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Recent trends in the online skill games industry bode well for its future and that’s not just because of the wider acceptance of online gaming.
The growth in the skill games business can primarily be attributed to virtual IBAN advancements and the ease with which international transactions take place. Not to mention last the recent shift en masse to online entertainment because of the novel coronavirus.
But it isn’t just the increasingly global nature of gaming that is helping to spur growth but also shifts in consumer attitudes towards entertainment.
Indeed, no segment has experienced quite as robust growth during the COVID-19 pandemic as gaming and online games, and this trend is expected to skyrocket in the coming months or years as uncertainty and the force of current trends continues to propel the segment to greater heights.
Interactive Games and E-sports
Now let’s touch a different landscape. Interactive games and e-sports. An Esports Ecosystem Report 2020 by Business Insider Intelligence reports that “key industry players and trends are growing the esports market which is on track to surpass $1.5B by 2023”. Other major key takeaways of the report outline that “The future of esports will likely be powered by mobile, which will further reduce barriers to entry and allow even more gamers and fans to pour in. The mobile gaming segment is set to make up 45% of the total global games market this year.”
The Economist also reports that there are several major positive trends that are helping with this current movement. For one, the overall atmosphere is conducive to online skill games businesses and the international marketplace means that there are more customers than ever before. One tale of the tape is that many industry watchers are looking at is the fact that the overall entertainment industry has taken a huge hit during the pandemic.
This is because physical locations such as theaters, restaurants, bars, and the like have suffered during the shutdown. Online gaming has filled the void somewhat and looks set to expand its footprint. Now take the investment angle. Investors’ enthusiasm for gaming, in particular, is spurring a boom across the United States and promising to expand that market at exponential rates according to The Economist.
An area of immediate concern for the skill games industry is that tough economic times tend to result in tougher regulations for the segment as a whole. This is because governments want to limit the negative social effects the industry can have and how these can become exacerbated during times of economic crisis.
“Mass layoffs and stockmarket declines create pressure to win back lost income and savings. In addition, many already struggle with substance abuse. The isolation brought on by lockdowns has served as a roadblock for those striving for recovery. Public-health budgets, stretched tight by collapsing tax revenue and redirected to the fight against COVID-19, are struggling to finance support services,” The Economist reports.
Back in 2014 The Guardian referring to the skill games sector confirmed that “This is an industry that makes $60bn a year, it is an industry that’s bigger than Hollywood, that dwarves the music business – and although it often struggles to gain recognition, an increasing number of young people want to work in it.” Imagine where we are now 6 years later. 2020 has already surprised many with its unpredicted events. Some in a negative, others in a positive way. The businesses operating within the skill-games space are definitely among the winners.
Apart from those facts and numbers, digital banking solutions also promise a much more advanced and flexible business model application. Here comes the prompt response with regards to changing market conditions and needs that appear in the Skill Games Industry.
A number of online games businesses have already applied our reliable and flexible digital banking solutions. As an Authorised Payment Institution in the United Kingdom Monneo provides innovative financial services in full compliance with the highest security and safety standards applied to protect merchants’ data and funds.