Comcast Spectacor targets lucrative esports market, launches venture with Korean partner
Comcast Spectacor and SK Telecom of South Korea on Tuesday officially launched T1 Entertainment & Sports, a global esports joint venture aimed at capitalizing on the fast-growing world of competitive online gaming.
Joe Marsh, most recently chief business officer for Comcast Spectacor’s gaming division and its Philadelphia Fusion Overwatch League team, has been named CEO of T1. He will be based in Philadelphia. John Kim, founder of Akshon Media and former CEO of Meta Gaming, will serve as chief operating officer based out of Seoul. The new venture also has operations in Los Angeles.
Plans for the new 30-person venture were first disclosed in February when the companies agreed to create a global esports organization supporting competitive teams as well as events in the online-gaming space. The deal comes amid predictions the esports industry will top the $1 billion revenue threshold this year.
T1 Entertainment & Sports’ portfolio includes the SK Telecom T1 League of Legends (LoL) Champions Korea team currently competing for a fourth title in the LoL World Championship. In addition, T1 owns and operates teams in competitive gaming segments that include Fortnite, Dota 2, PlayerUnknown’s Battlegrounds, Super Smash Bros., Hearthstone and Apex Legends.
“T1 immediately becomes one of the premier esports organizations in the world,” said Dave Scott, chairman and CEO of Comcast Spectaor, a division of Comcast Corp. “We are looking forward to strengthening its presence in this dynamic space as we move forward.”
The Philadelphia Fusion Overwatch League franchise is not part of T1 and will remain fully owned and operated by Comcast Spectacor. Earlier this month Comcast Spectacor, which also owns the Philadelphia Flyers and the Wells Fargo Center, hosted a ground-breaking ceremony for its $50 million esports arena being built in South Philadelphia at the stadium complex.