How Esports Evolved in 2024
Esports is a rapidly changing industry, striving to embed itself firmly in mainstream culture.
To assess the evolution of the sector, Esports Insider annually gathers insights from key industry figures to analyze the past year in esports.
The year 2024 was marked by esports organizations and ecosystems adapting and growing amidst challenging winter conditions. Throughout the year, there was a noticeable trend of consolidation, with organizations announcing significant acquisitions and mergers to solidify their position in the industry.
Continue reading to discover how industry stakeholders defined esports in 2024, highlighting key scenes that either impressed or fell short of expectations.
Defining Esports in 2024
Steve Arhancet, CEO, Team Liquid
“In short, it was a complete battleground of enormous transformation for all sides of the equation — players, agencies, teams, and developers alike. Some businesses were washed away, but there are still powerhouses in every region, and games are flourishing.
“The number of gamers and esports fans continue to grow but it’s not a given that businesses will be able to capitalize on the opportunity. We have to figure out how to commercialize and engage with them in new and exciting ways, which is challenging but refreshing.”
Nicolas Maurer, Co-Founder and CEO, Team Vitality
“I’d say 2024 has been a year of consolidation. We’re not seeing many new leagues or games launching, but rather a clearer understanding across the industry of what really matters. The key games and tournaments, like League of Legends, CS2, and VALORANT, are more firmly established, and the gap between these leaders and the rest of the industry is growing.”
Noteworthy Achievements in 2024
Alban Dechelotte, CEO, G2 Esports
“2024 has been a record-breaking competitive year for G2, with more trophies won than ever before…
“We’ve also continued our growth in China — we’re the top western team in China on social media and top five teams overall vs Chinese teams. Our total VCT bundle sales were more than 50% from our Chinese fans, which is a great indication of our fanbase in the region.”
Marco Mereu, Founder and CEO, M80
“Survival. Esports is coming out of its toughest stretch in the history of the industry as the landscape of esports resets to workable models and revenue structures that make sense for long-term growth.
“While many teams were focused almost entirely on sponsorship revenue, we doubled down on emerging categories such as in-game digital goods and influencer-based CPG. This has enabled us to be buyers in a buyer’s market, most recently acquiring Beastcoast and adding to our esports and media portfolios.
Challenges Faced in 2024
Daniel Finkler, CEO, BIG
“Our biggest challenge in 2024 was navigating the financial pressures of an esports ecosystem still recovering from global economic slowdowns. Publisher dominance and unpredictable ecosystem shifts demanded constant adaptation.”
Steve Arhancet, CEO, Team Liquid
“Navigating the esports winter, while growing considerably. Most folks who are single-esport fans don’t know this, but we are truly a global enterprise, with Alienware Training Facilities and 350 staff on four continents.
“The amount of macro- and micro-management involved in running the business is something we have mastered over the years — but it’s still not as good as Clem at EWC!”
Impressive Esports Scenes in 2024
Craig Levine, co-CEO, ESL FACEIT Group
“EFG has been a believer in mobile esports for some time, but the enthusiasm we saw this year across the Snapdragon Pro Series was unprecedented. In particular, the Mobile Legends: Bang Bang community in Southeast Asia came out to support our Season 6 Open Qualifier, which became the most-watched open-level MLBB tournament of all time with 830,000 viewers.”
Animesh ‘8Bit Thug’ Agarwal, Co-Founder, S8UL
“In the Indian esports ecosystem, what stood out in 2024 was the growth into multiple titles beyond BGMI, including Pokémon Unite. S8UL’s own Pokémon Unite team made significant headway, performing exceptionally well on both national and international stages.”