Investors are flocking to video gaming, but be wary of esports, SPACs, advisors say

Activision Blizzard intended 2020 to be the year the Overwatch and Call of Duty leagues would capitalize on the company's vision of creating an esports setup that mirrored traditional sports. Teams would host events before live audiences, traveling from one host site to another. Covid derailed those plans just as they were beginning, and while both leagues held online competitions from remote locations, a linchpin of their economic model -- one in which esports teams have access to local market revenue through ticket and merchandise sales, as well as regional corporate sponsorships -- completely fell apart. Ahead of the 2021 season for both leagues, Activision Blizzard laid off its esports events team.