As of 2022, the iGaming industry is reckoned to be among the fastest growing sectors of the economy. In fact, out of the most profitable companies in the world, gaming companies have a seat at the table. Part of this impressive growth can be laid at the feet of the wider games industry, which has gone from strength to strength in the 21st century.
While there has always been consumer appetite for video games, at the outset of the millennium the sector progressively outperformed both the music and film industries to eventually become the largest media sector in the world today.
Over the past 20 years, the film industry, which has witnessed the largest and best selling productions in its history by way of the Disney-owned Marvel Studios blockbuster film series, has grown from $20 billion in 2002 to $50 billion in 2022.
For context, in that same time-frame, the games industry has grown from around $20 billion to $180 billion. This makes it 260% larger than its historic media rival today with The Call of Duty games franchise alone worth $27 billion, outperforming the combined revenue of the Marvel Cinematic Universe ($25 billion).
Reasons for this staggering growth are manifold – for one, those who grew up on video games are now working professionals with discretionary income to spend on pricey new games and consoles.
Furthermore, the growth of freemium gaming on mobile, and the implementation of microtransactions into many popular games have all contributed to making the games industry a revenue-generating juggernaut.
iGaming’s Rise
The iGaming sector, a subsidiary of this industry, is also experiencing comfortable growth. Yet in truth it’s somewhat of a misnomer to speak of the iGaming sector as a unified market as it encompasses a wide range of game types and platforms.
For example, online poker ranks among the most popular due to several factors. For one, these titles are more readily accessible than more complex and traditional casino games. Furthermore their format is instantly recognisable, with online variants expressing a degree of continuity and familiarity with their mechanical forebears.
Either way, there appears to be a growing interest across the board in Canada for the types of experiences the iGaming industry curates and provides. For one, this can be tied to the greater uptake among Canada’s population of web-enabled smartphones easing access, with ownership rising from 81% in 2018 to a projected 88% by 2025 .
Mobile gaming has been paramount in increasing the iGaming market’s performance at an impressive rate.
New Audiences
As online games become more accessible for mobile and PC, iGaming is also experiencing attention from new, diverse audiences.
Statistics have recently shown that gamers are no longer just men. In fact, nearly 50% of gamers today are women. The increase in gaming has led to a population of over 3 billion players, which is projected to grow over the years.
Novices and avid gamers alike are attracted to features that help them embark on their gaming journey. These tools include elements of convenience, accessibility, and variety that online gaming offers.
In addition, online gaming is becoming more and more social, with platforms such as Twitch and Discord making it easy for gamers to connect with each other. Increasing the social aspect of iGaming has helped build a community. Many gamers love it so much, sometimes the only thing they do is chat that day.
As the iGaming sector continues to grow, it is likely that we will see even more innovation and growth in the industry.
Final Thoughts
The iGaming market is bigger and better than ever. With new, innovative ways to play, people are flooding gaming sites to enjoy their favourite titles. As technology continues to advance, gamers can expect better games right at their fingertips. In the next few years, gaming could become one of the key ways that we socialize with others.
