Market researcher Newzoo has downgraded its 2020 esports revenue forecast for the third time this year, now saying revenues will likely hit $950.3 million.
The revision is only slightly down from the previous forecast of $973.9 million, which Newzoo predicted back in July. In April, it revised its earlier estimate to $1.059 billion, and back in February — before the pandemic — the forecast was $1.1 billion for 2020 revenues.
The fact that the forecasts haven’t changed much each time points to the reason Newzoo has had to revise the estimates so frequently — namely the unpredictability of the market as a result of the pandemic. Admittedly, the frequent small changes feel a little farcical. On the other hand, it seems prudent for the company to evaluate the fast-changing market every quarter, as esports revenues can be affected dramatically by whether fans will be able to meet in physical venues