The fact that the global gaming market is predicted to be worth $256.97 billion by 2025 should give you an indication of just how lucrative the UK sector of the market will be this year. When we talk about the mobile gaming market, we are looking at wall games that can be played using mobile devices, which include eSports, casinos like Casumo as well as more traditional console-style games that have moved over to mobile devices. There is also a massive market for app-based gaming with in-app purchases.
Industry Facts
It is estimated that across the globe, over 3.2 billion people enjoy online gaming, and in 2022 the value of the console gaming market is expected to rise to $72.67 billion. Leading console game company Sony reported a value of $97.55 billion in September 2022. Although eSports are a relatively new addition to the market, the audience is already reasonably significant and is predicted to reach over half 1 billion players or should we say punters and watchers, by the end of 2022. Technology is one of the key drivers for the industry, with high-fidelity mobile games on the increase. By 2024 it is predicted that the immersive games side of mobile gaming will be worth $2.4 billion.
High Fidelity Gaming
When you consider how far mobile gaming has come, it is little surprise that more and more people are signing up to play. One of the first mobile games was, of course, snake, provided by Nokia, and since then, things have exploded. One of the key issues with mobile gaming is the size of the screen. Quality and small screens did not tend to go well together until we reached the high-fidelity mobile gaming era. If a game is deemed high fidelity, it has graphics that are considered advanced and complex, and the gameplay is immersive and true to life. The best-selling game in 2021 was FIFA 2022, which wasn’t even released until October, and claimed 10.3% more sales than FIFA 2021. High-fidelity game Call of Duty: Vanguard was second, although this was a 36.1% downtrend from Call of Duty: Black Ops Cold War. The final entry in the top three games sales for 2021 is Grand Theft Auto5, which is also a high-fidelity game.
2021 Takeovers
Looking specifically at the UK gaming industry, it was the subject of 14 takeovers during 2021, and this has led to an increase in revenue of more than $1.9 billion. One of the critical reasons for this interest is thought to be the arrival of the Metaverse. So, who bought who? Not only were the several acquisitions during 2021, but many were the largest seen in gaming history. ByteDance purchased Moonton for $4 billion, and Electronic Arts were on a roll, taking over both Gru Mobile for $2.4 billion and Playdemic for $1.4 billion. The UK is fast becoming a global hotspot for gaming companies that are up-and-coming and innovative which is why these international giants are looking to take over. Playtech is one of the largest and best-known names in the industry, and it has also become the subject of a bidding war which has seen figures of £3 billion touted around. Having Playtech in your armoury should thrive when Facebook or Mark Zuckerberg’s Metaverse is fully conversant.
Government Backing
The gaming industry is so important that the government has pledged £50 million in grants and investments to help the economic growth of creative industries, including iGaming. Although the Metaverse is not thought to be fully functional until 2030, the scramble to grab that place at the top has already begun. The last feature to slot into place in the Metaverse will be the virtual reality world, and there is much to be done to compete in this arena. The gaming industry has been identified by UK ministers as vital to up-and-coming economic progression, and the VR market is going to be at the heart of much development. With this in mind, they have pledged £8 million of funding for start-up developers to compete in a cutthroat world. Not only is the UK gaming industry lucrative, but it is sustainable and prospering, no matter whether you are looking at big business or grassroots innovation. It is attracting a lot of international attention as big named players seek to make investments and be the ones to acquire the new big names that are emerging from within the UK.