(ECNS) - China has risen to become the most dynamic and influential esports market in the world, with actual sales revenue in the first half of the year reaching 51.32 billion yuan ($7.3 billion). The market had revenues of more than 100 billion yuan last year.
Data show that China has over 440,000 people working in the esports sector and more than 5,000 esport player teams.
As a sign of this booming sector, FunPlus Phoenix from China, established less than two years ago, defeated G2 of Europe 3-0 in the final of the 2019 League of Legends World Championship in Paris on Nov. 10.
China’s esports market covers a broad spectrum of stakeholders engaged in making and licensing games as well as in communications, distribution, operations, training, education and producing equipment.
The sector is said to be in great shortage of talent, with the shortfall estimated to be between 500,000 and one million professionals.
China’s ministry of education has officially approved esports as a degree program, with the number of universities offering such programs rising from 18 in 2017 to 51 in 2018.
Many cities have rolled out incentives, such as in taxation and land use, to boost development of esports. Hainan Province alone launched a one-billion-yuan fund to become a hub for hosting international esports games.