Makes me wonder when the esports bubble will pop for the first time, everyone wants to invest into something successful but in reality most of these games don't last more then 5-10 years. Entire thing feels like the dot com boom in the late 90's where everyone just wants to invest into the first thing they see but eventually a lot of these teams get into problems with not paying, not performing, or treating the scene as a traditional sports environment for sports that have been established for a 100+ years for one type of game and don't realize things like LoL won't be around forever and MOBA's in general out the big two aren't a smart investment.
I also wonder if/when the LoL bubble will pop. Competitive is the main thing keeping it propped up. I practically never play the game but am able to watch a lot of the matches. It's much more viewer friendly than an FPS (imo), at least until FPS games put in better spectator cameras and/or don't rely on first-person view. I hate watching FPS from a player perspective.
I do think LoL can go another 3-5 years at least. We see WoW on their 13th year already. This is LoL's 8th. Big games are showing to have tremendous lifespan now.
Really what will kill it is when another game pops on the scene and I think game design is in a weird limbo right now. Who is really going to take on LoL? You just don't do that as a wise investor/game dev.
CS:GO and OW are good for FPS fans but MOBAs clearly appeal to more as a spectator esport.
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Also, this "esports bubble" is kinda a myth. These orgs don't limit themselves to a single game. These investors are learning the scene but it's not reliant on a single game. Sure, LoL is the biggest, so to be taken seriously you want to be in the biggest game. But the goal isn't to ONLY be in LoL. What happens is LoL orgs tend to become the most recognized simply because there is a such a huge LoL viewership. So now when we see a C9/TL or even the more obscure orgs in other games, you gravitate to the players under the tag you are a fan of.
The bubble I see is player salaries / coaches / management / infrastructure and if they can realistically get a return on investment.
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TL;DR: There is certainly a bubble, but it's not tied to the games.