Total eSport Audience Set To Hit 577.2 Million By 2024: But Could Inflation Cause A Dent In Industry?

Traditional sports have always been inferior to eSports, but new studies have proven that eSports might change that. Newzoo has reported that Esports will have a total audience of 577 million in 2024, growing at a compound annual growth rate (CAGR) of 19.5 percent over the next decade. However, industry experts say inflation could cause a dent in this growth as budgets stretch, and brands look to cut costs where possible.

What Is eSports?

If you're unfamiliar with the term, esports is a form of competition using video games. It can be played in many different ways, both online and offline. Esports is also referred to as electronic sports or gaming and eSports. The word "esports" refers to the sport itself and its players.

In recent years, gaming has become increasingly popular with viewers who enjoy watching others play video games for money or prestige at significant events such as the annual League of Legends Championship Series. The top players have become celebrities in their own right due to their exceptional skill level and dedication to winning tournaments while staying focused on improving any weaknesses they may have identified during practice sessions away from the spotlight.

eSports Viewership Is Growing

eSports is a global phenomenon that has seen rapid growth in recent years as it has become increasingly popular worldwide. ESports viewership is growing at an unprecedented rate: by 2024, it will reach 577 million people worldwide - an increase of almost 400 million viewers since 2018. This means that more and more people are tuning in to watch their favourite gamers battle it out on screen, driving revenue up accordingly.

The infrastructure continues to grow around esports too. Broadcasting and production teams and studios ramp up the spectacle and expertise on show, delivering a tight, entertaining, and enlightening package for audiences. Publications and video channels produce content which covers daily and evently ongoings too, with major sportsbooks too offering bets on matches.

Across the world, different titles are popular in different countries. For instance, while global leagues like League of Legends of Dota 2 have notable fandoms in Asia and North America, mobile titles like PUBG are popular in African nations. As such, finding, for instance, esports at Unibet in Poland, it’s more like bettors will look for titles like CS:GO or Tekken 7. Esports, much like traditional sports, has a wide variety and the culture of each title resonates more with the culture of certain countries.

Inflation and More Competition Will Cause Viewership to Slow Down

Inflation is the rate at which goods and services prices increase over time. This can be driven by several factors, including economic and population growth.

Inflation can affect companies in a variety of ways. For example, if inflation hits high levels, consumers will have less money to spend on products and services they want or need. As such, companies may need help to keep up with the demand for their products as consumers look elsewhere for better deals and lower prices.

While the outlook for eSports is positive, some factors could cause it to slow down.

• Inflation. The number of events has increased in recent years, which makes it harder to attract viewers. Additionally, players will have to be paid more than they used to be for them not to leave the scene or look elsewhere for a better deal. This could mean that viewership may come under pressure as the industry becomes more competitive and costs rise significantly.
• More competition from other games and platforms like Facebook Live or Twitch offers lower quality content but at a lower cost to avoid scaring away potential customers by charging too much upfront before knowing how many viewers might tune into their streams/channels.

eSports Is on the Rise, but It May Not Reach Its Goal

ESports will likely reach the $1 billion mark before 2023.. The industry faces more competition from traditional sports, and the Rise of other forms of entertainment has slowed growth.

The eSports audience is growing at an average rate of 8% yearly. According to Newzoo's Global Esports Market Report 2019-2024. That pace needs to be faster to reach its goal of being a billion-dollar industry by 2023.

Some analysts think inflation could slow down this growth even more. If salaries increase too quickly or costs go up due to higher taxes or tariffs on imports, then companies may not be able to afford their players anymore.

The Last Word

It is clear from these statistics that the eSport industry has a bright future. However, if inflation continues to rise, it could put a dent in this growth because many consumers will be less willing or able to spend money on entertainment. This means that online casinos may need to look into other ways of making money, such as increasing their customers' loyalty by offering them rewards for playing regularly or simply providing better customer service, so they keep coming back for more.