Esports accelerates as new Fortnite world champion awarded $3 million prize
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Esports accelerates as new Fortnite world champion awarded $3 million prize

If you read this newsfeed regularly, you will already be aware of the revolution in entertainment that is esports. The term denotes a convergence of three things: video games, sporting competition, and streaming technology. In short, it’s the practise of watching people play video games competitively in real time. If you think that sounds too ridiculous to be true, you need to get with the times: esports have been attracting millions of viewers to tournaments since at least 2013, and by 2020, it’s predicted there will be more eSports fans NFL fans! But what about the players? Increasingly, they’re becoming millionaires.

Over the last three months, video game giant Take-Two Interactive has seen its share price rise by 28%

Take Two July 30

Source: Yahoo Finance

The latest esports millionaire was crowned just this month. 16-year-old Kyle Giersdorf from the US won the Fortnite world championship at the Arthur Ashe Stadium in New York (which also hosts the US Open tennis tournament) and collected $3 million in the process. He wasn’t the only teenager to get rich on the day – with a prize pool amounting to $30 million, Fortnite broke records for having the largest prize pool in esports.

Ten or twenty years ago, the idea that you could become a millionaire in your teen years just by being good at computer games would have sounded ridiculous. But today, it’s increasingly becoming the norm – just as with traditional sports, the huge audience numbers make esports an advertising and sponsorship goldmine. Now, players are beginning to clean up. And Fortnite won’t hold the title for largest prize pool in esports long. In August, an event called The International is already slated to beat it.

With esports expected to be a billion-dollar industry this year, new streaming services from Big Tech looking to capitalise, and a steady supply of blockbuster titles to inspire gamers and audiences alike, the industry looks set to build on what is already a major new form of entertainment.

Disclosure

Dominion holds gaming companies like Take-Two Interactive, as well as other companies with an interest in esports, such as Amazon and Alphabet, in its Global Trends Ecommerce Fund.


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The views expressed in this article are those of the author at the date of publication and not necessarily those of Dominion Fund Management Limited. The content of this article is not intended as investment advice and will not be updated after publication. Images, video, quotations from literature and any such material which may be subject to copyright is reproduced in whole or in part in this article on the basis of Fair use as applied to news reporting and journalistic comment on events.