Paid Competitive Gaming to reach a Whopping $16 Billion in revenue by 2024

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A recent report by Newzoo and Mobile Premier League has revealed that the paid competitive gaming (PCG) sector is rapidly growing and projected to reach $16 billion by 2024, with a CAGR of 31.9% from 2021 to 2024. Key components of PCG include PVP gameplay, real money prizes, skill-matching, and skill-based gameplay.

The USA generates 42% of PCG revenue, while India accounts for 21% of the market and leads in skill-based gameplay with 58%. Despite a high churn rate, many players return to PCG after a break. The report also predicts that the mobile games market will account for $113 billion in revenue by 2024 compared to $67.7 billion for consoles and $41.9 billion for PC.

Another report by Data.ai has indicated that the mobile gaming industry is experiencing a new level of stability surpassing the pre-pandemic era. Gamers are spending over $1.6 billion per week on games in Q1 of 2023, representing a 28% increase in spending compared to Q1 2020. Globally, gamers are downloading 1.2 billion titles every week. The Q1 Gaming Index and State of Mobile Gaming 2023 reports were released this week.

PCG is a perfect match for Blockchain Game Developers

Providing players with transparent was to purchase, trade and engage with in-game assets is a crucial component of blockchain games. With Paid Competition Gaming trending among the existing gaming communities, it is a natural progression to consider how or if blockchain technology could be integrated into aspects of games in the future.

“Entering the landscape of PCG is an exciting opportunity for us here at CoinClash. We have developed a range of engaging skills based mobile games such as BubbleClash4Cash that allows players to test their skills for small stakes of real money. When it comes to PCM gaming we believe that it is important to provide transparency to the players and inclusive for new players. This is our reason for incorporating blockchain technology into every game,” says Piotr Blazewicz, Co-Founder and CEO of CoinClash Games.

By integrating blockchain technology in mobile games, game developers can create new opportunities for monetization and player engagement. For example, players could be rewarded with cryptocurrency for achieving specific milestones or be able to trade rare digital items on a secure, decentralized marketplace. This is just the beginning of what blockchain technology can offer to the mobile gaming industry.

As the popularity of PCG within mobile gaming continues to grow, it creates a demand for new revenue and business models. This report demonstrates the demand but also the opportunity to connect casual gamers interested in participating in low-stakes competitions from the comfort of their mobile devices.  As technology improves, we can expect more games that encourage players to collaborate with friends, form clans, and compete in global tournaments.

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