Prince Faisal: growth, not profit, is focus for esports

Cost-intensive spectator events are not going to be a “serious profit generator”, Prince Faisal bin Bandar Al Saud told AGBI, as Saudi Arabia concluded the first Esports World Cup last week. 

The event was watched by more than 500 million people but Prince Faisal, president of the Arab Esports Federation, said: “In esports, sustainability is something that everyone is striving for. There is a huge reliance on sponsorships, which is never going to cover all your costs.” 

PIF-backed Savvy Games Group is tasked with developing the gaming and esports industry in Saudi Arabia through strategic investments and acquisitions, such as the recent $4.9 billion deal for Monopoly Go developer, Scopely. 

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ESL Faceit Group, which Savvy Games acquired for $1.5 billion, is estimated to start breaking even and generating profits within the next two years, according to Prince Faisal. 

Events such as the Esports World Cup may become sustainable at some point, Prince Faisal said, but not profitable.

Despite that, the kingdom is gearing up for the Olympic Esports Games that will be held next year.

So what is the real goal? Watch the full video to find out