Houston Esports Venue Underway

A successful event for Houston, Texas, esports team Houston Outlaws has led to a local venture capital company developing an esports venue.

Business Wire

The Overwatch Arena at BlizzCon, where top players from across the globe competed in the Overwatch World Cup finals.

Work America Capital hosted the watch party at a warehouse that reportedly drew about 700 spectators. The warehouse will be renovated into a $70 million 120,000-square-foot space called The Cannon as part of a tech hub development, according to the Houston Chronicle.

The 20-acre site will also include a gym, a football field, retail, restaurants and temporary housing for international tech entrepreneurs.

Esports continues to explode in popularity, drawing younger, tech-savvy fans to watch professional online competitions live or on video screens. Newzoo, an industry analysis company, reported the esports economy valued globally as high as $626 million for 2017. North America has the largest esports market, bringing in $257 million last year.

Revenue from merchandise and ticket sales and corporate sponsorships is projected to go as high as $1.5 billion by 2020, the Chronicle said.

The esports arena is expected to be completed by midyear.