SK Telecom, Comcast form e-sports venture - Mobile World Live

SK Telecom, Comcast form e-sports venture

11 OCT 2019

SK Telecom (SKT) and US-based media giant Comcast established an e-sports company with the goal of attracting overseas investment and expanding the market outside of South Korea.

SKT holds a 55 per cent stake in the company, which it said is valued at KRW110 billion ($92.6 million). Comcast and US Fund Highland Capital together invested $41 million and are the second- and third-largest shareholders, respectively.

The SK Telecom CS T1 (T1) venture will be based in Seoul with a regional office in Los Angeles. SKT’s e-sports team is called T1.

In a statement, SKT said the joint venture is focused on developing new business, operating clubs in Asia and producing professional content.

Huh Seok-jun, head of SKT’s private placement group, said: “With the establishment of T1, e-sports, which started in Korea, can grow into an export industry. We will expand our cooperation with global e-sports companies.”

SKT and Comcast signed a strategic partnership agreeing to form the global e-sports joint venture at MWC19 Barcelona in February.

The operator said the companies will use their global networks, telecoms and media capabilities to expand the global e-sports market. They also plan to promote gaming content production, streaming services and related merchandise.

Goldman Sachs forecast the value of the global e-sports market would increase from $86 million in 2018 to nearly $3 billion by 2022, with annual growth of about 35 per cent.

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Joseph Waring

Joseph Waring joins Mobile World Live as the Asia editor for its new Asia channel. Before joining the GSMA, Joseph was group editor for Telecom Asia for more than ten years. In addition to writing features, news and blogs, he...

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