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Newzoo revises revenue forecast in light of COVID-19

The gaming and esports analytics firm Newzoo has revised its forecast of esports revenue for 2020, down nearly $24 million, which it claims is due largely to the ongoing pandemic.

Newzoo first predicted 2020 revenue would be around $973.9 million globally, but those numbers have been decreased to $950.3 million due to the unpredicted and unprecedented changes that COVID-19 has brought to the esports scene.

In a report on its website Wednesday, Newzoo stated, “Our adjusted revenue number is most likely a direct result of this year’s postponed and canceled esports events.”

While some companies have been able to enjoy success despite the pandemic – Riot Games has been able to increase viewership of their League of Legends splits – many have faced tall barriers such as the inability to sell merchandise at live events and travel restrictions limiting international players.

Newzoo noted that forecast numbers are still subject to change, as esports companies continue to adapt to the current climate and the pandemic continues to cause changes to upcoming competition schedules.

–Field Level Media

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