This is a translation of T1' Oct. 11th (KST) press release.
With the globally renowned media/entertainment group, Comcast, SK Telecom has revealed on the 11th that they have officially launched their joint esports venture.
After the strategic partnership agreement announcement from Park Jung-ho, President and CEO of SK Telecom, and Tucker Roberts, President of Comcast’s Gaming Division, at the ‘MWC 2019’ in Spain last February, they have worked tirelessly to officially establish the joint venture.
The name of the company is SK Telecom CS T1 Co., Ltd.; shortly known as T1. SK Telecom is the largest shareholder, by holding 55% of the shares. Comcast and Highland Capital have invested $41 million USD, and became the 2nd and 3rd largest shareholders respectively.
This joint venture brings much meaning in SK Telecom’s ability to successfully attracting foreign investments with their competitive esports department. This is Comcast’s very first time investing in foreign esports business. It’s also important to note that it’s the first time that two of the biggest corporations in global media and communications joined hands for this global venture.
T1’s global headquarters have been established in Seoul. It looks to bring forth new business opportunities, operate the Asian teams and create professional content. T1 West, located in Los Angeles, California, will be in charge of operating the North American teams.
According to Goldman Sachs, the global esports industry looks to grow more than 35%, from being worth $869 million USD in 2018 to an estimate of $2.96 billion USD in 2022.
With global networking, OTT, 5G, media technology, and content creation, SK Telecom and Comcast looks to expand their business by targeting the global esports market.
With roughly 400 million esports fans around the world, T1 will be creating video content, a streaming service, a market to sell game-related merch, and expanding their business into the fashion industry.
There will be 7 new additional esports teams, to a total of 10. In Korea, there will be a team for League of Legends, PUBG, Hearthstone, Dota 2, Fortnite, and Apex Legends, while in the U.S, a team for Super Smash Bros, Hearthstone, Fortnite, and Apex Legends.
By utilizing the ‘T1’ brand and their intellectual property, they will be showcasing a lot of content and merchandise all around the world, and will be looking to secure sponsorships, advertisements, and broadcasting rights to bring new business into esports.
SK Telecom’s Private Placement Group Leader, Charles Huh, commented, “With the establishment of T1, esports have been able to become exported. We will be quickly expanding our esports business in the global market, and will branch out by cooperating with other global esports companies."
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