The gaming industry is going from strength to strength with continuous growth on a global scale. With investments of over $60 billion in the first half of 2021, it has already almost doubled the total amount in 2020. With innovation taking center stage, many will be looking towards further opportunities in commerce to secure future growth as the industry once again prepares to level up.
Over the last 18 months, events quickly transformed how the global community communicated with friends, shopped, and interacted online. People of all ages were responsible for a spike in digital gaming activity in a world where we all became players. But global audiences are not just playing games; they are increasingly consuming more gaming-related content via live and recorded streams of games across multiple platforms.
As the world begins to open back up, interest in gaming and esports continues to dominate headlines. The arrival of 5G is creating more opportunities for esports companies to scale as mobile-first nations such as China and Southeast Asia continue to thrive with millions of new fans entering virtual arenas. But how can esports companies scale quickly enough to meet the demands of their audience?
Have the right people
Gaming is one of the fastest-growing industries and market environments. But it’s people who drive the heart of every business in this space. The most successful esports companies attract the best talent and investors to help realize their vision. But, identifying and developing this talent and creating a working culture that empowers every individual to be the best version of themselves is the easy part. Then, just like in video games, it’s keeping the momentum going and grinding through tasks where many fail.
Every esports player knows that if you don’t selflessly help others, look out for your teammates, or work together, you won’t get very far. Video games have taught us that although you might move forward faster alone, you can achieve much more in a group. There is no room for egos in business either, and the right people by your side combined with a growth mindset will result in many successful joint missions where objectives and goals are achieved.
In our virtual, physical, and digital lives, everybody is faced with grinding through cumbersome work that at the time feels unrewarding. But you need to dig deep and pull together to unlock hypergrowth. There is a strong argument that convincing brave, driven, and entrepreneurial-minded people to join your winning tribe requires leadership, communication, teamwork, and negotiation skills learned through playing video games. Once again, it’s people and teams that learn from each other that create the magic, whether online or offline.
Pivoting until you find your path
No start-up journey is clear-cut from the start, and nobody could have predicted that Zoom would be worth more than the world’s seven biggest airlines or that videogames would generate more revenue than movies and music combined. Elsewhere, many traditional companies are attempting to pivot to esports, which can be both a blessing and a curse.
For example, large traditional sporting events realized that their global fanbase of millions could never fit inside a sporting arena. So how do they keep their fans engaged? NASCAR was one of the first to pivot to esports, with its iRacing series attracting one million viewers per event. As the lines between traditional sport and esports begin to get blurry, it can create tremendous opportunities and challenges in equal measure for the industry.
It’s important to remember that YouTube would have become a video dating website without the pivot, and Instagram would have become a location-based game. In the same way that multiple lives in video games give you another chance to try a different approach, opportunities will always come your way on your mission to locate hypergrowth in your esports company
The universe will provide us with many opportunities to change and try something new. So, don’t waste these chances and always take advantage of the opportunities on the continuously evolving path that lies ahead. Most important of all, remember that the game is never over.
Explore the map
Don’t be afraid to go on side-missions if an exciting opportunity lands in front of you as long as you stay on track. By contrast, if you remain in the same place, you will quickly run low on resources or discover new ways to broaden your horizons.
By exploring one’s map, one can navigate unchartered digital waters to help design a plan. Blueprints involve finding esports teams with a strong community and solid foundation in each of the markets it operates in. With this foundation in place, they can be accelerated to become household names and compete among the region’s top teams. Additionally, partnering with brand ambassadors and content creators can take them to the next level with strategic partnerships, sponsorships, and content distribution across multiple channels.
The gaming industry has come a long way since its days of being on the fringes of popular culture. However, both gaming and esports are right at the heart of mainstream entertainment. By bridging the gap between the gaming world and the brands challenged with creating awe-inspiring content, it is hoped that we can take engaging experiences for esports and gaming fans to the next level.
One of the most significant growth opportunities in the industry is driving commerce by delivering physical and digital products. Having a clear game plan to navigate these challenging times has resulted in the hypergrowth of many industries, and gaming is no exception. But at the heart of everything is people. From every employee to every member of a gaming audience, it’s about how we all use technology to create powerful and authentic ways to connect with people.
This article is written by Tim Roemer, COO of Ampverse.