Why is Esports a Rapidly Growing Industry?

Esports, a term that was once considered an anomaly, has now become a thriving industry. It’s no secret that the world of competitive video gaming has been growing rapidly over the past few years, with millions of fans tuning in to watch their favorite games and players in action. But why is esports such a rapidly growing industry? What is it about competitive gaming that has captured the hearts of so many people around the world? In this article, we’ll explore the reasons behind the meteoric rise of esports and why it’s here to stay. So, get ready to gear up and dive into the world of esports!

The Evolution of Esports

The Origins of Esports

Esports has its roots in the 1970s, where it was primarily used as a tool for scientific research. The first known esports event was the Spacewar Tournament, held in 1972 at Stanford University. This tournament featured the game Spacewar, which was programmed by a group of researchers led by Professor Howard A. Owen. The event was not open to the public and was intended for the researchers to gather data on how people interacted with the game.

However, it wasn’t until the 1990s that esports started to gain popularity among the general public. The first major esports tournament was the Nintendo World Championship in 1990, which was held in Los Angeles. The tournament featured the game Super Mario Brothers and had a prize pool of $10,000. This event helped to popularize esports and led to the creation of more tournaments and competitions.

Esports continued to grow in popularity throughout the 1990s and 2000s, with the introduction of new games and technologies. The advent of online gaming and the rise of professional gaming leagues and organizations also contributed to the growth of esports. Today, esports is a global phenomenon with millions of fans and a multi-billion dollar industry.

The Growth of Esports as a Competitive Sport

Esports has experienced exponential growth over the past decade, with the number of players, fans, and investors increasing year after year. This growth can be attributed to the evolution of esports as a competitive sport.

One of the main reasons for the growth of esports is the rise of online gaming. With the advent of the internet, gamers around the world have been able to connect and compete with each other in a variety of games. This has led to the development of professional esports leagues and tournaments, where players can compete for large prizes and recognition.

Another factor contributing to the growth of esports is the increasing popularity of mobile gaming. With the rise of smartphones and mobile internet, mobile games have become a significant part of the esports landscape. This has opened up new opportunities for gamers and investors alike, as mobile esports tournaments and leagues continue to gain traction.

Furthermore, the growth of esports has been fueled by the emergence of new technologies, such as virtual reality (VR) and augmented reality (AR). These technologies have enabled gamers to experience games in new and immersive ways, making esports more exciting and engaging for both players and spectators.

Overall, the growth of esports as a competitive sport can be attributed to a combination of factors, including the rise of online gaming, the popularity of mobile gaming, and the emergence of new technologies. As these trends continue to shape the industry, esports is poised to become an even more significant part of the global entertainment landscape.

The Expansion of Esports into Mainstream Culture

The growth of esports as a global phenomenon has been remarkable in recent years. This can be attributed to several factors, including the increasing popularity of video games, the rise of online gaming platforms, and the emergence of professional esports leagues and tournaments. However, one of the most significant reasons for the rapid growth of esports is its expansion into mainstream culture.

Increased Media Coverage

One of the key drivers of the expansion of esports into mainstream culture is the increased media coverage that the industry has received in recent years. With the rise of dedicated esports media outlets, traditional sports media, and mainstream news outlets, esports has gained significant exposure, reaching a wider audience and increasing its visibility among mainstream consumers. This increased media coverage has helped to elevate the status of esports, making it more accessible and appealing to a broader audience.

Corporate Sponsorship and Investment

Another factor that has contributed to the expansion of esports into mainstream culture is the increasing involvement of corporate sponsors and investors. As the popularity of esports has grown, so too has the interest of companies looking to capitalize on the industry’s potential. Many major brands have invested in esports teams, leagues, and events, helping to legitimize the industry and drive its growth. This influx of investment has allowed esports to expand its reach, with more events, higher prize pools, and greater production values, making it more appealing to fans and viewers alike.

Mainstream Acceptance and Recognition

Finally, the expansion of esports into mainstream culture can also be attributed to its growing acceptance and recognition by mainstream society. As esports has become more established and successful, it has gained more mainstream acceptance, with many people now seeing it as a legitimate form of entertainment and competition. This acceptance has been further bolstered by the recognition of esports by traditional sports organizations and governing bodies, with many now acknowledging esports as a sport in its own right.

Overall, the expansion of esports into mainstream culture has been a crucial factor in its rapid growth. With increased media coverage, corporate sponsorship and investment, and mainstream acceptance and recognition, esports has been able to reach a wider audience and establish itself as a legitimate industry. As it continues to grow and evolve, it is likely that esports will continue to expand its reach and influence, becoming an increasingly important part of mainstream culture.

The Economic Impact of Esports

Revenue Streams in Esports

Esports has emerged as a significant economic force, generating substantial revenue streams. These revenue streams can be broadly categorized into the following:

1. Tournament Prize Money: Tournaments are a major source of revenue for esports, with prize pools often reaching millions of dollars. Major tournaments like The International Dota 2 Championship and the Fortnite World Cup have awarded prize money in the tens of millions of dollars.
2. Sponsorship and Advertising: Esports teams and players can generate revenue through sponsorships and advertising deals. Brands like Coca-Cola, Red Bull, and BMW have entered the esports market, recognizing the potential of reaching a young, tech-savvy audience.
3. Media Rights: As the popularity of esports grows, media rights have become a significant revenue stream. Streaming platforms like Twitch and YouTube offer live broadcasts of esports events, with some channels attracting millions of viewers. In addition, traditional broadcasters like ESPN and Sky Sports have started to air esports events, further driving revenue.
4. Merchandise and Branded Products: Esports teams and players can also generate income through the sale of merchandise, such as jerseys, t-shirts, and other branded products. The growing popularity of esports has led to an increase in demand for these items, creating a new revenue stream for teams and players.
5. Game Sales and In-Game Purchases: The games themselves can also be a source of revenue for the esports industry. Game developers can earn money from the sale of their games, as well as from in-game purchases, such as cosmetic items or virtual currency. These purchases can add up, with some players spending significant amounts on in-game items.
6. Esports Venue and Stadium Revenue: As esports events grow in size and scale, the demand for dedicated esports venues and stadiums increases. These venues can generate revenue through ticket sales, concessions, and merchandise sales, providing another source of income for the industry.

The diversity of revenue streams in esports highlights the industry’s potential for growth and sustainability. As the esports ecosystem continues to evolve, new revenue streams are likely to emerge, further fueling the industry’s expansion.

Investment and Funding in Esports

The esports industry has seen a surge in investment and funding over the past few years, making it a rapidly growing industry. This has been driven by the increasing popularity of esports, as well as the potential for high returns on investment.

In recent years, there has been a significant increase in the amount of funding available for esports teams and organizations. This has come from a variety of sources, including venture capital firms, traditional sports teams, and even individual investors.

One of the main reasons for this increase in investment is the potential for high returns on investment. Esports has the potential to generate significant revenue through a variety of sources, including sponsorships, advertising, and merchandise sales. As a result, investors are increasingly looking to the esports industry as a potentially lucrative investment opportunity.

Another factor driving investment in esports is the increasing popularity of the industry. Esports has seen a surge in popularity in recent years, with more and more people tuning in to watch competitive video game tournaments. This has led to a growing audience for esports, making it an attractive investment opportunity for advertisers and sponsors.

Overall, the increase in investment and funding in esports has been a major driver of the industry’s growth. As more and more investors see the potential for high returns on investment, the industry is likely to continue to expand and evolve in the coming years.

The Role of Sponsorships and Partnerships in Esports

The growth of esports can be attributed to the increasing involvement of sponsors and partners. These companies provide financial support to teams, tournaments, and players, allowing them to focus on their performance and career development. Sponsorships and partnerships have become essential for the success of esports, as they provide the necessary funding for infrastructure, technology, and talent development.

One of the primary reasons why sponsors and partners are attracted to esports is the large and engaged audience. Esports have a global fan base that is passionate about the games and the players, and this audience is only growing larger. In addition, the demographics of the esports audience are attractive to marketers, as they are primarily composed of young adults, who are often difficult to reach through traditional advertising channels.

Another reason why sponsorships and partnerships are important in esports is that they provide teams and players with access to resources and expertise. Sponsors and partners can offer marketing, branding, and business development support, which can help teams and players grow their brand and increase their revenue streams. In addition, sponsors and partners can provide access to technology, equipment, and training facilities, which can improve the performance of teams and players.

Sponsorships and partnerships also play a critical role in the development of the esports industry as a whole. They provide funding for new initiatives, such as the creation of new leagues and tournaments, the development of new games, and the establishment of new infrastructure. These initiatives are essential for the growth of the industry, as they create new opportunities for teams, players, and fans to engage with esports.

Overall, the role of sponsorships and partnerships in esports cannot be overstated. They provide the necessary funding for the industry to grow and develop, and they help to create a more robust and sustainable ecosystem for teams, players, and fans. As the industry continues to expand, it is likely that the importance of sponsorships and partnerships will only continue to grow.

The Technological Advancements in Esports

The Impact of Technology on Esports

The Role of Internet and Streaming Platforms

The growth of esports can be attributed to the rapid advancements in technology, particularly the internet and streaming platforms. The internet has provided a platform for gamers to connect and compete with each other, regardless of their location. This has enabled the creation of online gaming communities, where players can form teams, participate in tournaments, and share their experiences with other like-minded individuals.

Streaming platforms such as Twitch and YouTube have also played a significant role in the growth of esports. These platforms have made it possible for gamers to broadcast their gameplay live to a global audience, providing a unique entertainment experience for viewers. As a result, many gamers have become influencers, earning money from sponsorships and advertising revenue.

The Emergence of Virtual Reality and Augmented Reality

Another technological advancement that has had a significant impact on esports is the emergence of virtual reality (VR) and augmented reality (AR). VR and AR technologies have transformed the gaming experience by providing a more immersive and interactive environment for players. With VR, players can experience a fully immersive gaming environment, where they can interact with the game world in a more realistic way. AR, on the other hand, overlays digital content onto the real world, creating a new dimension of gameplay.

These technologies have opened up new opportunities for esports, including the creation of new game genres and the development of new competitive gaming experiences. For example, VR and AR have been used to create esports games that combine physical activity with gaming, such as virtual reality fitness games.

The Use of Big Data and Analytics

Big data and analytics have also had a significant impact on esports. With the collection and analysis of vast amounts of data, teams and players can gain insights into their performance, identify areas for improvement, and develop strategies to gain a competitive advantage. This has led to the development of sophisticated data analysis tools, such as heat maps and player performance metrics, which can provide valuable insights into gameplay.

In addition, big data and analytics have enabled the creation of esports betting and fantasy leagues, where fans can place bets on their favorite teams and players or create fantasy teams based on real-life performance data. This has opened up new revenue streams for the esports industry and has helped to increase fan engagement.

Overall, the impact of technology on esports has been significant, transforming the industry into a global phenomenon with a massive following. As technology continues to advance, it is likely that esports will continue to grow and evolve, providing new opportunities for gamers, teams, and sponsors alike.

The Rise of Cloud Gaming and Streaming Services

Cloud gaming and streaming services have revolutionized the way esports is consumed and played. These services have enabled gamers to access games and esports content without the need for expensive hardware or extensive knowledge of technical specifications.

Increased Accessibility

Cloud gaming and streaming services have made esports more accessible to a wider audience. With the rise of these services, gamers can now access a wider range of games and esports content without the need for expensive hardware or extensive knowledge of technical specifications. This has enabled a greater number of people to participate in esports, regardless of their location or technical abilities.

Greater Convenience

Cloud gaming and streaming services have also made esports more convenient for gamers. These services allow gamers to access their favorite games and esports content from anywhere, at any time. This has enabled gamers to participate in esports tournaments and events from the comfort of their own homes, without the need to travel to physical locations.

Increased Popularity

The increased accessibility and convenience provided by cloud gaming and streaming services has led to a significant increase in the popularity of esports. These services have enabled a greater number of people to participate in esports, leading to a larger and more diverse community of gamers. This has, in turn, led to an increase in the number of esports tournaments and events, as well as an increase in the amount of investment and sponsorship in the industry.

Improved Spectator Experience

Cloud gaming and streaming services have also improved the spectator experience for esports. These services allow spectators to access live streams of esports events and tournaments from anywhere in the world, providing a more immersive and engaging experience for fans. This has helped to further increase the popularity of esports, as well as attract new audiences to the industry.

In conclusion, the rise of cloud gaming and streaming services has played a significant role in the growth of the esports industry. These services have increased accessibility, convenience, and popularity, while also improving the spectator experience for esports fans. As these services continue to evolve and improve, it is likely that the esports industry will continue to grow and expand in the coming years.

The Importance of Infrastructure and Connectivity in Esports

The growth of esports as an industry can be attributed to several factors, one of which is the advancements in technology. The increasing reliance on technology has significantly impacted the way people engage in gaming, with esports being one of the most affected sectors. However, to fully understand the importance of technology in esports, it is essential to consider the role of infrastructure and connectivity.

The Impact of Good Infrastructure on Esports

Infrastructure refers to the physical and digital framework that supports the functioning of the industry. Esports rely heavily on good infrastructure to ensure that games can be played and streamed without interruptions. A well-developed infrastructure is essential for providing a seamless gaming experience, which is crucial for attracting and retaining viewers. Good infrastructure also ensures that players can connect to each other and to the internet quickly and efficiently, reducing lag and ensuring that games are played fair and square.

The Importance of Connectivity in Esports

Connectivity refers to the ability of players to connect to each other and to the internet. Esports relies heavily on connectivity to ensure that games can be played and streamed without interruptions. Good connectivity is essential for providing a seamless gaming experience, which is crucial for attracting and retaining viewers. Esports tournaments require players to be connected to each other and to the internet to ensure that games can be played and streamed without interruptions. Poor connectivity can result in lag, which can be frustrating for players and viewers alike. Therefore, esports organizers must ensure that the venues they use have good connectivity to support the tournaments.

The Role of Internet Service Providers (ISPs) in Esports

Internet Service Providers (ISPs) play a crucial role in ensuring that esports tournaments are played and streamed without interruptions. ISPs are responsible for providing the necessary infrastructure and connectivity to support the tournaments. They must ensure that the network infrastructure is reliable, fast, and efficient to support the high-bandwidth demands of esports tournaments. ISPs must also ensure that there is enough capacity to support the number of players and viewers that will be using the network during the tournament.

In conclusion, the importance of infrastructure and connectivity in esports cannot be overstated. A well-developed infrastructure and good connectivity are essential for providing a seamless gaming experience, which is crucial for attracting and retaining viewers. Esports organizers must work closely with ISPs to ensure that the necessary infrastructure and connectivity are in place to support the tournaments.

The Global Reach of Esports

The Popularity of Esports Worldwide

Esports has experienced a remarkable rise in popularity across the globe in recent years. The industry has seen an exponential growth in the number of viewers, players, and tournaments, with millions of people tuning in to watch professional gamers compete in various video games.

One of the key factors contributing to the popularity of esports is the increasing accessibility of gaming technology. With the widespread availability of high-speed internet and affordable gaming devices, more people than ever before are able to participate in esports activities.

Moreover, the growth of esports can be attributed to the rise of online gaming communities and social media platforms, which have facilitated the formation of virtual teams and connections between players from different parts of the world. These online communities have enabled gamers to connect with like-minded individuals, share strategies, and compete against one another in a variety of game genres.

Additionally, the rise of live streaming platforms such as Twitch and YouTube Gaming has played a significant role in the popularization of esports. These platforms allow viewers to watch live broadcasts of esports events, interact with other fans, and follow their favorite teams and players. As a result, the popularity of esports has transcended geographical boundaries, attracting a global audience that spans across cultures and age groups.

Esports has also gained mainstream recognition as a legitimate form of competitive sports, with numerous high-profile investments and partnerships with traditional sports organizations. This recognition has further fueled the growth of the industry, as more sponsors and advertisers seek to capitalize on the massive reach and engagement of esports.

Overall, the popularity of esports worldwide is a testament to the power of technology, social media, and live streaming platforms in bringing people together and fostering a shared passion for gaming and competition.

The Growth of Regional Esports Scenes

The growth of regional esports scenes is one of the key factors contributing to the rapid expansion of the esports industry. In recent years, there has been a significant increase in the number of local esports competitions and events being held in various regions around the world. This growth can be attributed to several factors, including the increasing popularity of esports, the availability of advanced technology, and the support of local governments and sponsors.

One of the primary drivers of the growth of regional esports scenes is the increasing popularity of esports among young people. As more and more people become interested in competitive video gaming, there is a growing demand for local esports events and competitions that cater to this interest. These events provide a platform for gamers to showcase their skills, connect with other players, and compete in a fun and exciting environment.

Another factor contributing to the growth of regional esports scenes is the availability of advanced technology. With the widespread adoption of high-speed internet and the development of sophisticated gaming hardware, it is now easier than ever for gamers to participate in esports events and compete against others from around the world. This has enabled the growth of regional esports scenes, as gamers can now easily connect with others in their area and compete in local events.

Local governments and sponsors are also playing a key role in the growth of regional esports scenes. Many governments are recognizing the potential of esports as a valuable economic sector and are providing support and funding for local esports events and organizations. Additionally, many companies are seeing the value in sponsoring local esports teams and events, as it provides an opportunity to reach a younger and more tech-savvy demographic.

Overall, the growth of regional esports scenes is a critical factor in the rapid expansion of the esports industry. As more and more people become interested in competitive video gaming, and as technology continues to advance, it is likely that we will see even more growth in this exciting and dynamic sector.

The Internationalization of Esports Tournaments and Events

The internationalization of esports tournaments and events has played a significant role in the rapid growth of the esports industry. In recent years, esports tournaments and events have expanded beyond their initial regional focus, reaching a global audience and attracting both players and sponsors from around the world.

One of the key drivers of this internationalization has been the increasing availability of high-speed internet and online gaming platforms, which have enabled players from different parts of the world to compete against each other in real-time. This has led to the creation of global esports leagues and tournaments, such as the League of Legends World Championship and the Dota 2 International, which attract millions of viewers and generate significant revenue for the industry.

In addition to the growth of global esports tournaments, the internationalization of the industry has also been fueled by the rise of dedicated esports facilities and teams. These teams are often backed by large corporations and investors, and are designed to compete at the highest levels of esports competition, both domestically and internationally.

Furthermore, the internationalization of esports has been facilitated by the development of specialized esports broadcasting and streaming platforms, such as Twitch and YouTube Gaming, which have made it easier for fans around the world to access and follow esports events. This has helped to build a global fan base for the industry, and has contributed to the rapid growth of esports as a whole.

Overall, the internationalization of esports tournaments and events has been a key factor in the industry’s rapid growth, enabling it to reach a global audience and attract both players and sponsors from around the world. As the industry continues to expand, it is likely that this trend will continue, with new global esports leagues and tournaments emerging and existing events continuing to grow in size and popularity.

The Future of Esports

Predictions for the Future of Esports

Esports is poised for continued growth and expansion in the coming years. Here are some predictions for the future of esports:

• Increased Mainstream Acceptance: Esports is becoming increasingly accepted as a legitimate form of competition and entertainment. As more mainstream media outlets cover esports events and broadcast them to a wider audience, it is likely that the stigma surrounding esports will continue to dissipate.
• Technological Advancements: Advances in technology will continue to play a major role in the growth of esports. Virtual reality and augmented reality technologies have the potential to revolutionize the way esports events are experienced by fans, while artificial intelligence and machine learning could be used to enhance the gameplay experience.
• Global Expansion: Esports has already gained popularity in many countries around the world, and this trend is likely to continue. As more countries invest in esports infrastructure and organizations, the global esports market is poised for continued expansion.
• Professionalization of the Industry: As the esports industry continues to grow, it is likely that more professional leagues and teams will emerge. This will create more opportunities for players to make a living through esports, and will also lead to more investment in the industry as a whole.
• Integration with Traditional Sports: Esports may continue to integrate with traditional sports, such as through partnerships with professional sports teams or the inclusion of esports events in major sporting events like the Olympics. This could lead to further mainstream acceptance of esports and increased investment in the industry.

The Potential Challenges and Opportunities in Esports

The Challenges

• Regulation and Legal Issues: Esports faces challenges in terms of regulation and legal issues. With the rapid growth of the industry, governments and regulatory bodies are struggling to keep up with the changes and developments. This can create legal and regulatory uncertainty, which can slow down the growth of the industry.
• Lack of Standardization: Another challenge facing the esports industry is the lack of standardization. There is no standard format for tournaments, which can lead to confusion and inconsistency. This can make it difficult for sponsors and broadcasters to invest in the industry, as they may not know what to expect.
• Talent Development and Retention: Esports teams and organizations face challenges in developing and retaining talent. With the rapid growth of the industry, there is a high demand for skilled players and coaches. However, the industry is still in its early stages, and there is a limited pool of talent to draw from. This can make it difficult for teams and organizations to build and maintain a competitive roster.

The Opportunities

• Increasing Popularity: Esports is rapidly growing in popularity, with a global audience of hundreds of millions of people. This presents a huge opportunity for sponsors and advertisers to reach a young and engaged audience.
• Technological Advancements: The esports industry is constantly evolving, with new technologies and platforms emerging all the time. This presents opportunities for innovation and growth, as well as new revenue streams.
• Global Reach: Esports has a global reach, with tournaments and events taking place all over the world. This presents opportunities for teams and organizations to expand into new markets and reach new audiences.
• Data Analytics: The esports industry generates vast amounts of data, which can be used to gain insights into player behavior, audience preferences, and more. This presents opportunities for teams and organizations to use data analytics to improve their performance and engage with their audience more effectively.

The Impact of Emerging Technologies on Esports

Virtual Reality (VR)

One of the most significant impacts of emerging technologies on esports is the integration of virtual reality (VR) technology. VR allows players to fully immerse themselves in the gaming experience, creating a more engaging and realistic environment. This has led to an increase in the popularity of VR-based esports games, such as [Insert example of VR-based esport game].

Artificial Intelligence (AI)

Artificial intelligence (AI) is another technology that is having a significant impact on esports. AI can be used to enhance the gaming experience by creating more intelligent and challenging opponents, as well as providing personalized recommendations to players based on their playstyle. Additionally, AI can be used to analyze player data and provide insights that can help teams improve their performance.

5G Technology

The rollout of 5G technology is also expected to have a significant impact on esports. The increased speed and lower latency of 5G networks will enable faster and more reliable online gaming experiences, making it easier for players to compete against each other in real-time. This will likely lead to an increase in the popularity of online esports tournaments and events.

Cloud Gaming

Cloud gaming is another technology that is expected to have a significant impact on esports. Cloud gaming allows players to access games and play against other players without the need for expensive hardware or software. This makes it easier for people to get involved in esports, as they do not need to invest in expensive equipment. Additionally, cloud gaming can enable new forms of collaboration and cooperation between players, as they can work together on the same game from different locations.

Overall, the integration of emerging technologies into esports is likely to continue to drive the growth of the industry. As these technologies become more widespread, they will likely enable new forms of competition, collaboration, and entertainment, making esports an even more exciting and engaging activity for players and spectators alike.

FAQs

1. What is esports?

Esports refers to competitive video gaming, where players or teams compete against each other in organized tournaments or events. It encompasses a wide range of games, including first-person shooters, real-time strategy games, fighting games, and sports games, among others.

2. Why is esports growing so rapidly?

Esports is growing rapidly due to several factors, including the increasing popularity of video games, the rise of online gaming, and the advent of live streaming platforms like Twitch and YouTube Gaming. Additionally, the growth of esports can be attributed to the development of professional leagues and tournaments, which have attracted sponsors and investors, leading to higher prize pools and larger audiences.

3. How big is the esports industry?

The esports industry is projected to continue its rapid growth, with some estimates predicting that it will be worth over $1 billion by 2023. The industry is supported by a variety of stakeholders, including game publishers, teams, players, event organizers, sponsors, and broadcasters.

4. What types of games are popular in esports?

The most popular games in esports vary depending on the region and the specific game title. However, some of the most popular games include League of Legends, Dota 2, Counter-Strike: Global Offensive, Fortnite, and Overwatch.

5. Who are the biggest esports teams and players?

There are many successful esports teams and players, but some of the most well-known include Team SoloMid (TSM), Fnatic, Cloud9, and G2 Esports. Some of the most successful players include Faker, Na’Vi, and s1mple.

6. Where can I watch esports events?

Esports events can be watched on a variety of platforms, including live streaming services like Twitch and YouTube Gaming, as well as traditional sports broadcasters like ESPN and Sky Sports. Additionally, many professional leagues and tournaments have their own dedicated streaming platforms, such as the Overwatch League on Twitch and the LCS on YouTube Gaming.

7. How can I get involved in esports?

There are many ways to get involved in esports, whether as a player, team owner, coach, or spectator. You can start by playing video games and joining online communities or local gaming events. If you have a passion for esports, you can also consider pursuing a career in the industry by joining a team, participating in tournaments, or working for an esports organization.

Esports is growing into a $1 billion industry | CNBC Sports