Asian esports soar

content esports

Asia’s esports industry has grown rapidly in recent years. According to Statista, esports revenue in the region is forecast to continuously increase between 2023 and 2027 by a total of US$387.9m – an increase of over 36% – with revenues hitting US$1.5bn by 2027.

Mainland China leads the way – not only in Asia but globally. According to Niko Partners, China is home to the largest esports market in the world with 34% of global industry revenue, while Asia as a whole accounts for 53%. In 2022, China generated US$445m of the global esports revenue of US$1.3bn.

The growth of esports in Asia is mainly driven by ongoing digitalisation, increasing smartphone usage and rising awareness of gaming, as well as the emergence of events and competitions. In June, the first Olympic Esports Week took place in Singapore, attracting more than 100 ‘athletes’ who competed across 10 virtual sports.

In Malaysia, meanwhile, the Esports Integrated programme, led by the Ministry of Youth and Sports, aims to create a vibrant, sustainable esports ecosystem.

‘The esports industry in South-East Asia is experiencing accelerating growth at a CAGR from 2019 to 2024 of 20.8% with a projected revenue of US$72.5m in 2024, with the larger fanbase coming from Indonesia, Malaysia, Thailand, Vietnam and Singapore,’ says James Walton, sports business group leader at Deloitte Asia Pacific.

Along with industry growth, there is also increased foreign investment in South-East Asia’s esports teams. For example, Indonesia’s EVOS Esports has secured US$12m in series B funding from Korea Investment Partners, while Singapore’s Impunity Esports has formed a partnership with Turkish company Fire Flux Esports.

‘Despite the current impressive growth of the esports scene, it is essential to note that it is still in its early stages of monetisation. This characteristic, coupled with the burgeoning fanbase and growing audience, signals significant room for expansion and catching up with the more developed esports markets in other regions,’ Walton says, adding that ‘The spending trends, along with the booming digital landscape, lay a solid foundation for sustained growth in the esports industry.’

Supportive policies

Government support plays a critical role in the development of an industry, and Singapore offers a good example.

‘Our government has been very appreciative and welcoming in terms of having the gaming industry in Singapore,’ says Roy Kek, CEO of marketing technology company Emerge Group. ‘They take a lot of initiative with regards to getting the different types of gaming into Singapore.’

For example, offline tournaments were supported by the Singapore Tourism Board amid Covid-19 lockdowns, allowing teams around the world to fly to the country for competitions, such as the Free Fire World Series in May 2021.


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According to Deloitte, the average Singaporean video gamer spent S$50 (US$37.73) per month in 2022, while an esports viewer in Malaysia spends a monthly average of RM83 (US$18). In Indonesia, meanwhile, the average monthly video gaming-related spend is IDR91,362 (US$5.88) per person.

‘The region has a high propensity to spend, with over half of South-East Asia’s online population spending money on games and a growing fan base of 30 million in 2019,’ Walton says. ‘It will continue to grow rapidly, facilitated by improving internet penetration and mobile connectivity in the region, with expected connectivity reaching 560 million by 2027.’

‘The Singapore government has always given entrepreneurship grants in different sectors of businesses. But this has not been super prevalent yet for gaming,’ Kek says. He suggests that the city-state should consider offering grants to companies that can help lift the entire sector.

While countries such as Indonesia and the Philippines offer a far larger potential user base, many developers still focus on Singapore, thanks to its reputation as a branding hub. ‘Singapore has a fantastic talent pool both on the developers and the marketing sides,’ Kek says.

Accounting matters

Esports will continue to grow across the region, with the accounting sector playing a key role in finance as well as in securing the digital foundations with effective IT audit and cybersecurity practices.

‘With the growth trajectory of the esports ecosystem in South-East Asia, it suggests a synchronised growth across various components of the esports ecosystem, including esports organisations, investors, media and broadcasters, as well as game publishers and developers,’ Walton says.

‘Given this dynamic landscape, the accountancy profession is strategically positioned to play a pivotal role in supporting the diverse stakeholders in the industry beyond the traditional audit and tax services.’

Walton notes that the accountancy profession needs to provide valuable insights, aid organisations in attracting sponsorships and investments, formulate funding strategies and optimise financial structures in terms of investment and funding management and strategy.

In addition, the profession could also assist in ensuring esports entities’ transparent reporting and adherence to regulatory requirements, as well as helping organisations identify, assess and mitigate financial and operational risks, Walton notes.

‘Esports, being inherently online, is susceptible to a myriad of risks, making digital and cybersecurity paramount in its considerations. Such risks in the digital realm necessitate a focus on IT audit and cybersecurity measures,’ he says.

‘In this context, the profession can contribute its expertise to ensure the integrity and security of financial transactions, sensitive data and overall operational resilience within the esports industry.’

Author: Doris Yu, journalist


More information

Read our careers article on how to get into the gaming and e-sports industry

This article was first published in AB magazine January 2024

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