Lucrative Gaming Business Ideas 2023
In 2023, gaming is big business, and not just for the players. The gaming industry has now grown so much that it’s become a lucrative market for B2B companies to expand into as well. From eSports sponsorships to iGaming, there are several ways in which businesses can get involved in the gaming industry and profit from its growth.
Whether you’re a start-up looking to break into the gaming industry, or an established B2B company looking for new opportunities, this article will provide valuable insights and ideas to help you succeed in this exciting and rapidly growing market.
Gaming in 2023
Gaming is a dynamic and rapidly evolving industry, currently bordering the £200 billion mark. As a cutting-edge tech industry, there are constant innovations in everything from hardware to gaming software, opening up all manner of lucrative and exciting opportunities for entrepreneurs and inventors alike.
The past few years, in particular, have brought significant growth levels to the gaming industry, driven by the overwhelming popularity of online gaming, mobile gaming, eSports, and virtual reality. Thanks to major advancements in technology, players can experience immersive, realistic gameplay like never before. Furthermore, innovations in cryptocurrencies and blockchain mean that players now have the option to use Bitcoin to play casino games at platforms like Bovada, you can find out more here about crypto casino gaming or even earn their own NFTs and digital assets.
Furthermore, eSports has appeared as a multi-billion-dollar industry, with major tournaments and events like The International (Dota 2) pulling in millions of viewers worldwide. Meanwhile, the rise of streaming platforms, such as Twitch and YouTube, has helped transform gaming into a mainstream form of entertainment, in turn opening new opportunities for content creators and influencers.
Gaming Revenue Streams for Businesses and Entrepreneurs
Existing businesses are perfectly placed to capitalise on the lucrative potentiality of the gaming industry. While there are many ways for an established B2B company to diversify its revenue streams by expanding into gaming, the following three ideas can deliver quick, profitable results.
User Data and Analytics
As software developers, game publishers, and online gaming platforms look to reach new audiences, data and analytics are playing an increasingly key role. B2B companies can take advantage of the growing need for the latest user data and statistics by providing analytics services to existing gaming companies. Furthermore, businesses and entrepreneurs already working in digital marketing can expand into supporting gaming start-ups with user data, giving them access to valuable insights into gamer behaviours, preferences and engagement levels.
Related: Common Data Analytics Mistakes Your Business Should Avoid
eSports, or professional gaming, is a sector that has truly exploded in popularity in recent years, opening up new avenues for B2B companies to get involved. Like traditional sports, eSports contains an ecosystem that includes individual players, teams, gaming leagues and more, generating sponsorship opportunities for existing brands. By aligning with the rapidly growing eSports industry, businesses can access and convert highly engaged new audiences.
Another highly lucrative sector in the modern gaming industry is that of iGaming or online gambling. This is a sector that encompasses everything from mobile casino apps to online sports betting platforms, and it can supply a diverse range of business development opportunities for entrepreneurs and existing companies. For example, the sector is known for its generous and rewarding affiliate marketing programmes, which are a popular choice with savvy individuals who are keen to add a second or third income.
Mobile Game Development
Mobile gaming is now the world’s most popular gaming market, generating over 50% of the total gaming industry revenues in 2022. This means that mobile gaming apps are now more popular than both console and PC games combined. This increasingly profitable sector is ripe with business development opportunities for entrepreneurs, particularly as its low barriers to entry and flexible monetisation systems can support a wide variety of business models and ventures.
Virtual and Augmented Reality gaming is still very much in an emergent state, with the former only just hitting mainstream audiences in the past few years. To some, the tech remains experimental, but to others, this sector offers huge growth potential, with analysts predicting VR gaming alone will exceed a value of $70 billion over the next few years. Another benefit of the market still being in a development stage is that big tech brands haven’t been able to gain a monopoly, leaving plenty of room for new companies and ideas to break through.
Related: How Augmented Reality is Going to Facilitate Business Growth
The digital nature of modern gaming means that the vast majority of players now prefer to buy and download video games straight from online marketplaces or, in the case of cloud gaming, stream directly from the cloud. There’s a continually high demand for video games from an increasingly diverse and growing customer base, while the relative ease of entry into setting up a gaming marketplace business can make it an attractive option.