Park Jae-hyuk is a seasoned journalist who has provided comprehensive coverage of South Korea's corporate dynamics, economic policies, industry challenges and the global positioning of Korean companies. Based on the articles he has written since joining The Korea Times in 2016, his investigative approach has helped readers understand corporate governance, economic trends and business strategies shaping South Korea’s economy.
Banks resume esports sponsorships
Spectators line up to enter the venue of the final match of the 2019 League of Legends Champions Korea (LCK) Spring at Jamsil Arena in Seoul in this April file photo. / Courtesy of Woori Bank
By Park Jae-hyuk
By Park Jae-hyuk
Commercial banks, which have not sponsored esports tournaments since 2011, have recently resumed their sponsorships to attract young customers in their 20s and 30s, according to industry officials, Wednesday.
Analysts said the resumption can be largely attributed to the rapid growth of live streaming platforms, such as Twitch and AfreecaTV, which has allowed more people to watch professional games.
Woori Bank saw its brand reach 460,000 viewers here and 2.42 million overseas, during the final of the 2019 “League of Legends” Champions Korea (LCK) Spring in April.
“Data compiled by a market research company showed the LCK sponsorship was a more effective way of advertising than sponsoring professional football or baseball events,” a Woori Bank official said.
“Through our partnership with Riot Games, we will continue our youth marketing that targets customers in their 20s and 30s, who are attracted to esports.”
The bank signed an agreement with the League of Legends maker in January, to be the main sponsor of the LCK from 2019 to 2020.
Under the sponsorship, Riot will hold the final of the 2019 LCK Summer at Korea University, Aug. 30.
Woori said it will give Bluetooth speakers and earphones to audience members at the event, if they post pictures of the venue on social media.
KB Kookmin Bank sponsored the “Liiv Heroes of the Storm League: Revival” between June and July.
The bank's gaming event sponsorship was resumed 13 years after it sponsored the “Crazyracing Kartrider” tournament in 2006.
KB said it decided to sponsor the “Heroes of the Storm” league, because its fans worked so hard to revive it.
After Blizzard decided in 2018 to stop hosting the event, 595 fans of the game raised 25 million won ($20,788) through crowd-funding for its resumption.
“Although it is a small gaming event, it is valuable enough, given that it was revived by its fans,” a KB Kookmin Bank official said.
Shinhan Financial Group, which sponsored the “StarCraft” league between 2005 and 2011 through Shinhan Bank, sponsored the “StarCraft” Moo ProLeague (MPL) Season 2 in late 2018 through Shinhan Investment.
According to the Korea Creative Content Agency, the number of esports viewers worldwide is estimated at 167 million ― far more than the number of Major League Baseball viewers, which is estimated at 114 million.
The size of the nation's esports market also grew to 97.3 billion won in 2017 from 93.3 billion won in 2016 and 72.2 billion won in 2015.