Money in esports is growing by 18% annually. By 2030, the amount will exceed $5 billion

Esports continues to grow rapidly, and according to a recent report by Arizton, its market will grow every year. The global esports market is expected to reach over $5 billion in the next five years. This growth is driven by a high compound annual growth rate (CAGR) of 17.48%, making esports one of the fastest-growing and most profitable industries.

In comparison, giants such as the American football industry are showing an average annual growth rate of only about 6.9%, and the global music market is expected to grow by 7.8% by 2029. The esports market is currently estimated at around $2 billion, which highlights the huge potential and attractiveness of this area for investors and developers.

The International Olympic Committee (IOC) has announced that the first Olympic Games for eSports will be held in Saudi Arabia in 2025, as part of a 12-year partnership with the country’s Olympic Committee. The host city, venues and dates for the events, as well as the specific games and qualification process for each discipline, have yet to be determined. The IOC says that international federations and national Olympic committees that are already involved in the digitalization of their sport and eSports in general will be the first partners for the event.

For the first Olympic Games for eSports, the IOC is taking a similar approach to last year’s event, which featured players competing in games such as Gran Turismo, Fortnite, Just Dance, Zwift and more. The IOC is also looking to attract other popular esports disciplines, with talks underway with publishers of Rocket League, Street Fighter and League of Legends. An esports Olympic Games could be held every two years, and South Korea and the United States are already in talks to host future games.

The IOC has debated for years whether to host an official esports event under its banner, and has finally decided to do so. However, the choice of Saudi Arabia to host the first esports Olympic Games has been controversial, given the country’s human rights record. Saudi Arabia has invested heavily in esports and gaming companies, hosting esports world championships with large prize pools, and seeking to boost its image through sporting and other public events.