Riot Games Plans to Continue the Trend of Massive Prize Distributions in VALORANT
Developers and tournament organizers Riot Games have made esports history with their VALORANT Champions tournament, offering one of the largest prize distributions ever seen in the industry. Now, Riot Games wants to keep this trend going into next year.
During the Esports Business Summit earlier this month, Leo Faria, the Global Head of VALORANT esports for Riot Games, announced that the company had awarded over $20 million to teams through the in-game Champions bundle and the prize pool.
The Champions bundle, which was released in August, generated an impressive $16 million for the teams in attendance. However, the sales continued even after the announcement, further contributing to the total prize money.
Riot Games has partnered with 30 teams from around the world to ensure that this revenue-sharing model continues next year. Teams that attended the Champions tournament received 50 percent of the revenue from skin sales, and this will likely be the case in future events as well.
Next year, Riot Games is also changing the structure of the VCT circuit by implementing a partnership system. They have selected 30 teams to partner with and participate in three international leagues at the highest level of competition. These leagues will serve as the qualification method for prestigious international events such as Masters and Champions.
In an interview with , Faria emphasized the importance of generating revenue in the esports industry. By collaborating closely with the selected teams, Riot Games aims to create an ecosystem where teams can share in the economic success of the leagues. This partnership will lead to larger fan experiences, increased audience reach, new brand partnerships, and the development of engaging digital products.
However, teams partnering with Riot Games for the international leagues will need to invest capital into the esport to ensure its growth, rather than paying an entrance fee. This investment is necessary to professionalize their organizations, build capabilities, provide career opportunities for players, and develop a strong fan base.
Teams that did not secure a partnership with Riot Games will have to qualify for the tournaments through the tier two Challengers and Ascension circuit. Riot will provide financial support in the form of a stipend to these teams to help them with their qualification journey.
In conclusion, Riot Games is committed to continuing the trend of large prize distributions in VALORANT esports. By partnering with teams and implementing a revenue-sharing model, they aim to create a thriving ecosystem that benefits both the teams and the industry as a whole.
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