KeSPA Reports $510M Economic Impact for 2023 LoL Worlds

The Korea e-Sports Association's new economic impact model shows the 2023 League of Legends World Championship generated far greater economic value than previous estimates.

Published on Feb. 23, 2026

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The Korea e-Sports Association (KeSPA) recently released a study on the economic impact of major esports events in South Korea, including the 2023 League of Legends World Championship. Using a new analytical model called MEEI (Multi-layered Esports Economic Impact), KeSPA calculated that the 2023 Worlds generated a total production inducement effect of 740 billion KRW, or around $510 million USD - over 3.7 times higher than previous estimates.

Why it matters

KeSPA's new MEEI model aims to better capture the economic value of esports events by accounting for factors like sponsorship, media exposure, and future customer acquisition that traditional impact studies often overlook. However, the methodology has raised some questions about the reliability of the results, as KeSPA sets several key adjustment coefficients itself and relies heavily on data from industry stakeholders.

The details

The MEEI model does not just calculate direct spending by spectators and organizers, but also adds 'quantified sponsorship value' in two components - media value and 'customer expansion value'. Together, these intangible values account for nearly half of the total $510 million impact. KeSPA argues this approach is necessary to properly measure the economic contribution of digital-first esports, which differs from traditional sports.

  • The KeSPA study was released on February 20, 2026.
  • The 2023 League of Legends World Championship took place earlier that year.

The players

Korea e-Sports Association (KeSPA)

The national governing body for esports in South Korea, which conducted the economic impact study on major esports events.

T1

The League of Legends team that claimed victory at the 2023 Worlds.

Weibo Gaming

The Chinese League of Legends team that lost to T1 in the 2023 Worlds final.

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What they’re saying

“Our future plan is to take 'home games' overseas. Our goal is to hold games at the Sphere in Las Vegas within a few years. Ultimately, we want to make all of our games home games and build our own stadium.”

— Josh Woongki Ahn, COO of T1 (Chosun Money)

What’s next

The full KeSPA report on the economic impact of esports events is available on the organization's website, providing more details on the MEEI model and its application to other major tournaments like the 2024 VALORANT Champions and 2025 LCK Finals.

The takeaway

KeSPA's new economic impact study highlights the growing financial significance of esports, with the 2023 League of Legends World Championship generating an estimated $510 million in total economic value. However, the methodology used to arrive at this figure has raised some questions about potential biases and the inclusion of intangible factors not typically counted in traditional impact assessments.