League of Legends is a free-to-play multiplayer online battle arena (MOBA) game and its monetization is based on microtransactions via in-game currency called Riot Points, with which players can purchase champions, champion skins, ward skins, summoner icons, and multi-game boosts. Given the success of this revenue model, it comes as no surprise that the annual revenue of League of Legends has exceeded 1.75 billion U.S. dollars worldwide in 2020.
Despite being twelve years old, League of Legends consistently ranks as one of the most popular video games in the United States. Because of its multiplayer format, League of Legends easily transitioned from at-home entertainment to international sport. Each year, hundreds of professional tournaments take place around the world and culminate in one major event called the World Championships.
The prize pool for the League of Legends World Championships peaked at 6.45 million U.S. dollars in 2018, before falling to 2.34 million U.S. dollars for the 2020 tournament. The 2020 edition of the tournament took place in Shanghai, China, and the prize money awarded to the winners of the final, DAMWON Gaming (now DWG Kia) from South Korea, reached almost 562.5 thousand U.S. dollars. The 2021 League of Legends World Championship were held from 5 October to 6 November in Reykjavík, Iceland, with Edward Gaming (China) claiming the top spot. The game’s eSports success, particularly across Asia, has led to League of Legends being included as a medal event in the upcoming 2022 Asian Games.
With such large amounts of money and recognition at stake, it is no wonder that eSports viewers watch on in their thousands to see who will come out on top. The average number of viewers of LoL on streaming platform Twitch has been steadily on the rise, with streams watched by an average of over 186 thousand viewers worldwide in July 2021. Despite the game entering its second decade on the market, its popularity among gamers and eSports viewers alike shows no signs of slowing down. The critically acclaimed November 2021 release of the Netflix series Arcane is another foray into the League of Legends universe, drawing in seasoned players and casual viewers alike.
