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Shanghai begins construction of $ 898 million esports arena

Summary

Shanghai starts construction on $898 million e sports arena as it pushes Description video: GUANGZHOU, China — Shanghai has broken ground on a major e-sports events hub as the city pushes to become the leader in competitive gaming. E-sports refers […]

Shanghai starts construction on $898 million e sports arena as it pushes

Description video:
GUANGZHOU, China — Shanghai has broken ground on a major e-sports events hub as the city pushes to become the leader in competitive gaming. E-sports refers to competitive video gaming which is growing quickly globally. Over the past few years, e-sports tournaments have managed to pack out large stadiums with fans flocking to watching their favorite players. The venue, named the Shanghai International New Cultural and Creative E-sports Center, will cost 5.8 billion yuan ($898.2 million) and span 500,000 square meters. It is designed to be a hub where e-sports teams and companies can be based and will have a hotel attached. Shanghai has looked to position itself as a global e-sports center. Last year, the city hosted the \”League of Legends\” World Championship, one of the biggest events in the e-sports calendar. E-sports continues to grow quickly and is estimated to have generated $1.1 billion in 2020 globally, according to an estimate by games market research firm Newzoo. China is the largest e-sports market in the world, according to Newzoo. Meanwhile, 70% of China’s 720 million gamers play e-sports, according to another research firm Niko Partners. So the market has large potential. SuperGen, the Chinese parent company of e-sports team Edward Gaming, is the main backer of the Shanghai complex. The e-sports hub is expected to open in 2024, according to local media.\n\n\nAll data is taken from the source: http://cnbc.com\nArticle Link: https://www.cnbc.com/2021/01/06/shanghai-begins-construction-of-a-898-million-e-sports-arena.html\n\n\n#sports #newspolitics #newstodaylocal #newstodaybbc #cnnnewstoday #newsworldabc #

Shanghai begins construction of $ 898 million esports arena

Shanghai is already a hub for major esports tournaments and events and continues to build infrastructure in its quest to become the world’s gaming capital.

E-sports are competitive video games that are rapidly gaining momentum around the world. Over the past few years, esports tournaments have filled entire stadiums and video game fans have flocked in droves to watch their favorite players..

A site called «Shanghai International Emerging Cultural and Creative Center for Esports» (Shanghai International New Cultural and Creative E-sports Center) will cost 5.8 billion yuan ($ 898.2 million) and will cover an area of ​​about 500,000 square meters. The facility is designed as a hub where eSports teams and companies can be based, which will also house a hotel.

Shanghai positions itself as a global hub for esports. The city hosted the world championship last year «League of Legends» (League of Legends) is one of the biggest events in the international esports calendar.

The esports industry continues to grow rapidly and video game market research company Newzoo estimates it will generate $ 1.1 billion worldwide in 2020. China is the largest esports market in the world according to Newzoo.

Shanghai begins construction of $ 898 million esports arena

Meanwhile, according to another research firm Niko Partners, 70% of China’s 720 million gamers are engaged in esports. So the market has a lot of potential.

SuperGen, the Chinese parent company of the Edward Gaming esports team, is the main sponsor of the Shanghai complex.

Esports center to open in 2024 according to local media reports.