Explosive growth is predicted for Paid Competitive Gaming

The report is based on consulting analysis performed by Newzoo and specialized research carried out by the company in 2022 on 24,562 respondents

Paid Competitive Gaming, or PCG, is a fascinating new segment that is growing within the gaming industry. The PCG market is anticipated to reach $16 billion by 2024, according to a new report titled "Global Paid Competitive Gaming Report 2023," which was released this week during the Game Developer Conference in the city of San Francisco. With a CAGR of 31.9% from 2021 to 2024, it is growing 6X faster than the whole worldwide mobile games market, which is predicted to reach $223 billion by 2024 at a 4.9% CAGR. The report, a joint project between Newzoo, the major player in video game and gamer data, and MPL explores the emergence of the good potential gaming sector and developments in this area.

The report is based on consulting analysis performed by Newzoo and specialized research carried out by the company in 2022 on 24,562 respondents across 12 of the biggest gaming markets. Since the introduction of the pay-to-play model in the 1970s and the subsequent free-to-play model in the 2000s, the gaming industry has undergone a paradigm shift. The four main methods of game monetization available today are PCG, Play & Earn, Rewarded Advertising, and Subscription Services. Players can earn real money from prize pools, and successful skill matching makes sure that everyone has an equal opportunity to compete.