People gather for the largest esports competition in the world (Wikimedia Commons) |
Tournaments such as the League of Legends Championship Series and Overwatch League have been moved to online platforms. Although the amount of people who watch these events has not dropped, the revenue from live events have decreased significantly. Business Insider's Henry Blodget suggests the gaming industry won’t surpass the one billion dollar goal this year due to the coronavirus.
“Esports revenue will dive, thanks to cancellations and postponements from the coronavirus after a $1 billion-plus estimate for 2020,” he says.
The event E3 was canceled and many companies are scrambling to showcase their latest product to the world online. Sony, Microsoft, and Nintendo live streamed their newest products such as the PlayStation 5 and Xbox Series X in order to make up for the lost revenue.
“But companies have also increasingly turned to their direct channels to provide news to consumers. Nintendo, Sony, and Microsoft frequently host live-streamed events to announce games and consoles,” says Vox writer Allegra Frank.
Players and the gaming community were hit hard with esport events canceled all over the world. Events with over 10,000 attendees were stopped to slow the spread of COVID-19.
“The lack of real-world gaming events is a massive loss for the event organizers, players and the gaming community, but with many esports events holding over 10,000 attendees, the risk of infection was too high to ignore,” Kitty Bartholomew from IABUK said.
Luis Andino also contributed to this article
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