December 8, 2024

Advancing Digital Excellence

Pioneering Technological Innovation

Exploring Chess market’s explosive growth with Tech Mahindra’s Global Chess League

Exploring Chess market’s explosive growth with Tech Mahindra’s Global Chess League

In an exclusive conversation with ET Edge Insights, Peeyush Dubey, Chairperson, Tech Mahindra Global Chess League, delved into an insightful look at the dynamic evolution of chess and its emergence as a multi-billion dollar industry. We discuss the factors fueling this unprecedented growth, from the surge in online chess platforms to the cultural impact of media marvels like The Queen’s Gambit. As a prominent technology leader, Tech Mahindra is at the forefront of this transformation, pioneering the innovative Global Chess League that harnesses technology to broaden the game’s appeal and inspire a global audience.

Excerpts 

1. The chess market is projected to grow into a multi-billion-dollar industry. What are the key drivers behind this rapid growth, and how is Tech Mahindra positioning itself in this expanding market?

India has cherished chess for nearly 1500 years. Today, this passion contributes to the game’s global popularity as more people turn to chess for leisure and intellectual development. According to a report, the global chess market is expected to grow from USD 2.2 billion in 2023 to USD 3 billion in 2032, depicting a compounded annual growth rate of 3.4%. This rapid growth is driven by various factors, including the rising popularity of online chess globally and high-profile media coverage through TV shows like “The Queen’s Gambit,” which have sparked a renewed interest in the game.

In addition, online platforms have made the game accessible to a global audience, while technological advancements, including AI tools and virtual reality, enhance the playing experience. Chess is also recognized for its educational benefits, with schools incorporating it into curricula. International tournaments, corporate sponsorships, and increased player diversity have further fueled growth, with the COVID-19 pandemic accelerating interest in online chess.

In all this, Tech Mahindra is playing a crucial role in integrating technology and chess to expand its popularity beyond the traditional 64 squares through the Global Chess League by securing sponsors, television coverage, online streaming, and more. We recently concluded the league’s second season at Friends House in London.

2. As chess moves from traditional formats to digital platforms, how do you see the game’s commercialization evolving?

As chess transitions from traditional formats to digital platforms, there is significant potential for expanding the audience base. The first season of the Global Chess League, held in Dubai last year, has attracted millions of viewers worldwide. The tournament reached over 100 million people globally through social media. As chess gains popularity and digital platforms become more widely used, technological advancements will create more opportunities for commercialization and growth.

3. With the valuation of the chess market expected to rise, how are you planning to attract more investors and corporate partners to contribute to the growth of this ecosystem?

We are committed to building a strong ecosystem instead of just offering sponsorship. We have created a comprehensive league structure that uses technology to improve the game and fan experience. The league combines innovation and strategic partnerships, making it an appealing platform for investors and corporate partners who want to contribute to the long-term growth of the chess ecosystem.

4. Can you share more about the impact of the metaverse platform introduced during last year’s Global Chess League, and how you plan to further develop this digital fan engagement model?

Our vision for the Global Chess League is to revolutionize the sport globally. Our goal is to redefine the broadcast of the entire chess ecosystem and instill a love for the game in children from a young age. We are leveraging cutting-edge technology to make chess accessible and engaging for the masses. Our league features top Grandmasters from around the world, and our unique franchise and team format sets us apart. We have also redefined chess’s broadcast and viewing experience with a unique camera set-up, making it captivating for fans to watch and follow. The innovation in commentary set-up in chess with the Global Chess League has further helped educate fans more about the sport while adding an overall entertainment factor. Building on the success of our first and second seasons, we aim to grow and evolve step-by-step.

5. Looking ahead, how do you envision the role of technology continuing to shape the future of chess?

Technology is rapidly transforming how we play and experience this centuries-old game, and its potential is only just beginning to be explored. The Global Chess League has already demonstrated how AI, 5G, the metaverse, virtual reality, and data analytics can engage a global audience and make the game more accessible. As we host live games in arenas with shorter, more dynamic formats, we will create an exclusive atmosphere for fans to observe the action closely. By blending this in-person experience with online platforms like Chess.com, we aim to enhance viewership and interaction further, making chess more engaging and exciting for fans worldwide.

6. The global nature of chess provides an opportunity for expansion across various markets. How do you plan to leverage partnerships with international organizations like FIDE to further globalize the game and attract new players and fans?

The Global Chess League is a groundbreaking initiative that Tech Mahindra has designed in partnership with FIDE to globalize chess by bringing players worldwide together in a unique joint team format. This structure, featuring men, women, and prodigy chess players competing in the same team, enhances the appeal of chess and positions it as a more inclusive and dynamic sport. Along with FIDE, we intend to broaden the game’s influence by utilizing advanced technologies like 5G, AI, and virtual reality to create an immersive and interactive fan experience. Through live, televised events and innovative digital platforms, we aim to attract new players and audiences in global markets.

7. What are your expectations from the second season of Global Chess League?

Building on last year’s incredible success, we are taking the league to the next level. This season, we had six powerhouse teams, each backed by titans of business and sport. While the first season featured six competitive teams, season 2 retained this number and expanded its influence with bigger names who joined as team owners. Additionally, with more corporate giants backing the teams, the league has attracted a broader audience and generated heightened global interest, signalling the league’s rising commercial and cultural stature.

Given the massive engagement during season 1, we witnessed even greater global participation this time, with top-tier players and increased interest from fans worldwide. In addition, our strengthened partnerships with FIDE and Chess.com helped us enhance the league’s reach and visibility.

Disclaimer: The views expressed in this article are those of the author/authors and do not necessarily reflect the views of ET Edge Insights, its management, or its members

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