With projections that the global esports ecosystem is going to hit $1.8 billion in annual revenue by 2022 (making esports larger in revenue than the combined revenue generated by both the film and music industries of North America) it is definitely a very real , and massive, growth market.
Professional gamers are a relatively new concept for a world that’s largely only been used to traditional sports, but the work behind the esports industry is comparable. The athletes practice, specialize, and compete in specific games, practicing for 10+ hours daily to perfect every motion and sharpen their skills. Following their rigorous training hours, they compete in tournaments and travel around the world to claim championship titles, with prizes hitting as high as $1 million for a competition. The idea of a video gamer playing in their parents messy basements with old food wrappers on the floor is definitely a thing of the past— pro gamers are in.
Money flows into esports through media rights, live event ticket sales, merchandise sales, and in-game purchases, but most of the revenue (69%) comes from sponsorships and advertising, per Newzoo figures cited by Statista
Gen.G, global esports company & gaming collective, has today announced the opening for submitting applications for the 2nd year of Gen.G Foundation - their 1 million dollar pledge to support women, people of color, and low income students who are interested in a career in esports, gaming, entrepreneurship, and journalism.
With an all womens Fortnite and VALORANT team already in their roster, the diverse and global headquartered group (both based in Korea and Los Angeles) have been building the framework to nuture amateur, professional & creator talent that does not traditionally have access to gaming. With the Gen.G Foundation, the organization and their partners continue to make its mark on growing access, education, and opportunity for these groups.
Gina Lee VP OF BRAND FOR GEN.G said if the partnership “A couple of years ago, we noticed that there was a huge gap for women, POC, and low income folks in the gaming industry. Since then, we’ve worked towards bridging the gap and building a community that is open, and provides opportunities for those previously marginalized. Recently, it’s been really great to not only see other gaming organizations step up, but also big corporations such as U.S. Bank and Bumble put their muscle behind it. We’ve been lucky to have great corporate partners come in and support these initiatives in authentic ways, and it’s a pivotal moment in gaming partnerships.”