Could an E-sport event be larger than a real sporting event? If you think esports is nowhere close to real-sporting tournaments, let this fact sink in deep. At the Wimbledon event in 2018, the winner, Novak Djokovic, walked away with $2.9M as a prize reward, while in a regular E-sporting event, the five-member team named OG received $11.2 M at the Dawn of the Ancient Two esporting tournament that happened in the midst of 20,000 people at Rogers Arena in Vancouver, Canada. These numbers might numb you, but e-sporting, undoubtedly, is ending up as a force to be reckoned with. In this piece, we shall see how it develops over time.
The Esports World Cup 2024 is around, and this time, it is even bigger, with a total cash prize pool of 60 million dollars. This world cup is more than a thrilling match, as it is powered by immersive tech.
The Growth of esports at a Glance
The Growth of Esports is attributed to the goverment support and tech industry support.
Government Support for eSports Growing
In what could be construed as a watershed moment for esports, government support has crept in deep for esports, especially in France. It has been declared an official sport, and a new digital bill has been passed recognizing eSport players as athletes. Denmark is not falling behind with more than 70 schools acknowledging eSports in their curriculum.
The feather on the cap has been triggered by The International Esports Federation (IeSF), who are advocating at the International Olympic Committee (IOC) to officially recognize eSports as a sporting event. To this, the IOC has responded that in the coming years, it is not doubtful that there will be a major eSporting event at the Olympics.
Infrastructure Development on the Rise
Acknowledging the fact that the esport market, which was valued at USD 1.72 billion in 2023 has skyrocketed to USD 2.06 billion in 2024. At such a growing pace of 20.7% CAGR, eSports will be a $10 B economy by 2032. To speed up with the growth, development of e-sporting physical infrastructure has picked up pace. Glytch, a development company, has already earmarked a budget of $54 million per stadium to complete 4 in a row in 2024. The construction has already started in Los Angeles. In other parts of the world, like in India and China, the story is no different.
The China Hangzhou E-sports Center / CSADI is a prime example to quote here. Even in India, there have been talks to promote esports and Somaiya Vidyavihar University (SVU) has taken the responsibility of promoting esports by opening an esports arena from where the students will have the discretion to choose esports as their career path.
Esports and Immersive Technology
Esportsis a dynamic and rapidly growing industry that revolves around competitive video gaming. Players, often professionals, compete individually or in teams across various game titles. But what makes esports particularly fascinating is its intersection with immersive technology, including virtual reality (VR) and augmented reality (AR).
These technologies enhance player engagement, making esports more captivating and accessible.
Conclusion
We have just touched the tip of the iceberg when it comes to Esports. And series like The Peripherals, which premiered on Amazon Prime, have created an innate inquisitiveness in people to look at digital dwellings from a new perspective. Perhaps that’s the reason that Esports is becoming a better segment to explore: it allows you to have a real-time experience from the confines of your home. As this fascination goes mainstream further, we might see more growth and development happening around in this sector. For more tech insights visit us or Contact VE3!
