A view of the venue built for esports competitions at the 19th Asian Games in Hangzhou, east China's Zhejiang Province, June 20, 2023. /CFP

The global esports industry, expected to reach an annual revenue of $1.8 billion, is on the cusp of growth with its debut at the Asian Games and a new Asian Cup event.

At the Global Esports Summit 2023 in Shenzhen, south China's Guangdong Province, the internationalization of the esports industry, development of technical standards for intercontinental competitions, and construction of an esports business ecosystem were discussed.

The Chinese esports industry is transitioning from high-speed growth to high-quality development, showcasing positive trends.

"Since the start of this year, authorities have clarified guidelines for game version management, encouraging the creation and release of high-quality esports masterpieces that promote Chinese values, reflect China's cultural heritage and embody the aesthetic pursuits of the Chinese people," said Zhang Yijun, deputy director-general of the China Audio-video and Digital Publishing Association.

The 19th Asian Games in Hangzhou will feature esports as a medal event, with a total of seven events, four of which are from Tencent.

Hou Miao, general manager of Tencent Esports, said that esports' inclusion in the Asian Games signifies a trend of internationalization in esports events and fosters cultural exchanges among countries.

"With esports gaining global recognition, I believe its market development will reach new heights in terms of commercialization and popularity," he said.

The inaugural Olympic Esports Week, held in Singapore in June, bridged the gap between physical and virtual sports. Esports' strategic value in various countries' economic development has been recognized, providing opportunities for the global esports industry.

According to the Asian Esports Industry Development Report 2023, by the end of 2023, the global esports audience could reach 574 million people, with annual revenue close to $1.8 billion.

The Esports Industry Regional Development Index shows China ranking first among the nine key countries and regions studied. The U.S. and South Korea rank second and third, respectively, with Saudi Arabia and Brazil emerging as new growth poles.

Kenneth Fok, president of the Asian Electronic Sports Federation (AESF), said Asian esports has potential and is thriving. He announced the launch of the AESF Esports Asia Cup, an official esports event by the Olympic Council of Asia (OCA) and AESF. Intercontinental technical standards for Asian esports events and related agendas are included in AESF's future work plan.

Kim Young-man, president of the (South) Korean Esports Association, expressed confidence in esports' potential and sustainability. "We believe that esports' addition to the Asian Games will enhance the value of sports in general and will unite more people from different backgrounds through sports," he said.

Prince Faisal bin Bandar bin Sultan Al Saud, president of the Saudi Esports Federation, noted the rising interest in esports in Saudi Arabia, with 21 million participants, five world champions and over 100 professional teams.

Saudi Arabia is charting its own path for esports development and has begun a national esports development strategy to establish itself as a global gaming and esports center by 2030.