Video Games and eSports or “Gaming” isn’t the domain of just the young any longer, with a much broader demographic getting on the bandwagon with new advancements in mobile connectivity, hardware and experiences.
Not surprisingly, the global video gaming market size grew to US$152.1bn in 2019, from US$91.4bn just four years earlier.
The Asia-Pacific region accounts for almost half of global gaming revenue, far ahead of other regions, and unsurprisingly, China is the single largest market, with gaming revenue amounting to US$36.5bn in 2019.
The nature of gaming has changed over the years as technology has evolved. According to Trip Hawkins, founder and first CEO of Electronics Arts, and one of the contributors for this whitepaper, “A defining singularity in the history of technology was the launch of the iPhone.” Calling it a “dramatic leap”, he says the iPhone drove a radical shift in terms of the user interface and user experience.
The global lockdown of almost four billion people in early 2020, due to the COVID-19 pandemic, is resulting in a surge in mobile game downloads and spending, as people look for ways to keep themselves entertained and engaged.
For the value of in-game purchases to increase, transactions must become convenient and friction-free. Direct carrier billing (DCB) is one effective way to get around the inconveniences associated with payments in gaming. Owing to the convenience it offers, DCB delivers better conversion and retention rates than other payment means. Closer partnerships between game publishers and mobile carriers with bundled offers can further fuel growth in this exciting segment.
To better understand the gaming ecosystem with a focus on payments, download the whitepaper now.