Few industries are going through extraordinary growth, quite likeright now. Competitive gaming has become a gigantic global industry in recent years. It 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.
Of course, this will pique any entrepreneur’s interest, and they’re certain is the potential for great success in this growing industry. Still, 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 hosting these events and providing a suitable venue. Esports venues are on the rise as more and more people take up the activity and increase spectatorship. There need to be suitable venues for playing, spectating, and socializing 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 younger generations power 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 themselves and their competitors’ performance. 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 likecan be the best solution to this problem.
Of course, the rise of esports has also created people’s opportunity 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 that 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 many others consider it.