The gaming industry has gone through a huge shift in the past few years, from the pay-to-play model to the free-to-play model, and presently, to the ascent of Paid Competitive Gaming (PCG) as most would consider reaching $16 billion by 2024, according to a report.

“Global Paid Competitive Gaming Report 2023,” a report by gaming market research firm Newzoo and gaming platform MPL was released last week at the Game Developer Conference in San Francisco.

The report narratives the ascent of this promising gaming section and trends here. It depends on a consulting analysis by Newzoo and modified research directed by the organization in 2022 on 24,562 respondents across 12 of the biggest gaming markets.

The PCG market is developing at a CAGR of 31.9% from 2021 to 2024, which is multiple times quicker than the worldwide mobile games market, the report said. The mobile games market is figured to reach $223 billion by 2024 at a CAGR of 4.9%.

PCG offers gamers a unique competitive encounter, permitting them to contend in low to high-stakes skill-based games against different players around the world, past traditional games. Pay-to-Play prize pools permit players to monetize their abilities in the game, and compelling skill-matching guarantees a fair and serious battleground for all members.

Tony Habschmidt, Head of Consulting at Newzoo, says, “PCG has become a burgeoning example of this, and focuses on offering players the ability to monetise their experiences with and through other players, opening up the potential to be rewarded for their skills. As new players are drawn to it from traditional forms of gaming and adjacent entertainment realms like sports and social media, PCG will democratise and redefine the industry.”

The report features that PCG addresses a thrilling new section of the gaming industry, and with publishers embracing new and inventive models, it is set to meaningfully have an impact on how gamers monetize their encounters. The report additionally shows that PCG is drawing new players from traditional types of gaming and adjacent entertainment domains like sports and social media.

The PCG market is projected to proceed with its quick development, introducing a new and extraordinary opportunity for gamers to adapt their skills while partaking in a competitive gaming experience. As the gaming industry keeps on developing, PCG is ready to turn into a rising star, getting new players and reviewing the industry.

Credit: CNBC TV18