World Series of Video Games shuts down

The World Series of Video Games has been abolished by organiser Games Media Properties, according to a statement on its web site.

The Series was due to contest events in Los Angeles, London and Sweden before the end of the year, but they have all now been cancelled - although anybody who has won prize money to date will still be paid.

According to the statement, the main reason for the Series' cancellation was due to high costs and low income.

"The continuing challenges of securing adequate revenues to sustain the production of the WSVG's large scale events and television programming, in a very crowded field of competitive gaming leagues, has prompted us to re-evaluate our direction as an organization."

GMP will now refocus its efforts on developing its "online advertising network of websites, which currently reach seven million users each month."

The news removes one of the key players in the e-sports arena, although others such as the Championship Gaming Series will no doubt be keen to take advantage.