Reports showed that millions of beginners splashed out money on consoles and games during the COVID-19 lockdown. While some players attributed the exodus into the gaming industry to the need to overcome mental health challenges, others highlighted entertainment as their motivating factor.
Three years down the line – in 2023 – game streaming platforms are recording a massive increase in popularity and revenue. Here are all the stats on streaming games, plus the best game streaming platforms to try for beginners.
Game Streaming Market – Growth Rates and Forecasts
‘‘The game industry’s swimming in cash,’’ reports a researcher from New York University as he spoke to the New York Times at the height of the market boom in 2020.
Today, the Game Streaming Market is reportedly worth $9.42 billion. Forecasts predict the sector to grow at a CAGR of 10.44% over the next five years to reach $17.39 billion. Here are the factors behind this massive growth.
1. Increasing Popularity of the Global Game Streaming Market
The game streaming and eSports niche has seen increasing popularity among children and large-scale investments, according to reports. Moreover, one innovation that’s projected to flourish in this market as the sector grows is the mobile game streaming option.
According to the Head of Content at CasinoCanada.com, Dmitry Rogalchuk: “As mobile phones and internet penetration increase in the coming years, streaming platforms are expected to grow in popularity. Similarly, forecasts expect the sector to even record more investments and events with large prize pools, creating lucrative opportunities for users, investors, and developers alike.”
As mobile phones and internet penetration increase in the coming years, streaming platforms are expected to grow in popularity. Similarly, forecasts expect the sector to record even more investments and events with large prize pools, creating lucrative opportunities for users, investors, and developers alike.
That said, many global players in the market over the last couple of years have increased their offerings by introducing mobile apps for game streaming services. The convenience of this innovation has fuelled the market, spiking its popularity among users around the world.
An example of this was seen in March 2023, when Kick, a game streaming company, launched its streaming service with a mobile application for Android and iPhone users.
2. Increasing Revenue from Subscriptions
Meanwhile, reports show that the subscription service model is expected to serve as a major source of increasing revenue for the game streaming sector over the next five years. That’s because most companies depend on fixed revenue from monthly subscriptions rather than alternative revenue models.
Additionally, the subscription model provides ample data to game developers, letting them in on metrics like in-game choices, game models, and most used weapon options. Games like Dota 2 and Counter-Strike have reportedly benefited from generating in-game data from users.
Another company that has explored the subscription service extensively for revenue generation is Sony. In Q1 2022, Sony combined PS Now and PS Plus into a three-tier subscription service, introducing three new offers: PS Plus Premium, PS Plus Extra, and PS Plus Essentials. Gamers on the Extra service can access up to 400 PS4 and PS5 games, albeit with no simultaneous first-party releases.
Q1 reports from Dataprot showed that Twitch remains the most popular game streaming platform, accounting for over 6.1 billion hours. YouTube Gaming Live comes a distant second with 1.1 billion views, while Facebook Gaming Live recorded about 803 million hours streamed. These figures, among many other things, show the revenue potential of the subscription-based income for streaming platform service providers.
Lastly, recent data have shown that eSports is rivaling athletic sports for events to bet on as more users and gambling lovers stream to the gaming niche. Because igaming niche could offer players different bets on eSport events (like for CS2 and Dota 2), which coefficients are nearly around sports coefficients for profitability.
Best Streaming Platforms for Beginners
Are you considering getting into the game streaming world? Here are some of the best streaming platforms to try.
- Twitch: lets followers interact with your profile.
- YouTube Gaming: various tools to support your live streaming experience.
- Facebook Gaming: easy streaming for desktop and mobile gaming.
- DLive: Get rewards and recognition while having fun.
- Mobcrush: Useful for new creators.
- Nintendo Switch: access Nintendo Switch streaming apps via a hybrid video game console.
- AfreecaTV: User-friendly interface.
- Reddit Live: Trusted streaming platform.
- Twitter Live: Best for seamless and one-click broadcast.
- Caffeine: Stylish platform presentations.
Meanwhile, there are several streaming apps on Switch if you’re looking for a great place to begin.
The advent of mobile and television apps for engaging gaming and on-demand gaming content has contributed to the ongoing revolution in the game streaming sector. Market data shows that increasing adoption of cloud gaming services helps the industry shift towards high-end digital gaming that doesn’t require a powerful console or PC.
Meanwhile, live gaming, game live-streaming, and game broadcasting are seeing more users than ever before despite the cost challenges of content creation. Looking into the next five years, game streaming lovers can only expect a better user experience that drives increased purchases, which translates to more revenue for the game streaming platforms.
Lastly, if you’re just entering the game streaming market, top platforms to try range from Twitch to YouTube Gaming Facebook Gaming to lesser-known platforms like AfreecaTV and Mobcrush.