In recent years, the Esports industry has been one of the fastest-growing ones, and by 2022, it is expected to make more than $1 billion. But there will be problems along the way, as there are in any industry that grows quickly. In recent years, the esports industry has had to deal with some big economic problems, and the ongoing pandemic has only made these problems worse.
Community Gaming, a Web3 platform for esports tournaments, just announced that it has let go of 17 employees, which is just over 17% of the companys staff. The move comes at a time when the esports industry is still having trouble. In the past few months, it has forced other businesses and sports teams to make similar decisions. Community Gaming is still hopeful that Web3 solutions could help esports organizations get through the recession.
Community Gamings layoffs show that the esports industry as a whole is having trouble. Because of the economic downturn in the esports industry, said CEO Chris Gonsalves, weve had to restructure our goals in order to have a stronger future. This meant getting rid of some roles.
Other businesses and teams in the same field have to do the same things. Because the pandemic has messed up live esports events and changed how much money was expected to come in. Gonsalves told the press, We value the work of all of our employees and will help them continue to be innovators in the space.
There have been other layoffs in the esports industry like the ones at Community Gaming. Many esports teams and organizations have had to lay off employees, cut salaries, or even close down. For example, esports teams have long relied on sponsorship money a lot.
But they are not enough to make money in a market that is going down. The pandemic has also had a big effect on live esports events, which have either been canceled or changed a lot to meet health and safety rules.
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