There are few industries going through extraordinary growth quite like esports right now. Competitive gaming has become a gigantic global industry in recent years and continues to grow at an exponential rate and it is predicted to top $1.5 billion by 2020 with a worldwide audience of 580 million predicted by the same timeframe.
This will, of course, pique the interest of any entrepreneur and there certainly is the potential for great success in this growing industry, but it is also incredibly competitive and hard to stand out. So, what business opportunities are there in this industry?
Hosting & Venues
One of the most obvious business opportunities in this industry is to host these events and provide a suitable venue. Esports venues are on the rise as more and more people take up the activity and with the increase in spectatorship. There needs to be suitable venues for playing, spectating and socializing much like any good sports venue so providing these facilities could be a smart financial move.
It is incredible how quickly this industry is on the rise with many players and teams becoming as popular as many of the world’s top athletes. Branding and marketing could be highly lucrative and it is an area that enormous brands like Disney and Coca-Cola are already exploring. As with most industries, digital marketing will be key particularly as it is the younger generations that are powering this industry.
Technology is a key part of this industry so it is no surprise that many tech startups are eyeing esports. One good example of how tech is being used in this industry is through AI and data analytics used by teams and players looking to get key insights into the performance of themselves and their competitors. Tech is a good industry to look into for entrepreneurs but it can be expensive so you need to consider funding. Small business loans from places like Liberis can be the best solution to this problem.
Of course, the rise of esports has also created the opportunity for people to place bets on the outcomes. Sports betting is an enormous industry and this will also be the case for esports so it could smart area for an entrepreneur to look into.
Esports is an industry which any entrepreneur should be keeping a close eye on. The above are just a few of the main business opportunities that this rapidly growing industry presents but there are many others to consider too.