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Are you a passionate gamer and looking to turn your love for gaming into a business? You are at the right place.
Rich Sommer said, “Gaming has been a great way to get to know people. That’s part of what I love about games, that they are social”.
The gaming industry underwent surprising transformation, from pixelated screens to hyper-realistic, immersive experiences. As an outcome, one third of the world’s population are active gamers.
Back then, playing were limited to console and PC gameplay, but the drastic shift to VR competitions, Metaverse games, and blockchain contests had democratized playing industry. Ultimately, making it accessible to billions of people worldwide.
However, the year 2024 promises even more exciting opportunities budding or aspiring entrepreneurs.
In this blog post, we’ll walk you through the top eleven games business ideas that are set to make waves in 2024.
1. Mobile Game Development
The domination of mobile playing is at peak. It continues to dominate the industry with the ever-increasing popularity of smartphones.
A mobile game business model is a kind of monetization strategy that is used by developer to drive revenue for their apps.
Do You Know?:
According to the reports from 2023, the mobile games market is projected to generate a revenue of US$89.25bn worldwide.
Initiating a mobile game development business allows you to tap into this vast market.
Despite this, the creation of captivating and user-friendly mobile games can be a profitable venture. No matter if its casual competitions, strategy contests, or AR experiences.
Take note, “you can make an amazing game, but you can’t make a success. your players make the success”, says Irme Jele.
It could be ideal to just focus on innovative concepts and the creation of engaging gameplay. Why? It helps it to stand out in the competitive mobile gaming industry out there.
2. Esports Coaching and Training
The explosive growth of Esports, or electronic sports over the past decades celebrates immense potential.
Therefore, it has evolved from a niche interest to a mainstream phenomenon which has created a demand for skilled players.
At first, Esports refers to competitive video gaming, hence, establishing its coaching and training business can cater to this growing market.
Offer coaching services for popular contests, organize training camps, and provide personalized strategies and help aspire gamers improve their skills.
This business idea satisfies the hunger for competition, isn’t it? It indeed contributes to the development of a thriving esports community.
3. Offering Lottery Games
Conduct industry research and then tap into the huge industry of chance and luck. Start a business that offers lottery contests.
Lottery is an expanding industry that is expected to grow by nearly $30 billion in the US alone by 2025.
The graph above indicates the statistics on global lottery industry market size. Therefore, in 2011, the industry was valued at $212.79 billion.
As you can see, the highest peak was in 2019 when experts projected the industry was worth around $218.49 billion.
Nonetheless, in 2024 you can develop an online platform for users to participate in VR draws.
How to make it distinct from others? Just incorporate unique themes and prizes. It will interests people and make their experience more engaging.
Make sure to adhere to legal regulations and collaborate with payment providers. This is to create a secure and seamless user experience.
Also, don’t forget to use the power of social media ads to gain more clients.
When you do, one of the key things to make your ad successful is to write an engaging brief text and finish it with a call to action, like Play Lottery Here.
4. Virtual Reality (VR) Gaming Centres
Identify a business idea. As VR technology advances, creating a virtual reality gaming centre can be a groundbreaking venture and a successful business.
Keep in mind, establish a VR playing centre requires careful planning and execution.
Want to know what it takes to start it? Look below:
- Develop a comprehensive business plan.
- Determine the financial model.
- Secure funding for the business.
- Obtain required permits and licenses.
- Identify the location and lease or purchase the space.
- Obtain mandatory equipments and softwares.
- Hire or train staff.
- Develop a marketing strategy.
- Establish partnerships with other businesses (optional).
Don’t forget to offer a diverse range of VR contests and experiences to cater to different preferences. Collaborate with VR developers to ensure your playing centre stays at the forefront of technological innovation.
5. Retro Gaming Lounge
Nostalgia sells, and the love for retro contests is stronger than ever.
Those who are unfamiliar may think creating a retro gaming lounge can be a time-consuming process. But, it’s not.
Nonetheless, establishing it can provide enthusiasts a unique and nostalgic playing experience.
Stock your lounge with classic consoles and games, create a cozy space for gamers to relive the magic of iconic titles.
In addition, consider hosting retro tournaments and events to attract a dedicated community.
6. Gamified Fitness
With the advent of Gamified Fitness, it encourages the individual to experience unparallel fitness benefits while enjoying.
Combine the worlds of gaming and fitness by starting a gamified fitness business boosts user engagement, motivation, and ultimately, the success of fitness businesses.
Develop interactive and engaging fitness games that encourage physical activity. Utilize technologies like augmented reality to create immersive fitness experiences.
This innovative approach to exercising not only caters to the playing community but also attracts individuals looking for a fun and motivating way to stay fit.
7. E-Sports Merchandise Store
Capitalize on the immense popularity of esports by launching an e-sports merchandise store. Sell team jerseys, playing peripherals, and branded accessories.
Even, collaborate with popular esports teams to create exclusive merchandise, and consider opening a physical store or an online platform to cater to the global gaming community’s demand for stylish and authentic gear.
8. Educational Gaming Platforms
Combine education with entertainment by creating an educational playing platform.
Consider developing a game that teach valuable coding, problem-solving, and language-learning skills. Sounds great?
Targeting individuals of all ages, these platforms can offer a fun and engaging way to acquire new knowledge. Collaborate with educators to ensure your contests align with educational standards.
9. Augmented Reality (AR) Treasure Hunts
Harness the power of augmented reality to create immersive treasure hunt competitions.
Design an app that utilizes AR technology to guide players through real-world locations in search of virtual treasures.
There are many advantages of establishing a treasure hunt business i.e. it can be rewarding work, includes high customer retention rates, control of workload, gain exposure and experience, income potentials, etc.
Besides, partner with local businesses to incorporate physical locations as part of the game, attracting both gamers and those seeking a unique and interactive leisure experience.
10. Game-Based Mental Health Support
Recognizing the therapeutic potential of playing, establish a business that focuses on game-based mental health support.
Develop games that address stress relief, mindfulness, and cognitive well-being. Partner with mental health professionals to ensure the games are designed to promote positive mental health.
This innovative approach can contribute to destigmatizing mental health care.
11. Game Streaming Platform
The rise of game streaming platforms has transformed how people experience and share their gaming adventures.
54% of live-streaming content is about gaming/esports. And shortly in 2028, the live-streaming market will grow to $223.98 billion.
Starting a game streaming platform allows you to connect with a global audience of gamers.
So, to embrace diversity, create a platform where gamers can live-stream their gameplay, share tips, and build a community.
Monetize through advertisements, sponsorships, and subscriptions to create a sustainable business model.
The gaming industry is teeming with opportunities, and these top eleven game business ideas for 2024 provide a glimpse into the diverse avenues available for entrepreneurs.
If you’re passionate about game development, esports, virtual reality, streaming, retro gaming, or fitness, there’s a niche waiting for your creative touch.
As you embark on your gaming business journey, remember that combining passion with innovation is the key to success in this dynamic and ever-evolving industry.
Get ready to level up and make 2024 the year your gaming business takes off!