A huge electronic screen in the East Lake High-tech Development Zone displays the global finals of the 2023 League of Legends World Championship on Nov 19. [Photo/Optics Valley of China]

On Nov 19, the World City Optics Valley Pedestrian Street was packed with young people. All gathered to watch a giant electronic screen displaying the global finals of the 2023 League of Legends World Championship.

According to statistics, the World City commercial district receives a daily footfall of 200,000 to 300,000 visitors. On the day of the finals, the footfall reached 450,000, with many young people coming from neighboring provinces and cities. Popular virtual idols made appearances and interacted with players and spectators.

The esports industry has undergone remarkable growth in recent years, with a market size that has reached billions of dollars. It has emerged as a key focal point in the digital economy and a popular sector within the digital sports industry, closely intertwined with urban cultural and tourism scenes.

The City Canyon Watch Party for League of Legends has been held multiple times, with related topics topping Weibo's hot search list in 2021 and reaching the top spot on Douyin's local rankings in 2023.

Young people throughout the country are lured to OVC to watch the finals. [Photo/Optics Valley of China]

Wuhan is home to 1.3 million university students, with the majority concentrated in the East Lake High-tech Development Zone (also known as Optics Valley of China, or OVC) and its surrounding areas. The valley also hosts numerous enterprises and a gathering place for high-income individuals, ranking high in consuming capability.

It naturally attracts a young and vibrant population, making it suitable for esports and other entertainment and cultural activities. Various commercial districts have capitalized on this trend by creating cultural and tourism scenes.

The CFML eighth Anniversary Celebration event will also occur this weekend on the pedestrian street.

"From a business perspective, the most attractive factors for esports companies in a city are its economic level, consumer capacity, location advantages, and business environment," said a representative from NIP Group, a comprehensive digital sports group with esports clubs as its core business. "OVC is young, vibrant, and has a large audience. It has obvious location advantages nationwide and offers preferential policies and incentives for entrepreneurship, making it suitable for developing esports companies," he added.

In 2021, the esports industry was included in China's 14th Five-Year Plan. Wuhan has long been a critical location for China's gaming and esports industry. The city is home to over 300 gaming companies and thousands of related enterprises, with a workforce of 25,000. It is estimated to achieve a total revenue of approximately 12 billion yuan ($1.67 billion) in 2023, with the valley hosting over half of the city's gaming companies and contributing nearly half of the industry's output value.

According to the 2023 Global Esports Industry Development Report, the majority of the 478 million esports users are young people, with those under 35 accounting for 56 percent.

Young people typically signify the vitality of a city. In recent years, major cities have been developing the esports industry, with over 20 cities in China, including Shanghai, Guangzhou, Chengdu, and Wuhan, implementing esports-related policies.