Chess, a game once synonymous with quiet contemplation and intellectual prowess, is undergoing a dynamic transformation, propelled by Tech Mahindra’s initiative of Global Chess League (GCL).
This unprecedented franchise league is revolutionizing how chess is played and how it is perceived, marketed, and monetised.
The GCL is bringing in a more palpable viewer experience without hindering the quality of chess and that’s what takes a sport to heights.
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The Business of Chess: A Growing Powerhouse
“Chess has grown a lot, even from a business point of view in the last few years,” says Prachura PP, the co-owner and CEO of American Gambits.
“There’s a lot of scope and opportunity, and brands have been proving that.” The success of the GCL’s inaugural season is a testament to this burgeoning potential.
It has attracted major brands and sponsors, signaling a shift in the perception of chess as a viable investment.
And with the young Indian players on the rise, the sport of chess will definitely garner more eyeballs and investments, and sponsorships from around the globe from different multinational companies.
Dhruv Sawhney, Owner of Triveni Continental Kings further adds that the “chess market is currently valued at USD 150 million in 2023 and projected to reach USD 490 million by 2031, growing at a remarkable CAGR of 13.95%, it’s clear that chess is no longer just a game—it’s a thriving business ecosystem.
“GCL has played a pivotal role in this transformation, positioning itself as the world’s premier chess franchise league.”
Brand Power: Major Players Enter the Arena
The GCL’s impact extends beyond the chessboard, drawing in a diverse range of brands eager to associate themselves with the sport’s growing popularity.
“On the ambassador front, legends like Viswanathan Anand, Magnus Carlsen and Alireza Firouzja continue to elevate the game’s profile, representing major brands on the global stage. Their participation in GCL has electrified the dedicated chess community across India and globally,” adds Dhruv Sawhney.
In India alone, young chess prodigies like Arjun Erigaisi and Praggnanandhaa have secured high-profile sponsorships, showcasing the increasing marketability of chess players.
Players like Magnus Carlsen and Hikaru Nakamura will enter the London arena in the early days of October. These two are the some of the biggest chess celebrities around the world, with an estimated $50 million net worth, which shows the number of elite brands that they’re backed up with.
Digital Dynamics: Expanding the Chess Audience
Ironically, the inception of the GCL happened during the pandemic when the Chess Olympiad was played online for the first time and India shared gold with Russia, the event was streamed on ChessBase India’s channel and was backed up by India’s biggest chess creator Sagar Shah and Samay Raina.
Approximately, 70,000 people were watching live, and among one of them was visionary Anand Mahindra. He saw the potential and soon within a span of a year and a half the grandest chess league was born.
The digital age has been a boon for chess, making it more accessible and engaging than ever before.
The rise of online chess platforms and streaming services has fueled a surge in viewership, with fans from around the world tuning in to watch live tournaments and learn from their favorite players.
Talking about the platforms, Akash Premsen, CEO of the Triveni Sports Private limited states that, “The viewership of chess has surged both in India and internationally, thanks to the Global Chess League (GCL) and the rise of digital platforms.
“GCL alone reaches over 600 million viewers, underscoring the game’s growing global appeal. Furthermore, chess tournaments are now streamed live on platforms like Chess.com, Twitch, and YouTube, connecting the sport with millions of new fans.
“ The ability to watch top players compete, accompanied by real-time commentary, has made chess more engaging and accessible to a wider, especially younger, audience.
“This digital presence has truly transformed chess into a dynamic spectator sport, offering fans unprecedented levels of interaction and engagement that were unthinkable just a decade ago”.
“The chess viewership has seen a good rise,” Prachura from the American Gambit notes, “both in India and abroad.”
Chess and AI
Some say AI is the world’s new revolution and has definitely touched the game of Chess as well.
Akash Premsen, CEO of Triveni Sports Private Limited, talking about AI and online platforms, thinks it’s a game-changer in enhancing the chess experience.
“Powerful engines like Stockfish and AlphaZero enable players to analyze their games with precision, offering personalized insights that significantly improve skills. These innovations make chess more approachable for beginners while keeping it thrilling for seasoned players.
“Looking ahead, emerging technologies like augmented reality (AR) and blockchain will further revolutionize the game, offering immersive experiences and ensuring greater transparency in online competitions.
“The future of chess is incredibly promising, with technology continuously driving deeper fan engagement and advancing player development.”
The Global Chess League: A Catalyst for Change
The GCL is at the forefront of this chess revolution, serving as a catalyst for the sport’s business and marketing growth.
Its innovative format, combining team-based competition with individual brilliance, has captivated audiences and attracted a new generation of fans.
The GCL’s success is not just about the games themselves, it’s about creating a spectacle, a platform where chess players are celebrated as stars and brands can connect with a passionate and engaged audience.
In conclusion, the Global Chess League is not just transforming the way chess is played, but also how it is perceived, marketed, and monetized.
It is ushering in a new era for the sport, one where chess is not just a game of strategy and intellect, but also a thriving business and a captivating spectacle.