To some, gaming and esports may still seem like a hobby beloved by teenagers rather than a booming business with immense potential. But gaming is serious business – consider the numbers for proof of that.
Predicted to be worth more than $300 billion come 2025, the rise in popularity of gaming and esports is encapsulated by the market’s global revenue, which is greater than the music and movie industries combined. Read that again: greater than Hollywood, Bollywood, and the entire global music industry combined.
With over 3.4 billion gamers worldwide and an estimated 234 million esports enthusiasts, competitive gaming is not just a niche hobby but a global phenomenon.
“Gaming is not just a niche hobby but a global phenomenon.”
The Middle East, long a gaming hotspot, has tapped into the popularity of esports across the region. In the UAE, Abu Dhabi, is building a $1 billion island dedicated to gaming. Qatar has a 2030 National Strategy in Esports. But nowhere else on the planet, let alone the region has seen such a phenomenal rise in the gaming and esports sector other than the Kingdom of Saudi Arabia.
Saudi Arabia has a population of 35 million, and 23.5 million people — an incredible 67% — identify as gamers. According to the Boston Consulting Group, gaming consumption in the Kingdom is projected to surge to $6.8 billion by 2030 and grow at a CAGR (compound annual growth rate) of 22% through 2030 from $959 million in 2020. With this in mind, the Kingdom has implemented many initiatives to realise the country’s gaming and esports potential fully.
“The future of fandom is not just the future of gaming and esports but the future of sports and entertainment,” said HRH Prince Faisal bin Bandar bin Sultan, the Chairman of the Saudi Esports Federation. “The potential to create physical and virtual realms for fans to relish, engage with, explore, and be amazed by is vast. We are working tirelessly with our partners in the industry across the globe to ensure that Saudi Arabia is very much at the forefront of this future.”
The country is the latest host is the New Global Sports Conference 2024 (NGSC), taking place on August 24-25, and featuring over 60 global speakers and over 750 global delegates. These thought leaders stem from giant global entities in gaming, esports, technology, sports, entertainment, business, and investment. The conference – which saw the unveiling of this summer’s phenomenally successful Riyadh-hosted Esports World Cup at the 2023 inaugural edition – will be held under the theme ‘The Future of Fandom’.
Ralf Reichert, the CEO of the Esports World Cup Foundation, added: “As a lifelong gamer, it has been an honour going from being a competitor at homegrown tournaments to someone helping shape the future of the industry we all love. But our aim is not just improving gaming and esports – it’s to make esports one of the world’s leading sports; a challenge we’re excited to take on. By gathering global leaders, the New Global Sport Conference is a key step in bringing this goal to life.”
“Our aim is not just improving gaming and esports – it’s to make esports one of the world’s leading sports”
Ralf Reichert
For today’s Saudi Arabian youngsters mesmerised by the Esports World Cup, the New Global Sport Conference will help provide a tomorrow for gaming and esports that they can barely imagine.
“The Esports World Cup has been life-changing in every aspect, with a prize pool of $60 million, the largest ever in esports history, and moments of stardom for players and teams worldwide,” says Faisal bin Homran, Chief Product Officer at the Esports World Cup Foundation. “But most importantly, it has also been life-changing for fans, who have witnessed the best players and best clubs competing in tournaments they’ve long desired to see – which is hugely appealing and leaves them wanting much more. What happens now at the New Global Sport Conference will help shape tomorrow’s gaming and esports fan experience.”
The New Global Sport Conference aligns with Saudi Arabia’s National Gaming and Esports Strategy, launched two years ago to make the Kingdom a global hub for the gaming industry by 2030, to diversify Saudi Arabia’s economy, create new job opportunities in different industries, and provide world-class entertainment.
The strategy’s three primary objectives are to enhance quality of life by improving players’ experiences, provide new entertainment opportunities, and achieve an economic impact by contributing roughly $13 billion to the Kingdom’s GDP. That means creating 39,000 new job opportunities by 2030 – a massive rise for a nation where 63% of Saudis are under 30 years old. And that’s serious business.
