Is Esports Dying in 2024?

The esports industry has suffered from various challenges and tribulations over the last few years, and the path it has followed to become as big as it is has been a weary one. It’s not over yet, though. Sadly, many issues still plague the industry that leave people asking the question: ‘Is esports dying?’

In this walkthrough, we’re identifying the biggest blockers that are preventing the esports industry from being considered profitable and sustainable. If you’ve been wondering whether esports is a good career path to follow, you’ll want to check out this guide first.

What’s Wrong With Esports?

The esports industry has suffered under the weight of many long-standing problems for more than a decade. It ebbs and flows like any other market, but it’s especially volatile, leading to organisations dipping in and out of the industry with an alarming regularity.

Unfortunately, it almost always comes down to dollars and cents. In the last few years, we’ve seen funding, investments, and cash on hand dwindle across the wider market, but at the same time, player and staff salaries have remained almost too high.

In terms of companies, the market is fast becoming saturated. More esports teams are surfacing every day, but the structure of major esports tournaments doesn’t tend to change, which means there isn’t ‘enough room’ to accommodate these aspiring organisations.

That being said, viewership is increasing, the number of fans supporting the industry is growing, and other revenue streams, such as betting, merchandising, and brand sponsorship deals, remain quite consistent.

So, Is Esports Dying Now?

Esports isn’t dying, but it is still recovering from a monumental boom that ballooned the industry to epic proportions in a relatively short time. We saw hundreds of millions of dollars invested in the esports industry, and some tournaments exploded, pulling in staggering prize pools that ultimately proved unsustainable.

It’s now a matter of adjusting on a global scale.

It can be argued that sports and esports are nothing without the fans and the viewers, and that’s where the esports industry shines. Most esports games are seeing a growth in viewership that’s nothing short of promising.

Here are some key examples:

• The Six Invitational 2024 set a peak viewership record at 521,374 users and kickstarted a popularity boom for the game.
• The League of Legends World Championship 2023 set a peak viewership record at 6,402,760 users, setting a new world record for the esports industry.
• The FNCS 2024 Global Championship became the most-watched Fortnite tournament in five years, securing a peak viewer count of 809,854.
• The PGL Major Copenhagen 2024 proved to be a huge boost for Counter-Strike 2, landing a peak viewer count of 1,853,954 users.

The global fanbase is growing, and that means more ticket and merchandise sales. It also means better stability for investors and sponsors who are slowly but surely coming back into the fold. It means more ad revenue from boosted streams, co-streaming opportunities, and more esports bettors going out and placing wagers.

It’s tough for new esports games to surface, but that doesn’t mean developers have stopped trying. In recent months, we’ve seen the likes of The Finals, Spectre Divide, Tarkov Arena, Deadlock, Stormgate, and XDefiant all surface with the desire to become an esports game.

Ultimately, the appetite is there to make something special out of the esports industry. With almost half a billion enthusiasts worldwide, there’s a solid fanbase pooling, and with the likes of the Esports World Cup and the Olympic Esports Games trying hard to add further legitimacy to the industry, we’re likely only a few years away from a much more sustainable position.

Stay tuned for more Insider Gaming Esports coverage

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