How Colombia is gaining a colossal traction within the mobile gaming market

The Colombia Instant Pay Game market is projected to reach USD 405 million by 2026, from USD 227 million in 2020 and is anticipated to register a CAGR of 10.1% between 2021 and 2026.

Despite geopolitical tensions, the growing smartphone penetration and increasing gaming options are also increasing the mobile gaming penetration in many parts of the world. For instance, according to White Designers Game Studios, in Iran, with a population of 82 million and a smartphone penetration rate of about 35% (in 2018), there are more than 30 million active mobile gaming players in the country.
As most countries globally are under lockdown to control the spread of the virus, there has been significant growth in the consumption of digital entertainment, including mobile games. The major gaming vendors have witnessed strong growth in downloads of multiple types of mobile games in the COVID-19 affected markets.

Gaming is defined as playing electronic games conducted through multiple varieties of means, such as through the use of computers, mobile phones, consoles, or another medium altogether. There is an increasing prevalence of high-speed internet connections, especially in emerging economies, which has made online gaming practical for more people in recent years.

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COVID Impact on Colombia Instant Pay Game Market

Gaming revenues are almost entirely driven by consumer spending, but the business model has evolved significantly in recent years. Consumers today buy fewer games than previous decades, but spend more time with those games, shifting the business model from single-unit to recurring revenue generated from a base of active users.
As a result, the industry is laser-focused on increasing engagement per user.

Aside from making video games as compelling as possible, the strategy for doing so has been the adoption of in-game monetization opportunities. This business model has come in tandem with improvements to gaming hardware, bandwidth and mobile internet, which have made high-quality games more accessible across devices and platforms. Indeed, close to half (48%) of the industry's revenue now comes from mobile gaming.

Like many companies, the gaming industry is supporting community initiatives to mitigate the effects of COVID-19. These include charitable pledges worth millions of dollars, the donation of surplus computational power to help researchers better understand the coronavirus, and solidarity response funds to help medical workers, children at risk and employees who have been adversely affected.

Social actions aside, the consequence of COVID-19 on gaming has been a massive enlargement of the audience available to publishers. Gaming is typically an at-home activity, and a steady stream of headlines has shows that it is flourishing during the pandemic. Asian gaming giants Nintendo and Tencent both saw sales increases during the first quarter. The former sold almost half of its games digitally, a record that helped increase profits by 41%, while Tencent's year-on-year online games revenue increased by 31%. Analysis from GamesIndustry.biz shows that sales across 50 key markets rose by 63%. Even games released during the pandemic are performing well, with titles as varied as Doom Eternal (a first-person shooter) and Animal Crossing (a world-building simulation) both breaking sales records after launching.

The second long-term trend is the widening of monetization avenues through subscription and free-to-play models. Subscriptions provide a reliable path to monetization for smaller, quality games that otherwise lack the marketing or monetization nous to break into the mainstream. Demand for ultra-high-end gaming is likely to remain popular, but services such as Arcade (Apple) and Game Pass (Microsoft) provide gamers with a large library of video games - often without the need for advanced hardware. Meanwhile, free-to-play games allow developers to monetize without needing to convince consumers to make up-front purchases. Instead, they offer in-game upsell opportunities such as upgrades and expansion packs.

Such buffet models may even encourage consumption. Microsoft has reported that subscription gamers increase play time by up to 40%. With evidence showing that cheaper entertainment tends to prosper during recessions, these low-cost, high-value offerings are a serious way for the gaming industry to expand.

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