T1 Reports Continued Revenue Growth After Successful Year in 2024

5 Nov

Martin Arévalo-Östberg

Following their dramatic win at the 2024 League of Legends World Championship, T1 has unveiled impressive revenue growth, fueled by their competitive success and strong international presence.

In a recent press release by SK Telecom, T1's parent company goes into detail about the organization's financial growth over the course of the last few years. After a period of continued success, it is T1's aim to build on this growth and expand their reach even further in the world of esports.

T1's Unprecedented Revenue Growth Since Comcast Partnership

Since transitioning to a joint management system between SK Telecom and Comcast in 2019, T1 has experienced a robust financial upswing, recording an average annual revenue growth rate of 38%.

This period marked a strategic shift as T1 worked to expand its reach and influence on the global esports stage. In 2023, T1 reported revenues of ₩34.6 billion won ($25 million USD), a 45% increase compared to the previous year, underscoring the success of their joint operations and business expansion strategies.

This growth was in no small part thanks to T1's LoL division winning the 2023 League of Legends World Championship, though it also highlights a successful trend just four years into SK Telecom working in cooperation with Comcast.

t1 winning worlds 2023 proved crucial for their revenue growth

T1's victory at the 2023 League of Legends World Championship proved crucial for the organization's growth. (Credit: Colin Young-Wolff/Riot Games)

The partnership with Comcast has allowed T1 to leverage resources and expertise from global media and entertainment sectors, including connections in cable TV, broadcasting, and professional sports management. This collaboration has not only strengthened T1’s brand value but also propelled the organization’s goal of becoming a premier global esports company.

Building on Competitive Success and Fandom

T1’s recent accomplishments on the international stage have played a significant role in their growth. The organization, which celebrated its 20th anniversary in 2024, won the World Championship for the second consecutive year, defeating China’s Bilibili Gaming (BLG) in an intense 3-2 series. This victory marks T1’s fifth Worlds title, solidifying their legacy as the most successful teams in League of Legends history.

The 2024 trophy also marked back-to-back World Championship victories for the organization, which, coupled with T1’s summer win at the Esports World Cup in Riyadh, has strengthened their reputation as a dominant force in esports.

This success has also fueled T1’s merchandise sales, with official kits and other merchandise revenue projected to grow by over 60% this year. Additionally, T1’s fan membership has more than doubled in the past year, illustrating the power of their expanding global fanbase.

Expanding into New Markets and Business Ventures

Capitalizing on the momentum of their competitive achievements, T1 is set to expand into new business ventures. The team’s “T1 Base Camp” project, a cultural and fan engagement space designed around T1 and esports, has already launched its first branch in Hongdae, South Korea, with plans for further expansion.

T1 also aims to deepen fan interaction through initiatives like the LCK’s inaugural home/away format, dubbed “T1 Home Ground,” offering fans a unique way to experience matches.

SK Square, a key stakeholder in T1, has been instrumental in facilitating these growth efforts. Following a ₩13.5 billion won ($9.8 million USD) capital increase in 2022, the company renewed its commitment to T1’s growth by exploring additional partnerships and revenue opportunities. These initiatives have been further bolstered by T1’s success at the League of Legends World Championship, where the team demonstrated a blend of skill, dedication, and resilience that resonates with fans worldwide.

As has having the greatest League of Legends player of all time at the helm. Through Lee "Faker" Sang-hyeok's dedication to the team, whose colors he has donned for over a decade, coupled with his humble personality and a palpable appreciation for his fans, T1 have found the perfect face for the organization.

Faker isn't just the face of T1, he's the face of competitive League of Legends as a whole. (Credit: Colin Young-Wolff/Riot Games)

A Vision for the Future

SK Square and Comcast’s shared vision is to transform T1 into a cornerstone of global esports, with strategic plans to harness their brand value and competitive success.

As SK Chairman Choi Tae-won noted in a congratulatory message to the team, T1’s accomplishments are the result of mutual trust and dedication among players and management. This legacy, he suggested, is only the beginning of a new chapter for esports in Korea and beyond.

Looking forward, T1 aims to continue building on its competitive and business success, with its recent LoL Worlds victories serving as a powerful foundation. With a loyal and growing fanbase, a seasoned management team, and a lineup of top-tier talent, T1 is well-positioned to lead the esports industry into a new era.

Key Takeaways - T1 Revenue

Since SK Telecom's partnership with Comcast in 2019, T1 has reported an average annual sales growth rate of 38%
The T1 LoL division's back-to-back World Championships have powered enormous growth
T1 revenue from merchandise sales expected to grow by over 60% in 2024
Plans to expand the T1 brand further across the world of esports

Image source: T1/SK Telecom

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