estimated to be at around 347 billion US dollars as of 2022 according to Statista. Some experts believe that this number could double by the year 2028 implying that the video game industry is set to grow each year all factors considered.

eSports Industry Statistics

• The worldwide eSports market is estimated to generate $1.88 billion USD in revenue for 2023.
• Media rights contribute significantly, with a segment revenue of $207.8 million USD. ^[1]
• The global eSports audience size is projected to reach 540 million in 2023. [2]
• In 2021, the League of Legends World Championship (Worlds) had a peak viewership of 49.5 million concurrent viewers during the finals. [3]
• The highest-earning eSports player is Johan “N0tail” Sundstein, a Dota 2 player, with total earnings exceeding $7.4 million USD. [4]
• The global eSports betting market is expected to reach $2.7 billion USD by 2025.
• Universities worldwide offer eSports scholarships, recognizing competitive gaming as a legitimate sport.

Video Game Industry vs. eSports

Before we head any further with the topic of the eSports industry growth, it is important to make a note on the difference between video games and eSports. While synonymous, the two are in no way the same. According to a definition from Toptal:

“Esports is a booming global industry where skilled video gamers play competitively. In the same way that traditional sports have competitions in baseball, basketball, and football, esports encompasses competitions across a variety of video games.”

Chapman, Josh. “Esports: A Guide to Competitive Video Gaming: Toptal®.”

On the other hand, the video game industry can be defined as the entire market value of software, hardware, and video game manufacturers and developers with the goal of developing and modernizing video game-related jobs as per IGI Global. With the two definitions covered, it becomes clear as to how the two differ and why we cannot use the same data for them.

With the basics explained, it is time to move on to the actual projections for the eSports industry in the upcoming years, mainly 2024.

Please take note that all of the information provided here is based on financial reports and trends, as well as economic theory. As such it is possible that other factors may contribute to future developments of the said industry and as such cannot be predicted in such a manner.

Predictions and Stats for the Future of the eSports Industry

Taking into account the aforementioned value of the entirety of the video game industry, which is believed to be at around 347 billion US dollars, we must determine the value of the eSports industry during the same time period. Luckily GVR has provided this information.

According to them, as of 2022, the eSports industry is valued at a staggering 1.88 billion US dollars with the number increasing each day.  Furthermore, GVR estimates conclude that the annual growth rate of the eSports industry is set to be at around 26.8% in the period between 2023 and 2030.

This means that in 2024, the eSports industry is estimated to be worth around $3 billion.

This makes the eSports industry one of the fastest growing industries in the entire world with the number still rising.

It is worth mentioning the factors that contribute to this rise as well. These include the live streaming of video games on platforms such as Twitch, steady investments by shareholders and more, growing audience, infrastructure where the tournaments are held (arenas, stadiums, etc.), and other factors that influence the market growth of the eSports industry. The graph below may give some further insights into the topic.

Perhaps to put it into perspective, just how sought after and popular the eSports profession has become, it is worth noting that Universities such as Ohio State University, Becker College in Massachusetts, and Virginia’s Shenandoah University all provide courses and degree programs for the said field.

For the ones doubting that the term “gamer” can be used to describe a valid profession, an eSports professional is a real career that can generate a steady source of income.

All things considered, we may conclude the following points for our projection on the future of the eSports industry for the year 2024:

1. The eSports industry market value will continue to increase at a steady rate faster than most industries,
2. The value of investments and revenue gained from the eSports industry will be on the rise,
3. As more games are being released, so will the eSports industry thrive as more and more players join the fight,
4. The global audience will also increase ever so slightly as gamers reach the status of superstars.

As a final point, it is worth mentioning that the video game industry growth is directly proportional to the growth of the eSports industry as the two complement each other. A steady rise in one guarantees the rise in the other as the two exist in a symbiotic relationship.

[1] https://www.statista.com/topics/3121/esports-market/

[2] https://www.demandsage.com/esports-statistics/

[3] https://dotesports.com/league-of-legends/news/league-of-legends-was-the-most-watched-esport-of-2021

[4] https://www.esportsearnings.com/players