Esports revenues could reach $5 billion in 2024 as the fan base expands, but not all game developers will be able to make bank. | Source: Shutterstock
By CCN Markets: A new report by technology analyst firm Rethink Technology Research suggests that esports will be bringing in revenues of more than $5 billion a year by 2024. Esports revenue brought in an estimated $800 million in 2018, but this could grow to $5.05 billion by 2024, a meteoric rise that Rethink pins on the growing number of “esports enthusiasts.”
In 2018, there were around 154 million esports fans, but this will more than double to 377 million fans by 2024. The group also says that there is “rising revenue per fan” as each of those esports supporters spends more on popular esports games, tickets to esports events, merchandise, and tipping esports players who stream the game.
Esports on verge of hypergrowth to $5bn plus gambling says new report.
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Major Sponsors Spend
The figure is also made up of media broadcasting rights, as cable channels such as ESPN and TBS have aired tournaments on television. Rethink calls media broadcasting fees the fastest growing esports revenue sector, with sales set to multiply by more than 12 times. Game developers and publishers make money from sponsorships and advertising too, with major brands from Kellogg’s to Coca-Cola and from Toyota to Mercedes Benz all paying big bucks to get in front of the lucrative but hard to reach demographics of technology-loving young people.