China: construction of USD 898 M esports arena begins in Shanghai
Shanghai has started to build the Shanghai International New Cultural and Creative E-sports Center, a major 5.8 billion yuan ($898.2 million) e-sports events hub that will span 500,000 square meters, as the city looks 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, CNBC reports.
The venue is designed to be a hub where e-sports teams and companies can be based and will have a hotel attached.
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.
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