Esports Insights: A Rapidly Growing Industry with Expanded Risks
During the first quarter of 2020, the rapid and far-reaching spread of the COVID-19 pandemic has brought unprecedented economic and societal impacts. Governments around the world have imposed social distancing measures, essential to slowing the spread of the disease, that have forced many organizations to close their operations and/or rethink how they do business.
Among the many hard-hit areas is the world of sport, where cancellations and postponements have taken hold across the board, from football and baseball leagues to the Olympic Games to major tennis and golf tournaments and more. As these traditional sports have stalled, many are turning to esports, for both involvement and enjoyment.
As such, the already fast-growing esports industry is set to expand even further and more rapidly. With expansion, however, comes a significant increase in risk exposures, including some of the same pandemic risks faced in other sectors. Despite esports’ unique niche, the industry needs to ensure it adopts and continuously adapts comprehensive risk management strategies.