Shanghai begins development of an esports enviornment valued at $ 898 million
Esports fans watch the 2020 League of Legends World Cup game on a screen at a Tencent V station in Shanghai, China, on Saturday October 31, 2020.
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GUANGZHOU, China – Shanghai broke new ground in a major esports events center as the city presses to become a leader in competitive gaming.
Esports refers to competitive video games that are growing rapidly around the world. In recent years, esports tournaments have managed to fill large stadiums with fans who flock to watch their favorite players.
Named Shanghai International New Cultural and Creative E-Sports Center, the venue will cost 5.8 billion yuan ($ 898.2 million) and cover 500,000 square feet. It is designed as a hub where esports teams and companies can reside, and a hotel will be attached.
Shanghai has tried to position itself as a global esports center. Last year the “League of Legends” world championship took place in the city, one of the biggest events on the esports calendar.
China’s esports scene
Esports continues to grow rapidly and generated an estimated $ 1.1 billion worldwide in 2020, according to an estimate by game market research company Newzoo. China is the world’s largest esports market, according to Newzoo.
According to another research company, Niko Partners, 70% of China’s 720 million players play esports. So the market has great potential.
SuperGen, the Chinese parent company of esports team Edward Gaming, is the main sponsor of the Shanghai complex.
According to local media, the e-sports hub is due to open in 2024.