The investment buzz around esports has faded.
“Esports has become anti-sexy to VCs who had been burned by the hype and sky-high valuations esports startups enjoyed a few years earlier,” wrote esports veteran Ben Goldhaber inHe was detailing the struggles of Juked, an esports schedule and social media venture that shut down last month.
Esports may be enjoyed by millions of people, especially during big tournaments for Counter-Strike, League of Legends and Valorant. But it’s essentially a young, alternative sector of sports that lacks crossover stars and lucrative rights fees. “Fan engagement is there and is going to continue to grow,” Goldhaber tells Axios, citing healthy online viewership numbers for recent events. “The question is how do you make any money if you’re not the game publishers themselves?”
Esports M&A activity for 2022 has totaled $2.1 billion for the year across 31 deals through September, according to Drake Star.
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