As the digital revolution continues, there are also thousands of newly emerging, innovative ways to earn a living. One of those is within the eSports industry. You may have heard them referred to as “gamers.” Esports is short for electronic sports, which is an online, competitive video game where players can compete individually, professionally, or as part of a team.
The industry is experiencing explosive growth and revenue is pouring in, in Indiana as well as throughout the rest of the United States. For eSports entrepreneurs, this means there are multiple ways to make money, aside from playing the games themselves. However, the market is very competitive. Having a skilled team in place prior to your business launch can be the determining factor of its success or failure.
Who is working in the eSports industry?
Some business niches within the eSports industry include bloggers and journalists, live streamers such as players on Twitch, commentators on live streams and tournaments, marketing specialists, website builders and team or club owners. For a team owner, sponsorships can bring in huge payouts, but will require strategic and careful planning to become known. The eSports industry is set to grow to $3 billion by the end of 2022. We are not talking about pocket change.
Sound legal advice
There is one person whom the skilled team that I mentioned earlier should definitely include: an attorney knowledgeable and experienced in the eSports industry. From reviewing sponsorship contracts to advising on business formation and tax ramifications, he or she will be an invaluable part of the team. eSports is a fast-moving industry with a lot of confusing, moving parts. Don’t get caught up in the stream unprepared and miss out on the highest income earning potential of your new business venture.