Esports has surpassed several industries already in its nascent stage and is touted as the fastest-growing industry in the world. Based on a recent forecast done by Newzoo, estimated that there will be 3.2 billion gamers worldwide in 2022.
Industry experts have predicted that this fastest-growing ecosystem will escalate to the next level in times to come.
Established companies Electronic Arts(EA) witnessed a 50 percent rise in profits and observed total revenue growth of 14 percent also companies are looking to invest in a different domain which includes live services & conducting different tournaments all over the world.
“EA is proving its mastery of monetization with record sales for FIFA Mobile for the quarter, the highest sales for the FIFA franchise, and a 40 per cent increase in daily average players. EA has managed to corner the sports video games market with FIFA, NFL Madden, and its recent addition F1” says Joost van Dreunen, a lecturer on the business of games at the NYU Stern School of Business.
“As the supply chain starts to ease, our expectation is that more and more people pick up that next console.” said EA CEO Andrew Wilson.
Another gaming company, Take- Two said in different media outlets, where they stated that their revenue lifted by 36 percent.
“Its recently completed purchase of Zynga has transformed the firm into the traditional publisher most leveraged to mobile. The US$11.2 billion deal is the largest-ever closed video game acquisition, but we think Zynga will engender enough opportunities and benefits to justify the high price tag. One key opportunity will be developing mobile versions of Take-Two’s premier franchises, including Grand Theft Auto.”
Newzoo forecast have stated that global spending on gaming will reach $225.7 billion by 2025, represented a compounded annual growth rate of 4.7 per cent between 2020 to 2025.
Also data collected from different streaming platforms, Twitch have indicated that viewers and streamed hours is far above in reference to pre pandemic levels.
Taking about the current global growth, largest proportion of revenue has been generated from Asia Pacific region(Japan, South Korea and China) where as the number is mobile gaming have been advanced from middle East & Africa most over the year.