Esports is now bigger than movie and music industries, and there's 'no limit to it' - Ralph Simon
Technology continues to be a major driving force for the changes in the entertainment industries, and one of the effects of technological disruption has been the rise of esports, now bigger than both the music and movie industries combined in terms of revenue.
Ralph Simon, CEO of Mobilium Global, discusses with David Lin, anchor for Kitco News, the significance these technological innovations for investors.
"It's absolutely not a bubble," Simon said. "The global appeal and following for esports and and gaming, there's no limit to it. And now, women and women's teams are playing a part. I was at a big esports tournament in Indonesia a couple of years ago where they had 24 teams in a huge national competition in Indonesia, 276 million people, eight women's teams, 16 men's teams, all competing together."
Simon added that prize money for esports tournaments are now in double digit millions in some cases.
"Video gaming is now a massive industry, bigger than the global movie business, way bigger than the global music business, and with participation all around the world. There's a competition right now in Europe called Dota 2. The prize money is $29 million. So, I'm a big proponent of esports and gaming. There's an amazing team of esports athletes based out of Los Angeles FaZe Clan, run by a great guy named Lee Trink, that now have 50 or so players in the team, they're playing tournaments literally every week. They're paid-for tournaments like a golf circuit or a tennis circuit but it's the gamer and esports circuit," he said.
By David LinFor Kitco News
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dlin@kitco.comwww.kitco.com