Why Mobile Gaming is the Future King of Entertainment
Mobile games have taken over the entertainment industry in recent years. A study from Newzoo forecasts that the mobile gaming industry is expected to reach $100 billion by 2021, achieving double-digit growth in less than a decade. E-marketer also reports that people are spending less time on TV and opting for more time on mobile devices, specifically, mobile gaming. But the question is how is this young industry taking over the entertainment market and why are people consuming mobile games at such an increasing rate?
To better understand why mobile gaming is a winning industry, we ought to look at how it’s winning people’s time. The first thing to consider is the mobile device itself. Today, 5.2 billion people are smartphone owners; totaling a staggering 70% of the world’s population. The cheapest price a person can pay to purchase a decent smartphone is around $100, while PC and Gaming Consoles start at $500 apiece. This automatically sets the device at the top of competitive pricing in comparison to other gaming platforms.
Also, mobile devices are portable; users can simply take the device wherever they please and hence, consume it whenever they want. This level of accessibility, combined with its economical value, sets the mobile phone as the easiest and cheapest platform for gaming. With that, the mobile gaming industry effortlessly and readily has access to 70% of the world’s population.
With virtually zero barriers to entry and accessibility at an all-time high, the mobile gaming market boomed, serving users a range of easy-to-play and easy-to-download games. From casual games like Candy Crush to more intense strategy games like Clash Royale, the genres available are limitless, compelling, and time-consuming. People are instantaneously hooked and eager to spend their time leveling up and winning rewards.
The games are designed so that the players are too captivated to put them down. Inviting visuals, sounds, and instant-gratification rewards are specifically designed to get and keep users engaged. When people are able to so easily escape into a different world, they are not only keen to spend their time but also their money. Consumer spending on mobile games accounted for 66% of global expenditure on smartphone storefronts, as reported by App Annie.
Queue the COVID-19 pandemic, when mobile game downloads reached unfathomable peaks, baffling investors and governments alike. In the second quarter of 2020 alone, a total of 15.2 billion mobile games were downloaded globally. If the mobile games industry wasn’t already tempting enough the pandemic surely magnified the lens, attracting more investors to pour money into the market. The game industry has seen an estimated $20.5 billion in acquisitions, investments, and IPOs in the first nine months of 2020 according to InvestGame.
Governments also revealed interest; Bloomberg reports a Riyadh-based Public Investment Fund acquiring more than $3 billion worth of stock in three U.S video-game studios in 2020. With all that in mind, we can safely say that ease of accessibility, soaring demand, and pouring capital all point to one direction; a dominating entertainment market that is ready to take over the world; a new King in the castle.