The esports industry has a lot of promise, but it has been whipsawed over the years. Physical events were growing fast and the audience became bigger than that for traditional sports. But esports fans didn’t spend as much money, and so it was hard for any companies in the space to make a profit.
G2 Esports has been one of the rare exceptions, as it has been profitable or near breakeven thanks to a combination of supporting winning teams and generating various kinds of sponsorship, merch and other revenue. But the pandemic came along and wiped out physical events for a while. And while digital audiences grew, it remained hard to make money.
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