Many parents are worried about their children spending most of their free time playing video games. However, you will be surprised to know that it can be a straight way to a sports career for your kid. According to Statista, the global esports market is projected to grow by 8.21% from 2023 to 2027, resulting in a market volume of $5.43 billion in 2027. The projected growth indicates that the industry is still on the rise and has a promising future. As the industry continues to grow, so does the potential for players to earn a living from playing video games.
The Potential for Earning
The income potential from gaming is growing as there are different profit sources available to cyber athletes. First of all, professional gamers get prize money from competitions they take part in and win. For example, Team Spirit won $18,208,300 in 2021 after finishing first in the International 10 event with a total prize pool of $40,018,400.00. That’s already a lot, agree? Additionally to prize money, esports players can earn millions of dollars by streaming their gameplay in real-time, signing contracts with large organizations, entering sponsorship agreements with organizations both inside and outside of the gaming industry. These are just a few examples showing how profitable esports can be for individuals and teams.
Boosting is yet another source of income for those who play video games professionally. Take for example World of Warcraft, one of the most popular online MMORPG games with power leveling being an important part of it: completing quests, eliminating bosses, and earning experience points. It can be done solo or with a group. Regardless of the case, it requires a significant amount of time and effort. However, WoW power leveling can be a lucrative business for skilled players. Many cyber athletes offer power leveling services for a fee, and some of them have even made a career out of it.
Prime Genres for Gamers Aiming to Enter the Esports Arena
Multiplayer online battle arena (MOBA), first-person shooter (FPS), and real-time strategy (RTS) games are the video game genres most commonly associated with esports. Among the most well-known esports franchises are:
- Dota 2
- Mobile Legends: Bang Bang
- Fortnite
- CS:GO
- League of Legends
These popular computer games are perfect for competitive play since they call for a high degree of skill, strategy, and team play.
Streaming as a Career
Streaming has become a popular way for gamers to build a career and make money. With millions of monthly active users, Twitch, YouTube, and Facebook Gaming, are the most widely used streaming services. A mix of advertising, sponsorships, contributions, and subscriptions may bring in millions of dollars annually for the best streamers on these platforms. Some of the most successful streamers are Tyler “Ninja” Blevins, who has a net worth of about $40,000,000 by playing Valorant, CoD: Black Ops 4, LoL, Apex Legends, etc.
Thus, streaming has become a viable option for those looking to make a living from playing video games.
Esports Industry Projections
The global esports industry is set to explode, forecasted to skyrocket from $1.72 billion in 2023 to a staggering $6.75 billion by 2030, boasting a robust 21.5% CAGR. This growth is driven by the surge in live game streaming, increased gaming investments, ticket sales, rising viewership, engagement, and the demand for top-tier tournament infrastructure. Gamers, organizers, influencers, and developers are all fueling this expansion, enticed by substantial international prize money and the allure of esports as a professional career. Colleges and universities have also joined the trend, offering specialized programs to nurture student gaming skills.
What’s the Future?
Obviously, the esports sector is growing at a very exponential rate. Whether you’re a team owner, a cyberathlete, a media partner, or a casual player, there are various ways to make money in the gaming business. Video games can no longer be treated just as a hobby; they can help you create a career in the industry and even become rich. Parents should strive to understand the advantages of playing video game for their children, while also recognizing the importance of moderation in all activities. Encouraging a balanced lifestyle that includes gaming, studying, outdoor play, and honing soft skills is essential for a child’s overall well-being.