For most of 2020, everyone turned into an indoor enthusiast, binge-watching movies, streaming videos, and patronizing gaming sites. Fantasy sports is one of the fastest-growing sub-sectors of online gaming that features live, real-time performances by individual or team competitors for cash prizes.
Factors that will contribute to the continued growth of the fantasy sports market include the launch of various gaming applications, growing investment in the online infrastructure, and the popularity of players.
Fantasy Sports Market Trends Expected for 2021
Spectator numbers for fantasy sports have climbed from half a million in 2009 to more than 56 million in North America alone. Rewards have also grown tremendously, and with online games, draft parties merchandise, sponsorships, brand marketing, and gate tickets, fantasy sports prove to be a multi-million dollar ecosystem.
With on-going industry-wide advancements in internet technologies, the fantasy sports market is forecasted to achieve a CAGR or Compound Annual Growth rate of 12% by 2022. Casual fans turn into enthusiastic fantasy game followers due to the adrenaline rush and the glamor surrounding the players.
The trends expected to boost the growth of the fantasy sports market include;
Enhanced Technology as a Driver for Participation, Marketing, and Industry Partnerships
The increasingly cutting-edge fantasy sports platforms feature a wide variety of events that urge the participation of fans. The proliferation of smartphone technology and connectivity is a booster to the segment. At the same time, Google has lifted an advertising ban on fantasy sports providers, with vendors like Yahoo Daily Fantasy, ESPN, and FanDuel towing the ad line.
These companies are also collaborating strategically in the fragmented fantasy sports market with partnership initiatives that aim to increase market share. Others are tapping into new markets as regulation eases across the global landscape and securing new pro-league contracts that boost the surge in user demand.
Millennial Engagement in Enhancing Fantasy Sports Market Trends
There is a higher uptake of fantasy sports going forward, the reason being that millennials are more engaging with the numerous streamed live sporting events, boosting industry growth in future forecasts. The Daily Fantasy Sports format, or DFS, has been accepted across many US states while growing digitization in developing regions.
Platform Development and Over the Top Media Services
Several fantasy sports platforms have come into existence in the past couple of years, with a considerable number expected to be unveiled in 2021. Each subsector of this industry targets its multi-versatile platform, and there’s an increase in the popularity of OTT or Over-the-Top streaming services.
Essentially, the combined preparation and distribution of live fantasy sports content is birthing a whole new industry. These third-party providers only mean more fluent user access.
Penetration into New Markets with Competitive Offerings
As the internet proliferates every aspect of our lives, so shall the growth of fantasy sports as more people have access to connected smartphones. In combination with new brands flaunting their state-of-the-art platforms in emerging markets, a competitive landscape that favors the consumer will see exponential player and spectator participation.
