Gaming Industry Revenue is set for a new high in 2023

The gaming population is set to increase significantly in 2023, with growth attributed to technological advancements, projected to reach a tremendous total of $396.13 billion.

We'll look at different factors leading to increased revenue and analyze how each contributes to the industry.

Technological Advancements: Cloud Gaming & VR/AR Tech

Recent technological advancements were a virtual concept merely 10 years ago. Cloud gaming is a great example, gaining popularity for its storage convenience. Statistics show the feature will reach $4.9 bn and more in the coming years as the world fully utilizes digital storage.

VR is also set to experience a 14% growth in 2023, substantially increasing its revenue to $31.12 bn. You can now get virtual and augmented reality games in different malls or simply get your own set up for your home.

Integration of Gaming and Casinos

Different users also enjoy casino games in large numbers, with the slot versions offering similar adrenaline to video games. The aspect also results from adapting gaming varieties like the God of War into slot games.

Coming in smartphone versions, they also make mobile gaming the highest 2023 earner, with a whopping $286.50 bn. The contribution also accounts for this year's $26.14 bn from online games, considering their excellent gameplay and user-friendly features, like convenient payment methods.

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Growth of Esports Competitions

Various stakeholders have taken advantage of eSports events like the Fortnite World Cup, taking place annually. There are different earning avenues from the concept, one of them being the downloading of games, which will account for $19.9 bn by the end of the year. In-game advertising ($32.51) also comes in during such competitions, a new avenue for entrepreneurs to reach a greater market.

These esports games like FIFA or Mortal Kombat attract a wider audience daily, providing an opportunity for betting technologies. Excellent features, such as live bets, are available to participants to make their experience more enjoyable.

Revenue from Social Media Gaming

Social media has immensely grown as an excellent gaming hub, giving opportunities and platforms to streamers and developers. There are a lot of gaming content creators, primarily through Tiktok, Twitch, and YouTube, who have taken advantage of earning from such activities.

With their increasing numbers, live streaming content is set to make $11.69 bn in 2023, an improvement from 2022's $9.7 bn. Additionally, the individuals get paid by different brands for placement and other forms of promotion. These platforms can rake in revenues on their end, paying the content creators.

Conclusion

The $396.13 bn is the beginning of bigger cheques, with the industry projected to break the half-a-trillion mark by 2027 ($533 bn). Therefore, continued upgrade or utilization of the above factors is a great payday for the involved parties, especially the developers, players, and bettors.

This article does not necessarily reflect the opinions of the editors or management of EconoTimes