Cannes hosts second eSports Bar
The esports business model starts here
Riding on the crest of the esports wave, Reed Midem is hosting the second esports bar in Cannes until February 14. According to research by CB Insights, esports globally brought in between $500 million and $1.1 billion in revenue last year. More than 300 esports leagues already run worldwide, with this figure set to grow. And in the past six years, privately held esports companies have raised more than $5 billion in venture financing across 350 deals.
The concentration of gaming, streaming and large, enthusiastic crowds has not gone unnoticed, with several major brands eager to get in on the trend. Last November, Riot Games of Los Angeles packed 80,000 people into the Beijing National Stadium for a League of Legends tournament. An estimated 30 million viewers watched the finals. AEG, one of the world’s largest concert promoters, has signed a deal with ESL to use its worldwide network of venues to host esports events. These include the 18,000-capacity Barclay Centre in New York and London’s iconic O2 Arena with room for 20,000 spectators.
At Cannes this year, several brands such as Renault will be present, sounding out the relevance of sponsorship deals. Indeed, industry analysts see sponsors as a key force in bringing esports to the next level.
For more about Esports Bar (another event is foreseen in Miami next September) visit their site.
UPDATE: the 2023 event will take lace in Paris.