Why the online gaming industry is booming in 2023

2023 is set to be a magnificent year in the gaming world. Gaming continues to be a huge and rapidly growing industry, with world events, technological developments and societal behaviour trends all contributing to its continued success. 

The industry saw a historic boom during the pandemic with both regular gamers and newbies taking up online gaming as a way to stay entertained and connected socially. This growth was sustained through 2020 and 2021, however there was actually a 4 percent decline in growth in 2022.

The industry was valued at $232.02 billion dollars globally in 2022 and worldwide gaming revenue is forecast to reach $504.29 billion dollars by 2030.

Despite 2022’s growth rate, there is still very much a positive outlook for gaming in 2023 with there continuing to be a shift from physical to online games. The accessibility of efficient hardware has helped with this, particularly as more devices become compatible with 5G.

5G connectivity improves the player experience immensely, resolving issues such as lag and spotty connections. With 5G available to players, developers have been able to create new innovative releases that improve the player experience greatly.

Cloud based gaming is one innovation that is coming to the forefront in 2023. Games can be streamed from an online subscription service rather than being hosted locally on the player’s device. https://buitenlandse-casino.com/casino-zonder-idin/

PlayStation Now and Google Stadia are two of the cloud gaming services gaining popularity this year. Similarly, platforms like Mostbet.IN have been instrumental in elevating online gaming, especially in the realm of sports betting and casino games, offering a diverse range of options for enthusiasts.

What types of gaming niches popular online now?

Massive Multiplayer Games are a particularly popular sector of the gaming industry right now. Games such as EVE Online, Burning Crusade Classic, Dragon Oath and Blade Wars are leading the way as more gamers seek online communities for social experiences.

Also popular are online casino games such as poker, blackjack, and roulette. The popularity of online casino games is mainly due to online casino providers offering bonuses to their players. Bonuses and promotions allow players to trial out games and casino sites before depositing their own money. By utilising bonuses, players can get a feel of the site and make sure it’s the right one for them, basically trying before buying!

Virtual reality gaming is also experiencing growth as the choice of VR games improves as more companies work to develop these games, and VR headsets become more advanced and affordable in the marketplace.  

There is plenty more happening in gaming globally this year, with new types of gaming experiences being developed all of the time. Here are just some of the trends that are forming in gaming in 2023 and beyond:

Co-operative gaming becoming the go-to for social gamers

While co-op style gaming may have fallen out of mainstream entertainment in more recent years, it is due a renaissance this year. For those bored of the classic multiplayer first person shooters and battle royale type games, co-op games offer an adventurous alternative.

Titles such as Don’t Starve Together, Deep Rock Galactic, Minecraft Legends and Suicide Squad: Kill The Justice League all offer a co-op experience to enjoy with friends and family. For advertisers, they will begin to target more ads at the groups of friends, family members and couples that enjoy these games together.

Hybrid monetization strategies

Speaking of advertising within gaming, more brands will adopt hybrid monetization in 2023 as regulations change the way they drive revenues. The promotion of in-game transactions is set to become less aggressive as more mobile game developers move towards a game subscription model instead.

For monetization purposes, we may see more PC gaming brands begin to experiment with in game advertising. However there is an increased focus on generating good value for players and ads must fit seamlessly into the game experience and avoid feeling spammy.

E-sport sponsorship deals becoming more lucrative

Esports competitions have gained more attention in recent years and are now even broadcast on major sporting channels such as ESPN. Some of the top events in the calendar in 2023 include CDL Major 4, the League of Legends Mid-Season Invitational, the RLCS World Championship and the VALORANT Masters 2023 in Tokyo, Japan, in June. 

Esport sponsors and advertisers are seeing these competitions as a lucrative opportunity to bring in revenue. This year we will see some major brands sponsor esports tournaments and new esports merchandise and related content being popularised. 

From increased gaming subscription services to new types of advertising and sponsorship, the online gaming industry continues to develop and thrive. We can expect new and improved experiences for players and the emergence new revenue opportunities for game companies in the months and years ahead.