18 Aug Singapore: Regional Hub for Esports
Singapore is now eyeing to be a regional hub for esports in Southeast Asia.
Singapore competed in the Olympics with athletes like Joseph Schooling, a gold medalist who broke Michael Phelps’s Olympic record in Rio 2016 – now Singapore sets its sight on a new industry: Esports (multiplayer mobile or video games played competitively by professional gamers).
According to Bloomberg, esports is a niche market that has been accelerated by rising mobile penetration and digital entertainment demand, especially due to the pandemic.
Experts analyse that Southeast Asia (SEA) is expected to lead the world in esport revenue with compound annual growth of 20.8% through 2024, nearly double the global rate. Esports is expected to surpass the 1 Bil USD mark in revenue globally for 2021.
Earlier in May 2021, Singapore hosted the Free Fire World Series, which gathered a peak viewership of 5.4 million, the largest ever for any esport match outside of Chinese platforms. In July, Singapore opened its first experiential center for esports equipped with world-class live-streaming and facilities.
The nation aims to capitalize on the billion-dollar esports sector, banking on its infrastructure investments, status as a global business hub and gaming ecosystem to become Southeast Asia’s leading destination for the fast-growing sport.
Singapore’s games and esports market was estimated to have grown 15% between 2019 and 2020, with around 220 companies currently.
“From the game developers’ perspective, Southeast Asia is the next frontier. The region is at the vanguard of mobile esports,” said Carlos Alimurung, chief executive officer of events organizer and broadcaster ONE Esports. Singapore is taking the regional lead due to its infrastructure, B2B enterprise landscape and talent pool, he said.
Our team in Singapore has been working closely with gaming organizations in the recruitment of top leadership talents – with niche skills – to champion their growth across Southeast Asia. Reach out to our Senior Consultants for advise on your hiring strategy.
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