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Chess is no longer a game that is played for the love of it only. Instead, there is a big career opportunity in chess to earn some income in terms of sponsorship, endorsement deals, appearance fees and prize money, which are the direct rewards.
As of 2022, the average earnings of a chess grandmaster hovers around $3,500 per month.
However, this figure can substantially increase if the grandmaster doubles as a coach, with monthly earnings potentially rising to around $4,800.
To give a perspective, Magnus Carlsen, the reigning world champion, has a net worth of around $25-$30 million, largely accumulated from his victories, endorsement deals and entrepreneurial ventures in the chess world.
Vishwanathan Anand, a former world champion and a stalwart of the game, has an estimated worth of around $15 million.
Another guru in the sport, Hikaru Nakamura, a chess grandmaster and a renowned Twitch streamer has reportedly accrued a wealth of approximately $50 million.
The takeaway is clear: the boundaries of earning potential in the chess world are as expansive as the game itself.
The Ghana Chess Association (GCA), the body which supervises chess in the country, must start a chess academy and a coaching training centre where experienced players can provide training to both young and old aspiring chess players and coaches.
This provides employment opportunities for coaches while helping students improve their skills. Also, the association should organise chess events and tournaments to generate income through entry fees, sponsorships and ticket sales.
These events require staff for organising, marketing, logistics and operations, providing job opportunities for the youth.
Other areas where the youth can get engaged in the sport and earn a living are content creation and streaming.
In collaboration with the GCA, the National Sports Authority (NSA) must create chess-related content, tutorials and live streams on platforms like YouTube, twitch or your website, where the game is played.
This can attract a wide audience, generating revenue from ads, subscribers, donations and potential sponsorship deals.
This should be followed by merchandising and retailing; it entails starting an online or physical store that sells chess sets, books, software and other chess-related products.
This can provide job opportunities in retail, marketing and distribution. Again, such an online chess platform should be well developed and managed to offer features like playing against opponents, training modules and participation in tournaments.
Such platforms can generate revenue through membership fees, advertisements or premium features.
The GCA and the NSA must organise chess education and outreaches. This must be done in collaboration with schools, community centres and educational institutions.
Also, the association must employ the youth as instructors and mentors for these programmes, providing them with job opportunities while promoting chess education.
This will require thorough planning, marketing strategies and careful financial management.
The GCA and the NSA must research their intended target audience, analyse market demand, and ensure that a proposed business model aligns with the needs and aspirations of both chess enthusiasts and the youth job market.
