2024 sees a surge in gaming as brands flock to arenas

As the new year unfolds, the global gaming industry takes center stage, projecting dazzling prospects, impressive figures, and innovative plans. Positioned on the optimistic side of January, the media industry's thriving segment is none other than the gaming industry, expected to outshine all other forms of popular entertainment worldwide.

Experts anticipate substantial investments and advancements across various platforms and services, propelling the gaming industry's unprecedented growth. Mobile gaming, claiming an expanding market share, attracts significant investments, with the market set to reach an impressive $377 billion by 2027. According to a Dentsu X Loco report, global gaming revenue is predicted to skyrocket to $475 billion by 2027, promising a lucrative future for monetization within gaming platforms.

Trends: Time, Money, and Branding

Ashwin Suresh, Founder of Loco, notes the gaming industry's 2023 success and foresees a continuation in 2024. The Indian gaming ecosystem, fostering ties between advertising and esports, sees rapid revenue growth in live streaming platforms, strengthening the connection between brands and these platforms. Users' increased time spent on these platforms enables effective targeting for in-game advertisers, optimizing ROI based on various factors.

Animesh Agarwal, Founder and CEO of 8Bit Creatives and S8UL, highlights successful non-endemic brand integration into the gaming space. The gaming industry's potential for authentic connections is exemplified by collaborations like MG's Comet's launch, designed for gamers. Agarwal predicts continued exploration of the gaming market by non-endemic brands, with esports becoming a preferred advertising medium for both endemic and non-endemic brands.

Rise of eSports

The rise of eSports as an official sport, set to participate in major events, is poised to attract substantial investments. Corporates and conglomerates with a history of supporting sports are expected to play a vital role in fueling this surge. Lokesh Suji, Director of eSports Federation of India, emphasizes the focus on assembling the best Indian contingent and providing top-notch gaming gear and coaching for upcoming events.

Ampverse's collaboration with DMI Finance aims to fuel esports growth in India, forging partnerships with brands like Philips and Jio Games. The esports collegiate IP event, College Rivals, receives support from various brands, including Nostra, Glance, and Red Bull.

Ready Players Win: Future Trends

Rohit Agarwal, Founder of Alpha Zegus, notes the increasing involvement of non-endemic brands in gaming, creating gaming-centric products. He anticipates this trend to continue in 2024, with more brands developing products centered around gaming. Agarwal sees non-endemic gaming becoming more inclusive through sponsorships and media rights, while marketing spends for endemic brands depend on their 2024 product roadmap.

The transformative potential of technologies like AI, VR, and AR is expected to drive further investments and innovation in the gaming sector. The alignment between gaming and entertainment platforms is poised to create a win-win situation for both industries. New entrants like Jio and KICK, along with conglomerates like PayTM and Airtel, signal an exciting landscape for the gaming industry in 2024. As Suresh emphasizes, 2024 is anticipated to witness the consolidation of gaming as a preferred advertising medium in India.