Adoption of E-sports is a significant part in the projected Gaming market surpassing 200 Billion in revenue by 2023. We believe that the Covid-19 lockdown has pushed this adoption further.
Formula 1, and other racing games, are sitting in a special place, where gaming simulators (racing wheel and pedals) are relatively inexpensive and the racing games offer a very high simulation of reality. This enables mere mortals to sit in front of their computer screen and experience the force feedback similar to a regular racing car. Other games, such as First Person Shooters or Basketball, Soccer and other sports, do not offer this transition from the real to the virtual world.
The current lockdown has presented a unique opportunity, where the cancelled Formula 1 Grand Prix have moved completely online, with real-world Formula 1 drivers playing, competing and streaming on the same gaming setups you and I can buy. Not only that, but the field includes some streamers and young drivers as well.
Why is this significant? Because seeing a driver that had won multiple Grand Prix last year focus, compete, work on his pit strategy and celebrate as if he won a Grand Prix offline will ultimately pull offline fans into the game, as well as legitimize the online version of the F1 E-sports series.
It is then no surprise that many racing wheels are now sold out and that Formula 1 is now interested in offering a full-blown simulation game on top of the current F1 2020 game offered by Codemasters.