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Global Esports & Live Streaming Market Report

The global esports market is projected to reach $1.38 billion in revenue and an audience of 532 million by the end of 2022, signaling a period of robust expansion and structural evolution. China remains the dominant regional player, contributing nearly one-third of total global revenue. While sponsorships continue to serve as the industry’s financial backbone, accounting for approximately 60% of income, organizations are increasingly diversifying into direct-to-fan models. These new revenue streams include lifestyle apparel, blockchain-integrated loyalty programs, and educational platforms, reflecting a strategic shift toward positioning esports as a broader lifestyle brand. The live-streaming ecosystem is experiencing even more rapid growth, with the audience expected to reach 1.41 billion by 2025 at a compound annual growth rate of 16.3%. This surge is fueled by the rise of non-gaming content and the explosive popularity of mobile esports in emerging markets such as Southeast Asia, Latin America, and the Middle East. Demographically, the esports audience represents a high-value target for advertisers, as nearly three-quarters of enthusiasts are employed full-time and 44% belong to high-income brackets. Platform dynamics reveal a clear geographic and technological divide. Twitch maintains its dominance in Western markets for PC and console gaming, while YouTube Gaming and Facebook Gaming have successfully captured the mobile-centric audiences of emerging regions. To challenge established leaders, platforms are leveraging massive video-on-demand audiences and exclusivity deals to convert passive viewers into live participants. Despite this growth, the industry faces potential volatility from the fluctuating cryptocurrency sector and the possible migration of audiences toward emerging metaverse events.

Consumer Insights Games and Esports

Free Global Esports Live Streaming Market Report () (2022)

Esports Rising: State of the Global Esports Market

The global esports market is experiencing a period of robust expansion, characterized by double-digit growth in both viewership and revenue. Total industry revenues are projected to reach $1.08 billion by the end of 2021, representing a 14.5% year-over-year increase. This financial growth is primarily driven by sponsorships and media rights, which remain the dominant revenue streams. China has solidified its position as the primary market leader, maintaining the largest share of both global esports revenues and the highest concentration of esports enthusiasts. Audience engagement has surged significantly, with total hours watched on major streaming platforms like Twitch and YouTube increasing by 76% in 2020. While general live-streaming saw the most dramatic rise, dedicated esports viewership also grew by 12.6% during the same period. The global audience is on a trajectory to exceed 577 million viewers by 2024, split between occasional viewers and dedicated enthusiasts. Regional growth is particularly strong in emerging markets, with the Rest of World category seeing a 10% year-over-year increase in enthusiasts, outpacing the growth rates of North America and Europe. The sponsorship landscape is undergoing a structural shift from short-term, one-year experimental deals to multi-year strategic partnerships. This evolution reflects increased confidence from brands in the long-term stability of the industry. There is a notable influx of non-endemic sponsors, particularly from the financial services sector, including banks and insurance companies seeking to reach younger demographics. Additionally, the furniture industry has accelerated its involvement, with 32 sponsorship deals closed by manufacturers in a twelve-month period as remote work and home-based gaming increased. Despite the logistical challenges posed by the transition to online-only formats during global lockdowns, the industry demonstrated resilience. While traditional sports faced total shutdowns, esports leagues successfully migrated to digital play, though issues like internet latency persisted. Major publishers like Riot Games have seen significant returns on new titles, with Valorant emerging as a major driver of live esports hours. As the industry moves forward, a return to in-person LAN events is anticipated, though the timeline for the return of live audiences remains contingent on global health conditions.

Five Teams to Watch

We are a market research and consulting firm covering video games, esports, and streaming throughout Asia, including China, East Asia, Southeast Asia, South Asia (India) and West Asia (Middle East). We provide qualitative and quantitative data collection and analysis, market models, forecasts, and strategic advisory services to give you the intelligence and answers you need to truly understand the region.

Video Game Streaming Trends Report: 2021 Yearly Report

This analysis of the 2021 live streaming landscape reveals that the industry has moved beyond a pandemic-driven fad to become a central pillar of global pop culture. Total watch time across major western platforms—Twitch, YouTube Gaming, and Facebook Gaming—grew 21% year-over-year, reaching an average of 653 million hours per week. While Twitch remains the market leader with a 71% share of total hours watched, the competition for second place intensified as Facebook Gaming’s strong growth in international markets and mobile gaming allowed it to surpass YouTube Gaming in watch time during the second half of the year. The findings highlight a significant shift toward mobile gaming and international audiences. Mobile titles like Garena Free Fire and PUBG Mobile accounted for several of the year's peak viewership moments and top-ten rankings. Geographically, Twitch dominates the Americas and Western Europe, while YouTube and Facebook have established strongholds in Asia by leveraging mobile-friendly ecosystems. Despite this growth, the industry faces a persistent gender gap; only 5% of the top 200 streamers are female, and the percentage of female creators among the top 3,000 influencers saw a slight year-over-year decrease to 27%. Economic data indicates a highly concentrated creator economy where the top 1.2% of Twitch influencers generate nearly 16% of total revenue from subscriptions and bits. While the "Mega" tier of influencers averages $841,000 in annual revenue, 93% of streamers remain in the "Micro" tier, earning an average of $6,000 per year. The analysis concludes that long-term consistency is the primary barrier to entry, as reaching the highest revenue tiers typically requires five years of active broadcasting. This data was compiled by Stream Hatchet through the aggregation of granular viewership metrics across the leading global streaming platforms throughout the 2021 calendar year.

Video Game Streaming Trends Report (2021)

VIDEO GAME STREAMING TRENDS REPORT ABOUT STREAM HATCHET’S YEARLY REPORT EXECUTIVE SUMMARY ■ Stream Hatchet’s Yearly Report is a culmination of the biggest trends, stories, and insights from the live streaming and gaming industry in 2021. A quarterly report is also distributed every 90 days.

State of the Stream December/2020 Year in Review

The livestreaming industry experienced unprecedented growth throughout 2020, driven largely by global quarantine measures that accelerated viewership across all major platforms. Twitch remained the dominant force in the market, with the Just Chatting category emerging as the year's most popular content segment, amassing 1.9 billion hours watched. This was followed by established titles like League of Legends at 1.4 billion hours and Fortnite at 904 million hours. While established platforms led the market, nascent services like DLive also saw significant gains, jumping from 9.7 million hours in the first quarter to a consistent range of 15 to 17 million hours for the remainder of the year. The year was characterized by the rapid rise of new intellectual properties and viral sensations. Valorant led the pack of new releases with 737 million hours watched, achieving a massive peak of 334 million hours in April alone. Other breakout hits included Among Us, which peaked at 140 million hours in September, and Fall Guys, which reached 106 million hours in August. By the end of the year, titles like Cyberpunk 2077 and Phasmophobia solidified their positions as top-tier content, while World of Warcraft and Call of Duty: Warzone saw late-year surges in viewership due to new updates and seasonal interest. Individual creator performance was led by xQcOW, who finished 2020 as the most-watched streamer on Twitch. Data provided by StreamElements and ArsenalGG indicates that the industry is shifting toward a mix of traditional gaming and non-gaming content, with Just Chatting maintaining its lead even as major game releases fluctuate. The final month of the year showed a diverse landscape where new titles like Cyberpunk 2077 competed directly with long-standing staples, reflecting a robust and diversifying ecosystem for digital content creators and brands.

Annual Report 2018: Shaping the Future of Entertainment

In 2018 MTG delivered a robust financial rebound while executing a decisive strategic shift toward esports and digital‑video assets. Net sales rose 12‑13 % to SEK 19.7 billion and operating income increased 24 % to SEK 1.57 billion, lifting the operating margin to roughly 8 %. Net profit from continuing operations reached SEK 1.17 billion, yet net debt grew to SEK 2.58 billion (1.3 × EBITDA) and the board elected not to pay a dividend, resulting in a 15 % fall in B‑share price and an overall –11 % total shareholder return. Balance‑sheet strength improved, with total assets climbing to SEK 20.3 billion and equity to SEK 7.0 billion, while retained earnings stood at SEK 3.0 billion. The year culminated in the separation of MTG from Nordic Entertainment Group (NENT), whose shares were listed on Nasdaq Stockholm in March 2019. Post‑split, MTG accelerated its pivot into the esports ecosystem, acquiring ESL, DreamHack, InnoGames and Kongregate, and divesting non‑core holdings such as Trace Partners. These moves positioned the company to capture growth in online gaming and competitive entertainment. Corporate governance adhered to Swedish law and the Swedish Corporate Governance Code. The board, composed of six non‑executive directors, met 14 times and operated through remuneration, audit and risk committees. Executive remuneration remained tied to pre‑determined short‑term and long‑term performance targets, with STI capped at 100 % of fixed salary. Internal‑control and risk‑management frameworks were deemed effective and compliant with IFRS and Nasdaq requirements. Accounting practices followed IFRS, recognising goodwill on acquisitions, applying the equity method for joint ventures, and translating foreign subsidiaries into SEK. A widening deferred‑tax deficit and a tax‑loss carry‑forward of SEK 111 million were disclosed. Capital was underpinned by a SEK 4 billion syndicated facility, of which only SEK 200 million was drawn. Overall, the 2018 results illustrate MTG’s financial resilience, a clear strategic reorientation toward esports, and solid governance and risk controls across its European‑centric media operations.

Summary of Main Questions and Answers: FY2018 Third Quarter Results Briefing

The third quarter of fiscal year 2018 marks a strategic pivot for GREE as it aggressively expands into the emerging Virtual YouTuber (VTuber) market and strengthens its international publishing footprint. A central pillar of this strategy is a planned 10 billion yen investment in the VTuber sector, with 4 billion yen dedicated to supporting creators and illustrators through a specialized fund and 6 billion yen earmarked for advertising and market development. This initiative leverages the company’s existing technical expertise in 3D character rendering and user interaction derived from its virtual reality business, aiming to capitalize on the convergence of influencer culture, anime, and gaming. Global expansion remains a primary growth driver, centered on a strategy of utilizing established intellectual property and optimized game engines. The successful North American launch of Is It Wrong to Try to Pick Up Girls in a Dungeon: Memoria Freese serves as a proof of concept for this international push. Management intends to release future titles either simultaneously worldwide or within a six-month window following Japanese launches, depending on partner coordination and localization requirements. Original titles like Another Eden and Fishing Star are also being adapted for console platforms and Facebook Instant Games to diversify distribution channels and reach broader audiences. Operational efficiency is being addressed through Funplex, which focuses on the specialized management and operation of existing game titles. This allows the broader organization to focus on high-quality content updates for top-ranking titles like SINoALICE. By separating development from long-term operations and utilizing a track record of collaboration with publishers and record companies, the company aims to build a sustainable ecosystem across mobile, console, and emerging digital media platforms. The overall outlook emphasizes front-loaded investment in new cultural markets to establish a foundation for long-term profitability.

Annual Report 2016

Modern Times Group’s 2016 annual report presents a comprehensive overview of the company’s transition toward a digital‑entertainment model and its financial outcomes for the fiscal year. The narrative emphasizes a strategic shift driven by aggressive acquisitions in esports and online video, which underpinned a 7 % increase in total net sales to SEK 17.3 billion and a rise in operating profit to SEK 1.35 billion, despite a modest decline in traditional profitability metrics such as return on equity, which fell to –2 %. Key performance highlights include a 194 % surge in net sales for the MTGx digital‑video unit after acquiring Turtle Entertainment, Zoomin.TV, Splay and DreamHack, lifting its operating margin from 0.2 % to 4.4 %. Organic growth turned positive at +2.2 % following a –14.2 % contraction the prior year, driven by rapid expansion of esports events and leagues. The company recorded a SEK 95 million goodwill impairment on Zoomin.TV, while intangible assets grew by SEK 111 million. Credit‑risk exposure stood at SEK 3.1 billion, with all counterparties holding at least an S&P A rating and 85‑100 % of foreign‑currency programme cash flows hedged. Governance disclosures detail a four‑member, unpaid Nomination Committee and a six‑member Board, alongside an Audit Committee that reviews all accounting estimates annually. Senior‑executive remuneration rose to SEK 84.5 billion, and the Board proposed a dividend of SEK 12.00 per share, representing 93 % of net income. Auditors affirmed that the consolidated statements present a fair view under IFRS, noting significant goodwill and intangible‑asset balances but no material uncertainties regarding the group’s ability to continue as a going concern. The report covers MTG’s global operations, primarily in TV/radio advertising, pay‑TV subscriptions, cable fees, merchandise, and programme‑rights licensing, for the 2016 calendar year.

Annual Report 2017: Shaping the Future of Entertainment

12 International Entertainment 23 Other Group information 26 Financial policies and risk management 28 Governance and responsibilities 33 Internal control report 88 Alternative performance measures Corporate Responsibility and sustainability priorities are covered in MTG’s Annual Corporate Responsibility Report, published at www.mtg.com Annual Corporate Responsibility Report, published at www.mtg.com MTG is a leading international digital entertainment group and we ...

FY2024 Full Year Earnings Release Q&A

CyberAgent’s FY2024 full‑year earnings release outlines a strategic pivot toward global expansion and diversified revenue streams. The company’s medium‑to‑long‑term plan centers on translating successful domestic titles into international markets, with the English version of “Umamusume: Pretty Derby” and multilingual releases of “Jujutsu Kaisen Phantom Parade” already underway. Simultaneously, CyberAgent is leveraging its ABEMA and BABEL LABEL platforms to distribute original programming worldwide, aiming to generate new intellectual property that appeals to global audiences. In the media segment, advertising and WINTICKET operations are identified as key profit drivers. CyberAgent intends to broaden its IP portfolio through acquisitions and the development of peripheral businesses around ABEMA, thereby increasing revenue from game‑based IPs, distribution fees, merchandising, and event hosting. The company also anticipates additional upside from sports betting once legalized in Japan, citing a strong affinity between video streaming and wagering. Looking ahead to FY2025, the company projects continued sales growth across all segments. The media business is expected to contribute significantly to consolidated operating profit, while advertising sales are projected to outpace market growth with rising profitability. The game business will focus on continuous releases and extending the lifecycle of existing titles to maintain stability. Overall, CyberAgent’s FY2024 earnings release presents a forward‑looking strategy that blends international market penetration with expanded IP monetization, positioning the company for sustained growth in both domestic and global arenas.

2Q FY2021 Presentation Material

2Q FY2021 Presentation Material The future information, such as earnings forecast, written in this document is based on our expectations and assumptions as of the date the forecast was made. Our actual results could differ materially from those described in this forecast because of various 1. Quarterly Results (January - March 2021) 3. Internet Advertisement Business FY2021 Game and ads performed well.

FY2019 Second Quarter Financial Results

The FY2019 second‑quarter results show net sales of ¥17.7 billion and operating income of ¥1.0 billion, with EBITDA at ¥1.2 billion. Net sales fell 0.43 % QoQ and 1.73 % YoY, while operating income declined 0.65 billion yen QoQ and 1.37 billion yen YoY, largely due to full‑scale development investment and a revision of variable cost transactions from earlier quarters. Operating income margin contracted to 5.4 % from 7.3 % in the prior quarter, and EBITDA margin fell to 6.8 %. Variable costs rose by ¥200 million QoQ, driven mainly by increased commission fees and outsourcing expenses for new title development. Advertising spend decreased from 7.0 % to 5.0 % of sales, reflecting a shift toward more efficient marketing. Geographically, the company expanded overseas distribution for several IPs: DanMachi and SINoALICE entered Hong Kong, Taiwan, and North America; Another Eden launched in eight countries; Fishing Star debuted on Nintendo Switch across 38 markets. Domestic mobile sales remained strong, with paid‑service revenue at ¥14.07 billion and other sales (ads, CS, licenses) at ¥3.66 billion. The forecast for Q3 projects net sales of ¥16.5–17.5 billion and operating income of ¥0.3–0.8 billion, anticipating continued overseas expansion, withdrawal from unprofitable titles, and ongoing development investment. The company’s balance sheet shows total assets of ¥125.45 billion and cash reserves of ¥86.99 billion, supporting its growth strategy across mobile, console, and live‑streaming segments.

FY2019 First Quarter Financial Results

The FY2019 first‑quarter results show net sales of ¥18.2 billion, operating income of ¥1.6 billion and EBITDA of ¥1.9 billion, reflecting a 0.4‑percentage‑point rise in operating margin to 8.9 % QoQ. Net sales were driven primarily by paid‑service revenue of ¥14.87 billion, with other streams such as advertising and licensing contributing the remainder. Variable costs fell by ¥800 million QoQ, largely due to reduced advertising spend and commission fees, while fixed costs remained stable. Labor expenses increased modestly as headcount rose from 1,480 to 1,604 employees. Geographically the company expanded overseas distribution in October, launching Danmachi in North America and extending to South Korea and Taiwan. New first‑party titles, including Wild Arms: Million Memories for PlayStation® and the LINE QUICK GAME platform releases of Fishing Star and Another Eden, were introduced. A livestreaming platform for VTubers, REALITY, was launched in August, and joint ventures with music labels were announced to support VTuber content. The forecast for FY19 Q2 projects net sales of ¥17.0‑18.0 billion and operating income of ¥1.0‑1.5 billion, based on current title performance and planned overseas releases. The company’s strategy focuses on multi‑platform distribution, fan community expansion through media collaborations, and monetization of first‑party IP across gaming, live entertainment, and advertising sectors.

FY2018 4Q Financial Results Presentation

The presentation outlines Wright Flyer Live Entertainment’s FY2018 financial performance and strategic outlook. Net sales for the fiscal year reached 77.9 billion yen, with operating income of 9.4 billion yen, reflecting year‑on‑year growth driven by strengthened operations of existing mobile titles and successful overseas expansion. Q4 results showed 19 billion yen in sales and 1.6 billion yen in operating income, with a modest quarter‑on‑quarter increase attributed to new title launches and advertising investment. Operating margin declined due to significant capital expenditures and goodwill impairment losses linked to the 2017 acquisition of Three Minutes, which did not meet projected growth rates. The company’s three‑pillar earnings strategy—game development, advertising and media, and live entertainment—is reinforced through aggressive investment. In gaming, the focus is on global rollout of mobile IPs such as “Another Eden,” “SINoALICE,” and “DanMachi,” with plans to release 4–5 new titles annually. Advertising and media efforts aim to build a leading vertical portfolio in Japan, while the live entertainment arm, launched via a new subsidiary, seeks to expand the VTuber ecosystem with a 10 billion yen investment. Geographically, operations span Japan and overseas markets including North America, Europe, East Asia, and China. Methodologically, the presentation relies on internal financial data, quarterly forecasts, and strategic planning documents, with a 20 % dividend payout ratio and a commemorative dividend of 10 yen per share for the company’s tenth anniversary.

FY2025 First Quarter Consolidated Financial Results: Japan GAAP

CyberAgent, Inc. reported a first‑quarter fiscal 2025 performance that marked a turnaround from the prior year’s loss. Net sales rose 5.6 % to ¥203,842 million, driven by a 10.5 % increase in the Media & IP Business (¥55,638 million) and an 11.8 % rise in Internet Advertisement sales (¥117,792 million). Operating income surged 32.1 % to ¥8,301 million, converting the prior‑year operating loss of ¥796 million into a profit. Ordinary income climbed 35.9 % to ¥8,806 million, and net income attributable to the parent rose from a loss of ¥472 million to a profit of ¥5,071 million. Earnings per share improved from a negative ¥0.93 to ¥10.01 basic and ¥9.21 diluted. Total assets increased modestly to ¥524,972 million, while equity fell slightly to ¥252,002 million due mainly to dividend payouts. The company’s forecast for FY2025 remains unchanged: net sales of ¥820,000 million (2.1 % growth) and operating income of ¥42,000 million (0.4 % growth). Dividend policy is unchanged, with a forecast annual dividend of ¥17.00 per share. The report covers Japan GAAP operations across four segments—Media & IP, Internet Advertisement, Game, and Investment Development—within the Japanese market for FY2025. No significant accounting policy changes or restatements were noted, and the company confirmed its going‑concern assumption. The financial statements are based on a consolidated basis, with 506 million shares outstanding and no material changes in the scope of consolidation.

2Q FY2020 Presentation Material: January to March 2020

2Q FY2020 Presentation Material 1. Quarterly Results _(January- March 2020) 3. Internet Advertisement Business FY2020 Q2 was strong. The impact of COVID-19 will appear from Q2 Sales: 129.1 _{billion yen} UP 10.1_{% YoY} OP: 12.4 _{billion yen} UP 45.3_{% YoY} WAU* of “ABEMA” has increased drastically, reflecting high Media demand from stay-at-home users.