The esports industry is an emerging segment that is growing rapidly and attracting several enthusiasts. Esports has attracted some of the world’s leading companies sponsoring events, tournaments, and teams. There is growing media coverage for esports which has created awareness across various regions.
eSports Industry could hit $6 billion by 2028
North America is one of the leading regions in the number of eSports enthusiasts. The industry is generating significant revenue which has equally made Canada and the US tech innovation hubs for eSports innovations. eSports segment is full of potential and estimates indicated that the market could reach $6 billion by 2028 following the increase in sponsorship, enhanced smartphone adoption as well as advances in virtual reality.
The growth of the segment will transform the sports industry. Most of the revenue in the industry comes from tickets and merchandise, media rights, direct advertisements, sponsorships as well as publisher fees. Advertisements and sponsorships have been the main eSports revenue sources that have seen burgeoning growth. Also increasing competitions and tournaments are significantly contributing to the growth of the industry.
eSports viewership growing
Enthusiasts are in two categories which are the occasional viewers and professional players. Professional players hold a big market share but the number of viewers is also increasing. Among the age groups that are contributing significantly to revenue is that between 26 years and 35 years. Revenue from this group will grow at a CAGR of 24% through to 2028.
The industry has commercialized significantly in the last decade because of technological advancements and enhanced connectivity and accessibility of gaming platforms. Some of the major players in Canada include the New Wave Esports Corp (OTCMKTS: TRMND), Enthusiast Gaming (OTCMKTS: ENGMF) and Axion Ventures Inc. (OTCMKTS: AXNVF) among others.
Jarrett Hasson to lead New Wave Esports’ Asia investment
Recently New Wave Esports became among the esports companies listed on the Canadian Securities Exchange. The company has announced that it is retaining Jarrett Hasson as the head of Business Development in Asia as of November 1. Hasson is an experienced global investment professional that will be responsible for leading the company’s investment activities in Asia.
New Wave Esports Managing Partner and CEO Daniel Mitre indicated that the company is fortunate to add someone of Hasson’s caliber to its team. Mitre indicated that Hasson understands the Asian market which has huge potential for competitive gaming and eSports. The eSports company is ready to leverage and capitalize on the available market opportunities in Asia.
Before joining the New Wave Esports team Hasson had worked for various Canadian asset managers. In 2013 he received the Lipper Award in Canada for leading hedge fund performance for three years. He has equally worked with various investment banks where he led various acquisition and mergers, capital raising as well as restructuring.
Hasson expressed his excitement to be part of the New Wave Esports team. He stated that he has had the opportunity to see the growth happening in one of the leading esports markets.