A new segment in the gaming industry known as Paid Competitive Gaming (PCG) is emerging, according to a recent report called the “Global Paid Competitive Gaming Report 2023.”
The report, released at the Game Developer Conference in San Francisco, predicts that the PCG market will reach $16 billion by 2024 with a Compound Annual Growth Rate (CAGR) of 31.9% from 2021 to 2024. This growth rate is six times faster than the overall global mobile games market, which is expected to reach $223 billion by 2024 at a CAGR of 4.9%.
The report was jointly created by Newzoo, a leading global video game and gamer data company, and MPL and is based on a study of 24,562 respondents across 12 of the largest gaming markets conducted by Newzoo in 2022.
Since the pay-to-play model was first introduced in the 1970s and the free-to-play model emerged in the 2000s, the gaming industry has undergone a significant transformation. Currently, there are four primary ways of monetizing games: subscription services, rewarded ads, play and earn, and PCG.
According to Tony Habschmidt, Head of Consulting at Newzoo, the gaming industry’s shift towards innovative models reflects publishers’ willingness to embrace change while players expect new and inventive ways to interact with their favorite games.
He notes that PCG has become a prime example of this shift, allowing players to monetize their experiences through interactions with other players. This system rewards players for their skills and has democratized and redefined the industry by attracting new players from various forms of entertainment, such as sports and social media.
He adds that PCG offers a unique competitive experience for everyday gamers, providing numerous opportunities to compete in skill-based games with other players globally beyond traditional games. The availability of real money prize pools enables players to monetize their gaming abilities, while fair and competitive gameplay is ensured through effective skill-matching.
The top markets for PCG are projected to be the US, India, Mexico, the UK, and Germany. Mobile remains the dominant platform for gaming, with over 2.8 billion mobile gamers contributing more than 50% of the global gaming revenue in 2021, projected to reach $113.0 billion by 2024. Skill gamers are more engaged than traditional gamers, and many traditional gamers are likely to play skill-based games in the future. Smartphones and 5G technology will unlock new audiences, with projected growth in the number of global smartphone users and 5G-ready smartphones by 2024.
The report, released at the Game Developer Conference in San Francisco, predicts that the PCG market will reach $16 billion by 2024 with a Compound Annual Growth Rate (CAGR) of 31.9% from 2021 to 2024. This growth rate is six times faster than the overall global mobile games market, which is expected to reach $223 billion by 2024 at a CAGR of 4.9%.
The report was jointly created by Newzoo, a leading global video game and gamer data company, and MPL and is based on a study of 24,562 respondents across 12 of the largest gaming markets conducted by Newzoo in 2022.
Since the pay-to-play model was first introduced in the 1970s and the free-to-play model emerged in the 2000s, the gaming industry has undergone a significant transformation. Currently, there are four primary ways of monetizing games: subscription services, rewarded ads, play and earn, and PCG.
According to Tony Habschmidt, Head of Consulting at Newzoo, the gaming industry’s shift towards innovative models reflects publishers’ willingness to embrace change while players expect new and inventive ways to interact with their favorite games.
He notes that PCG has become a prime example of this shift, allowing players to monetize their experiences through interactions with other players. This system rewards players for their skills and has democratized and redefined the industry by attracting new players from various forms of entertainment, such as sports and social media.
He adds that PCG offers a unique competitive experience for everyday gamers, providing numerous opportunities to compete in skill-based games with other players globally beyond traditional games. The availability of real money prize pools enables players to monetize their gaming abilities, while fair and competitive gameplay is ensured through effective skill-matching.
The top markets for PCG are projected to be the US, India, Mexico, the UK, and Germany. Mobile remains the dominant platform for gaming, with over 2.8 billion mobile gamers contributing more than 50% of the global gaming revenue in 2021, projected to reach $113.0 billion by 2024. Skill gamers are more engaged than traditional gamers, and many traditional gamers are likely to play skill-based games in the future. Smartphones and 5G technology will unlock new audiences, with projected growth in the number of global smartphone users and 5G-ready smartphones by 2024.
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