According to Newzoo, a leading gaming and esports market analytics firm, global esports industry revenue will hit $1.084 billion in 2021. This is an increase of 14.5%, up from $947.1 million in 2020, with media rights and sponsorships contributing to over 75% of total esports revenue.
In its Global Esports and Live Streaming Market Report, Newzoo reports that the increase in revenue is largely attributed to the increasing number of streamers across the world. The firm expects the growth in streaming revenue to increase each year until 2024, when the market resumes natural growth.
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COVID-19’s disruption to the esports industry has led to a large decline in ticket revenue. The cancellation of in-person events that usually attract thousands of fans decreased sales of esports-related merchandise. Due to the effects of the pandemic, Newzoo reports that organizations, influencers, and publishers are diversifying for a more stable market in the future.
In 2024, when the market resumes normalcy, streaming rates should stay in double digits in Latin America and other developing countries. The global streaming audience will even grow by 9.2% to reach 920.3 million. However, this number may decrease when esports organizers and event managers plan for live events again.