By: DANNI SANTANA
t’s peculiar to think of an esports team backed by a prominent NBA sports franchise as a startup. But that’s exactly what most teams in the NBA 2K League consider themselves. Case in point: Magic Gaming, the esports arm of the Orlando Magic.
The NBA 2K League, comprised of 23 teams, was founded in 2017 in the midst of what was a seismic shift in how investors and the sports business industry began to view competitive gaming. Its popularity is highly attributed to both millennial and Gen Z generations that grew up playing popular titles such as Call of Duty, League of Legends, and Overwatch.
Streaming services like YouTube and Twitch have only helped to grow the appeal of esports. The result is that revenue for the global esports industry is projected to reach $1.1 billion in 2019, a growth rate of 27%, according to market researcher Newzoo.