TLDR:
Esports refers to organized, multiplayer video game competitions — particularly between professional players — watched by large audiences both online and in person, having become a multi-billion dollar global industry.
Esports as a Business Ecosystem
Esports has evolved from informal gaming competitions into a multi-billion dollar industry with professional leagues, team organizations, venue-based events, and significant media rights deals. Revenue streams include media rights, sponsorships, merchandise, ticket sales, in-game purchases, and prize pools. Major publishers like Riot Games (League of Legends), Valve (Dota 2/CS:GO), and Activision Blizzard (Call of Duty) have developed structured franchise leagues analogous to traditional sports, selling team slots to organizations for significant upfront fees.