Cryptocurrencies Boost Pro Gaming As the Next Enormous Multinational Spectator Sport
The New York Times published an article about competitive online gaming and how professional gamers can draw crowds, sell-out arenas, and generate large amounts of money. (Link: https://www.nytimes.com/2014/08/31/technology/esports-explosion-brings-opportunity-riches-for-video-gamers.html?_r=1)
The article mentions that one of the most popular online gaming events (called the Electronic Sports League) draws upwards of 73,000 people over a 4-day period. To put that into perspective, an ESL event draws significantly more live attendance than a Dodgers baseball game, whose average attendance this past season is 40,502 people per game.
A big question entrepreneurs ask is: 'Why haven’t these events taken off in the United States?' Competitive online gaming, or eSports, has grown into a gigantic market in East Asia, especially in Taiwan, Hong Kong, South Korea, and Japan. How have American entrepreneurs and event promoters not tapped into the profit-rich markets that these other countries have thrived from, and is it possible for eSports to gain popularity comparable to the other “Big 4” sports in America?
A League of Legends live tournament (Credit: Stuart Isett for The New York Times)
In South Korea, these live gaming events draw enormous, sell-out crowds that fill out arenas and broadcast on Korean TV. They even have an eSports channel dedicated to different competitive gaming leagues for various popular video games. It’s very exciting to watch, despite the fact that there is no “real-life” action (as opposed to a full-contact sport, like American Football). It’s akin to watching a chess match unfold; The audience is educated in each players’ strategy, and are emotionally invested in the outcomes of the matches. Since the audience anticipates moves and watches strategies unfold, it makes the viewing experience much more engaging and entertaining.
The state of eSports now is very promising. Viewership continues to grow across all countries, as Earth’s global civilization becomes more and more connected each day through the internet and technological innovation. As those trends continue, so too will the number of eSports fans all over the world. It will be interesting to see what effect an innovation such as Bitcoin will have in the current growth process eSports is experiencing. Viewers are no doubt tethered to the internet through social media and other communication technology, and a digital currency fits right into that realm of operation.
Twitter: @thejindo