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1、Esports:leveling-upPhoto by Tarek AlKarsah Kearney,DubaiThe window is open for broad-casters and other investors to make smart,well-timed plays in online gaming.Esports has been growing in popularity and is now at an inflection point where the market structure and economics make it a mainstream plat

2、form for Millennials and those targeting them.Todays esports teams compete in front of massive global audiences.In fact,the most popular events attract the same size audiences as traditional top-tier sporting events.As far back as 2014,the NBA Finals drew an average of 15 million viewers while more

3、than 20 million people watched The International Dota 2 Championships,a multiplayer online video game tournament.By 2018,the global esports audience had reached 380 million people and in 2021 hit 474 million with an annual growth rate of 10 percent.And yet,many companies are still ignoring this grow

4、ing tidal wavedespite the worlds leading broadcasters losing hundreds of thousands of viewers each month as younger generations turn their attention to non-traditional sports.As the average age of viewers for mainstream sports creeps up,esports is rushing to fill that void.In the first 20 years of t

5、his century,the age of the average viewer has risen from 40 to 43 for the National Basketball Association,from 44 to 52 for the National Football League,and from 52 to 58 for Major League Baseball.Meanwhile,the average esports fan is 31.The pandemic has had a mixed impact on esports,which has not ex

6、perienced the unilateral uplift that might be expected from any digital-centric product.As with other sports,some esports events were cancelled,triggering a loss of revenues,and merchandise and ticketing revenues were down 30 percent in 2021 compared with 2018.However,sponsorship and media rights re

7、mained strong,and we expect a rapid overall rebound in the coming years.In this paper,we discuss how those in the esports ecosystem can level up to capitalize on the biggest sports opportunity of the 21st century.1 Fifty-six percent of people between the ages of 13 and 21 believe non-traditional spo

8、rts are more relevant to their generation than traditional sports,as opposed to 43 percent of people between the ages of 30 and 34,according to“Changing the Game”by Team Whistle.The global esports audience hit 474 million people in 2021 with an annual growth rate of 10 percent.1Esports:leveling-upTh

9、e bottom lineAs viewership has grown,so has the financial side of the industry,with total revenues surpassing$1 billion in 2021a revenue pool approaching the scale seen in some traditional sports(see figure 1).Just as in traditional sports,esports competitions regularly sell out,and fans purchase a

10、range of merchandise,such as team apparel.The primary difference is the involvement of game publishers.(Anyone can monetize sports such as football or basketball,but digital game publishers have exclusive rights to the intellectual property associated with their games.)Having experienced meteoric gr

11、owth,esports did see a dip in 2020 and 2021 as COVID-19 led to event cancellations and a drop in revenues.Advertising and sponsorship saw low single-digit percentage dips in those two years.Meanwhile,media rights revenues fell about 25 percent,and merchandising and ticketing revenues were down 35 pe

12、rcent.That said,we are expecting a strong rebound,with estimates putting the total projected market size in 2024 at north of$1.5 billiondriven by a growing global audience approaching 600 million viewers(see figure 2 on page 3).Broadcasters ignore this trend at their peril.What makes esports particu

13、larly attractive is the demographic mix of the audience.Viewers are young(roughly half are between the ages of 21 and 35),well-off(43 percent of enthusiasts have a household income of more than$75,000 a year),and hungry for content.2 And the appeal has grown rapidly beyond the domain of geeky teenag

14、e boys to become mainstream.2 Esports enthusiasts are fans who watch games more than once a month.Sources:2021 Global eSports Market Report,Newzoo;Kearney analysisEsports revenue mix 2021Figure 1 Competitive online gaming has a more than$1 billion revenue poolMedia rights$192.6 million+19.9%Game pub

15、lisher fees$126.6 million+8.9%Sponsorship and advertising$641.0 million+20.2%Merchandise and tickets$66.6 million30.3%19%12%62%7%2021$1,027 million+13.4%Three-year change2Esports:leveling-upThe esports economy is rapidly evolving The ecosystem consists of seven groups engaging in both amateur and pr

16、ofessional gameplay(see figure 3 on page 4):Publishers.These are the studios that create and develop video games.Because they own the intellec-tual property associated with the game,they can charge a licensing fee to independent organizers for using and broadcasting their games.Competitions.Esports

17、teams meet to compete for prize money.In addition to publisher-run competi-tions,there are leagues run by independent organizers,such as Major League Gaming in New York and Electronic Sports League in Cologne.Brands.Major brands have begun to turn their attention to esports as it has become more pre

18、valent.Most of the revenue growth has been the result of more investments from corporations and media companies.Sponsorship is the main source of revenue,but the fastest growing is media rights.For example,Mercedes has entered into a partnership with the worlds largest esports company,the Electronic

19、 Sports League,with sponsorships across multiple geographies.Sources:2021 Global eSports Market Report,Newzoo;Kearney analysisFigure 2The esports market is expected to grow to about$1.5 billion by 2024Esports global revenues and audience forecastCAGR(20182024)7%5%10%05001,0001,5002,0002,500200100030

20、0400500600700$906$1,096$1,060$1,027$1,532$Millions in revenue20182019202020212024f$278$193$238$199$212$1,254$834$822$897$894436398380474577Millions in audienceRevenue by typeGame publisher fees,merchandise,and ticketsSponsorship,advertising,and media rights3Esports:leveling-upNote:CPM is cost per th

21、ousand views(what the platform pays the player for the viewership they generate).Sources:Catalyst Sports;Kearney analysisFigure 3Esports is a complex ecosystem with a wide range of monetization modelsOverview of the esports ecosystemSponsorship and advertisingAdvertisingContent feesand sponsorshipPr

22、ize moneyand revenuesharingSalaryand revenuesharingSponsors and advertisersCoca-ColaT-MobileAlienwareMcDonaldsAcerPlatformsand networksTwitchESPNHitboxBein SportsTeamsFnaticTeam LiquidSK Telecom T1Team SoloMIdImmortalsCompetitionsOverwatch LeagueLeague of LegendsCall of Duty World LeagueESLPGLEleagu

23、ePublishersActivision BlizzardEAValveRiot GamesRights feesLicensingfeesGame andcontent feesConcessions,merchandise,and gateDigital itemrevenue splitMerchandiseDonationsPremiumcontent feesSubscriptions andad revenueViewershipPlayersFlow of revenuesFans4Esports:leveling-upTeams.Esports teams bring tog

24、ether each video games best players to compete for titles.Formerly standalone organizations,traditional sporting organizations are now launching or buying into esports teams.For example,Frances leading football club Paris Saint-Germain was one of the first to have its own esports team.Players.Games

25、are very accessible to anyone with an Internet connection.Both League of Legends and Dota 2 can be played online for free by amateurs and professionals.This means people can start playing and training very easily,and compared with physical sports,it is much easier for amateurs to become professional

26、s.Professional teams can scout up-and-coming talent at amateur tournaments.Fans.The online nature of esports means fans can interact with their favorite players through social media.Popular games have strong communities on Reddit,and prominent players and teams have big followings on Twitter.Most fa

27、ns also play the games themselves,and they expect uncompromised interactivity and authenticity.Platforms and networks.The main platform for watching esports is online on a video streaming website.Twitch,owned by Amazon,is the world leader in video game streaming and is the most popular platform for

28、broadcasting competitions.Competitors include YouTube Gaming,Facebook,and platforms aimed at local audiences,such as AfreecaTV in Korea.Publishers also broadcast directly through their own platforms,such as the Steam app.Secondary content,including statistics and documentaries,is published through p

29、latforms such as YouTube.Three features characterize the esports ecosystem:Massively dynamic.The economic landscape of esports is constantly evolving,with new revenue streams opening up.One that may soon be added is betting.There is already a large esports betting market under the radar,and it may b

30、e only a matter of time before this transitions into an above-board betting market run with the participation of the major online betting firms.Built on collaboration.The open nature of online platforms creates opportunities for constant dialogue and interaction,which in turn leads to a constantly s

31、hifting landscape built on a flurry of partnerships and M&A activity(see figure 4 on page 6).Fully democratized.The barriers to entry for players,platforms,and tournament organizers are far lower than in traditional sports.As esports evolves,this may change,reinforcing the position of the early move

32、rs that have built scale and network effects.However,what stands out is the increased activity from esports outsiders:traditional sports teams,mainstream brands,private equity firms,and broad-casters.The message is clear:esports is here,and the mainstream is finally sitting up and taking notice.Espo

33、rts is here,and the mainstream is finally sitting up and taking notice.5Esports:leveling-upSource:Kearney analysisPartnerships and M&A in the esports landscapeFigure 4Esports is a dynamic environment,with the 2020s proving to be a major decade of activity Amazon acquires Twitch for$1 billion.Coca-Co

34、la partners with Riot Games and sponsors the League of Legends Challenger Series.201420162017201820152019202020212022 ESPN launches its own esports vertical.Sky and ITV partner with GINX TV to launch GINX Esports TV.Twitter streams CS:GO in partnership with ELEAGUE.Telefonica partners with ESL,creat

35、es an esports platform to create its own content,and launches a professional esports club.Facebook partners with Activision Blizzard.YouTube partners with FACEIT in a multiyear deal to stream its Esports Championship Series.Twitter pledges to livestream 1,500 hours of esports in the year.Lionsgate i

36、nvests in Immortals,an esports organization.BT Sports partners with Gfinity to broadcast Gfinity Elite Series live.BBC partners with Gfinity to broadcast Gfinity Elite Series live.Orange sponsors the esports organisation LVP and launches its own esports TV channel.Vodafone partners with ESL and spon

37、sors ESLs flagship event series:Intel Extreme Masters,ESL One,and ESL Pro League.Paris Saint-Germain partners with LGD Gaming,an esports organization to form PSG.LGD.AFL partners with Riot Games to hold a League of Legends tournament in Melbourne.TECENT acquuires control stake in Supercell Comcast a

38、nd SK Telecom Launch Joint Venture:T1 Entertainment Vindex Launched with an Initial Fundingof 60M to build a global infrastructure platform RedBird Capital Invests$125M toEstablish OneTeam FaZeClan and DraftKings strike a sports and fantasy sports betting deal.Envy Gaming raises$40 million in an inv

39、estment round led by Gray Television.Entain acquires Unikrn Esports.TikTok owner ByteDance acquires Moonton for$4 billion.Savvy Gaming,backed by the Saudi PIF,acquires ESL and FACEIT in$1.5 billion deal.Paris Saint-Germain Esports teams up with Team New Age to create a new Fortnite team.Coca-Cola is

40、 the worldwide founding partner of the League of Legends:Wild Rift esports circuit.Esports is an event at the 2022 Commonwealth Games.Mobile Premier League(MPL),Asias largest mobile gaming and esports platform,raised 90 milion VSPN closed a 100 milion Series B funding round,led by Tencent,Tiantu Cap

41、ital,SIG,and Kuaishou.Esports Entertainment Group(EEG)entered into an agreement to acquire Helix eSports and B2B software provider ggCircuit.MTG acquires ESL and Dreamhack.IGN and Coca-Cola partner to create Esports Weekly with Coca-Cola.6Esports:leveling-upThe economics are becoming more attractive

42、One of the long-standing criticisms of mainstream involvement in esports has been the lack of monetiza-tion opportunities.Some traditional broadcasters have compared esports to bitcoin:too risky to get their hands dirty.But esports has crossed the bridge into the mainstream,with annual revenue per e

43、sports fan rising steadily to reach$2.20 today.Although this lags traditional sports revenue of$10 to$20 per fan,esports revenue is expected to accelerate with sponsorship,advertising,and media rights growing by more than 50 percent between 2021 and 2024.More monetization opportunities are also appe

44、aring in the form of media rights.Historically,game publishers have been reluctant to restrict viewership of their games in any form to maximize game sales.However,as esports has become more popular,publishers have started to form partnerships and sell exclusive rights to their competitions.For exam

45、ple,Activision Blizzard has sold the exclusive streaming rights to Googles YouTube for three years for their esports leagues,including the popular Overwatch,Call of Duty,and Hearthstone Masters.In these early days,the advantage is that media rights are still much more affordable than for traditional

46、 sports Additionally,the time window for esports is very complementary to traditional sports viewing and could be the much-needed advertising revenue boost for traditional sports broadcasters that are struggling with decreasing revenues for non-prime TV spots,especially late night.Lastly,mainstream

47、brands are beginning to show interest in engaging with esports audiences (see figure 5).The competition for exposure will lead to sharp growth in advertising and sponsorship revenues.Source:Kearney analysisFigure 5Many brands are already investing in esportsIllustrativeIT equipmentTelco and media Vo

48、dafone T-Mobile Comcast Xfinity NVIDIA Acer HP Alienware IntelOthers Audi Gillette Geico HTC Adidas Toyota Mercedes-Benz Kennedy Space Center KFC Snickers Coca-Cola McDonalds Red Bull Sour Patch Kids Monster Energy Arbys PringlesFood and beverage7Esports:leveling-upFour winning strategiesBroadcaster

49、s and producers have four models to choose from across the esports value chain(see figure 6 on page 9):AnnouncerBecause viewership is the main revenue driver,content needs to continually expand the fanbase in an ever-changing environment,especially with strains emerging in traditional sports viewers

50、hip.In its simplest form,an announcer can be a network that covers live events and produces content around these events,but there are a number of success factors to keep in mind:Content continues to be king.Compete on content.Becoming an established first mover and building credibility early on will

51、 be essential.Air a combination of live tournaments and supplementary content around these tournaments,including talk shows,weekly roundups,documentaries and reality series,game analysis,tutorials,and even top amateur plays of the week.Recognize that content provides three levels of support:Head.The

52、 primary rights holder or esports tournament organizer that owns and monetizes the game or tournament being produced Shoulder.The teams and players who build their own personal brands and livelihoods through esports Tail.The millions of gamers around the world who stream their gameplay online(Regard

53、less of whether this has advertising revenues or another commercial model,the buzz reinforces the underlying pillars of esports:shared passion,expanding advocacy,and acceptance into the media mainstream.)Authenticity is important.The challenge traditional broadcasters have is to strike the right bal

54、ance between providing value to the core fan base and attracting new viewers.To better understand the audience,partner with native esports producerscultivating a pipeline of fresh new talent,whether journalistic or on-air,including streamers and current or former professionals.YouTube features many

55、celebrity gamers such as PewDiePie and DanTDM,each with millions of followers.The endorsement and support of such opinion leaders can build legitimacy and credibility.However,viewers are wary of the corporatization,so this needs to be managed carefully.Engage a wider audience.Esports coverage is evo

56、lving,and fans are looking for more engaging content,including pre-and post-game analysis,putting the game in context and explaining an individual players story.The biggest challenge with showing the games is that new viewers might not understand whats going on.Education through tailored commentary

57、and supplementary content is vital.Because viewership is the main revenue driver,content needs to continually expand the fanbase.8Esports:leveling-upSource:Kearney analysisFigure 6There are four models for participating in esportsDescription Broadcaster provides the platform to show e-sports competi

58、-tions.Simulcast is on TV and online.Additional content is presented in the form of interviews,talk shows,analysis,and game reviews.Broadcaster shows e-sports competi-tions,including broadcaster-owned competition.Broadcaster owns rights to own competition with the potential to monetize by selling ri

59、ghts.In additional to running their own tournament,the broadcaster owns teams.Teams compete in the broadcasters competition and other competitions(and other e-sports).The broadcaster supplements the broadcasting platform with a community platform where fans can interact with their favorite pros.Fans

60、 can signal their support using digital gestures(possible to monetize).Successcriteria Rights are obtained to show major competitions.Well-designed commentary caters to both newbies and hardcore gamers.Authentic non-com-petition program-ming captures e-sports fans.Broadcaster can organize best-in-cl

61、ass tournament experience for teams and fans.Demand exists for rights both online and overseas.There is an ability to attract top teams for competition.The broadcaster can attract top-quality teams.A compelling story can be built around the team that fans will buy into.The team is successful in comp

62、etition.Broadcaster teams need to have a strong fan-following.Teams must be successful in competition.Examples ESPN League of Legends beIN E-Ligue 1sports ActivisionBlizzardMLG Esports Series E-league Twitch SmashcastRevenuestreamsPotential global market size(2024f)Advertising and sponsorship Subscr

63、iption for premium content Content-sharingAs left,plus:Sale of competition broadcast rights Ticket salesAs left,plus:Team merchandise sales Team co-sponsorshipAs left,plus:Micro-transactions Data and analytics$600 million$700 million$0.9 billion$1.1 billion$1.1 billion1.3 billionMore than$1.5 billio

64、nTeamCompetitionOwned bybroadcasterCompCompCompAnnouncerArena masterTalent managerAll rounderBroadcastingplatformCommunityplatformBroadcasting platformCompCompCompCompBroadcasting platformCompCompCompBroadcasting platformCompComp9Esports:leveling-upAt least in the short to medium term,esports is unl

65、ikely to support subscription revenues because audiences are accustomed to free content.Success may require monetizing the service through one or a combination of methods:Advertising.Companies pay to advertise to a broadcasters audience.Because the esports audience is highly sensitive to brands and

66、marketing messages,advertising will need to be subtle.Brands will first need to make a genuine,authentic connec-tion with viewers.Intrusive banner ads,for example,are not typically effective with this audience.Sponsorship.Companies can choose to sponsor programs,wardrobes,furniture,or locations or a

67、ct as digital sponsors.For example,a post-game analysis show could feature sponsored gaming chairs or a logo on the website video player and have players consume a sponsors drink.Premium membership and content.Viewers all get the basic free streaming service and associated content,but they can unloc

68、k premium content for a fee.This can take the form of viewing live streams in HD or with different themes and viewing angles.Content sharing.Announcers can sell segments,day shows,or similar content to other broadcasters and platforms.Arena masterOrganizing competitions creates ready access to conte

69、nt,but there will still need to be an agreement in place with the publishers.One success story is PVP Esports,a tournament launched by Singtel in 2018 that has become a staple of the esports scene in Asia Pacific.Beyond broadcasting through their own platforms,owning and running a competition allows

70、 broad-casters to sell their competition to other networks around the globe.Being closer to the competition also gives broadcasters content before and after the competition as well as strong local branding of the broadcasters commitment to esports.The competi-tions success would depend on the broadc

71、aster being able to run a competent esports competition and attract the strongest talent in the world or region,likely through competitive prize money.Running a competition opens several new revenue streams:Advertising and sponsorships.Broadcasters can sell advertising and sponsorship tied to their

72、own tournament at better rates than broadcast adver-tising,especially if being broadcast beyond their own channels.Media rights.Broadcasters will own the rights to their own competitions and can charge other broad-casters for the rights to show the competition on t heir channels.Ticketing and hostin

73、g.Tournaments often sell out within minutes,providing ticketing revenues.Additionally,having so many fans in attendance opens avenues to sell merchandise.Turner Sports ELEAGUE attracted more than 9 million viewers in its first season.10Esports:leveling-upTalent managerGoing hand in hand with running

74、 their own competi-tions,broadcasters can create and own their own esports teams.For example,SK Telecom in Korea was one of the first telcomedia companies to have its own esports team.This team can compete in the broadcasters own competition as well as other competitions throughout the season,giving

75、 the broadcaster exposure at global events.This also gives viewers the chance to follow the team throughout the season with inside-the-room access that is not available elsewhere.Reality shows presenting behind-the-scenes stories of an esports team,similar to HBOs Hard Knocks,would be insightful for

76、 fans of all knowledge levels,while a competition reality show where entrants compete for a spot on the channels team would be entertaining,similar to Fox Footys The Recruit or The NRL Rookie on 9GO!Owning and running a team opens two revenue streams while also increasing buy-in from local fans:sale

77、s of team merchandise and digital items and co-sponsorship of team equipment,furniture,attire,and even the team name.All rounderThe esports viewing demographic craves frequent online interactions with other viewers and stars.Esports is a co-creating experience:a live stream on Twitch shows a screen

78、of the gameplay,a screen of the players reactions,and a chat screen for viewers to communicate with both the player and each other.For a viewer,the chat function is a way to interact with fellow fans,a way to learn(most popular players take time to explain their decisions to the chat group),and a wa

79、y to influence the decisions the player makes.Forming a similar platform will create a community around the broadcasters content,add to its professional streams,and build the required authenticity.Micro-transactions.Fans can show their support by purchasing digital gifts.For example,a Twitch user wa

80、tching a player can send a range of perks,such as ad-free viewing,undisrupted chat,badges,and emojis.Analytics.Hosting an esports platform offers a wealth of valuable data on the behavior and preferences of the audience and the gamer that can be packaged and sold as either one-off insights or contin

81、uous data streams to interested parties such as publishers or other platforms.A community-based platform where amateurs stream their gameplay also offers rich data that can be sold to talent agencies.Data can be used to curate content that is tailored to each viewer,enhancing his or her experience w

82、hile increasing the customer lifetime value and advertisers return on investment.Hosting an esports platform offers a wealth of data on the behavior and preferences of the audience and the gamer.11Esports:leveling-upSource:Kearney analysisFigure 7Broadcasters will need to build credibility with espo

83、rts fansThree-to five-year esports road map for broadcastersIllustrativePublisherEngage with a game publisher to negotiate media rights for select games and events based on local demand.Local marketIdentify local market partners for competitions,teams,and community engagement.Build iterativelyTest c

84、oncepts,formats,platforms,and fail fast.Mature,stableesports offersBuild credibility as an esports brandEngage with fans,and incorporate market feedback.There are risks,so start small,test,and scaleIn this constantly shifting landscape,lack of certainty is the only certainty:Lack of clarity about th

85、e shelf life of games.Alleviate the risk by partnering with reliable studios that have been mainstays of esports since its inception,including Activision Blizzard and Valve.Dominance of the central platform.For now,Twitch is the most popular platform for broadcasting competitions.Mitigate by carving

86、 out a niche for a game,genre,or region,such as Oceania and Southeast Asia.Lack of demand for premium content.Constantly test and refine based on customer feedback.In the interim,lean on advertising and sponsorships.Difficulty building credibility.Move early,and fail fast.The esports audience is hig

87、hly skeptical of outsiders,and a first mover will gain ground by building credi-bility as an esports brand(see figure 7).Time to actBroadcasters around the world are fighting for relevance as over-the-top and on-demand players erode their market share and revenue.Live sports remain the last bastion

88、for linear programming,but the cost of rights is on the rise,and subscription revenues are not keeping pace.Broadcasters scale,know-how,and reach make them strong,logical candidates to win in this space.However,a shift in thinking is needed:what works for traditional sports will not attract and reta

89、in esports audiences.Broadcasting will need to be digitally led and authentic to the culture that has created this billion-dollar industry.Big bets will eventually need to be placed,but broadcasters can start small with a relatively minor investment.Now is the time to act to avoid getting left in th

90、e dust as the biggest sports opportunity of the 21st century forges ahead.12Esports:leveling-upMike ChapmanPartner,Washington,D.C Christophe FirthPartner,Sydney Rob HarrissPartner,Sydney Sarovar AgarwalPartner,Melbourne Peter MunroPartner,Sydney AuthorsThe authors would like to thank Olivier Ducloux

91、 for his valuable contributions to this report.13Esports:leveling-upFor more information,permission to reprint or translate this work,and all other correspondence,please email .A.T.Kearney Korea LLC is a separate and independent legal entity operating under the Kearney name in Korea.A.T.Kearney oper

92、ates in India as A.T.Kearney Limited(Branch Office),a branch office of A.T.Kearney Limited,a company organized under the laws of England and Wales.2022,A.T.Kearney,Inc.All rights reserved.As a global consulting partnership in more than 40 countries,our people make us who we are.Were individuals who take as much joy from those we work with as the work itself.Driven to be the difference between a big idea and making it happen,we help our clients break