Metaverse can completely transform the fortunes of online gaming: Deepak Aravind

The gaming landscape is undergoing a transformative journey with the advent of technologies like the Metaverse and 5G networks. Deepak Aravind, the CEO & Co-Founder of Creative Monkey Games, a visionary in the gaming industry, provides insights into these dynamic shifts and their impact on gameplay, monetisation, and the industry’s future.

In this interview, Aravind delves into the potential of the metaverse to revolutionise gaming experiences, the game-changing role of 5G networks, diverse monetisation strategies in mobile games, and emerging technologies that are shaping the gaming landscape. Aravind also sheds light on Creative Monkey’s growth trajectory and its role in redefining online gaming, particularly within the realm of eSports, offering a glimpse into the company’s future plans. Excerpts:

How will the metaverse change the way we play games?

Metaverse has the capability to completely transform the fortunes of the online gaming industry. The evolutionary concept brings a host of unique benefits and can take the popularity of the online gaming ecosystem to new levels. Using the metaverse, players can enjoy an immersive gaming experience by playing, collaborating, and competing with players from across the globe. The virtual universes can open up new revenue streams by tying the purchase of in-game items, personalized avatars, and digital personalities with NFTs. Further, the play-to-earn models on the metaverse can offer real earning opportunities for gamers, thereby helping them to become financially independent by pursuing their favourite playing activity. Moreover, metaverse platforms allow players to have personalised gaming experiences that are aligned with their activities, interests, and opinions.

How will the rise of 5G networks impact the gaming industry?

The rollout of the 5G technology is likely to herald a new revolution in the online gaming industry. The technology will enable players to have faster downloads, smooth gaming experiences, and even the live-streaming of their favourite titles. The significant speed improvement will also augment the joy of real-time playing while expanding the access to best AAA games by leading publishers around the world.

Furthermore, 5G has a very low latency time of around 5 milliseconds, which means players can enjoy a totally lag-free experience of gaming. Brands and publishers, on the other hand, can capitalise on 5G to organise eSports tournaments, leverage new advertisement avenues, and reach out to a wider set of gaming communities worldwide.

What are the different monetisation strategies used in mobile games?

There is a whole host of monetisation strategies that are used by the mobile gaming ecosystem globally. The primary source of income for publishers is in-app ads and in-app purchases as both these strategies bring a chunk of revenue to the gaming companies. Paid games are also an important contributor to the games’ profitability, especially for those publishers who enjoy a large and loyal fanbase across the globe. The rising popularity of the subscription model and meta-layer monetisation also makes both these strategies important for gaming companies to earn even amidst the rising levels of competition in the industry. In sum, game developers today are using the hybrid model of monetisation which entails using the combination of the above-mentioned strategies to maximise their profit and earning potential.

What is the estimated size of the online gaming market in 2023?

According to the research report of Statista, the global online gaming ecosystem is expected to rake in revenues of $26.14 billion in 2023. The segment will grow with a 5.64% CAGR (2023 and 2027) to reach $32.56 billion by the year 2027. The projection on gamers is also encouraging with the total number of players to reach 1.25 billion by 2027. This will happen in conjunction with rising user penetration levels that will reach 15.8% by 2027 from 14.7% in 2023. In addition, the average revenue per user (ARPU) will be around $23.11 by the end of the year 2023.

What are some emerging technologies shaping the future of online gaming? Also, please elaborate on Creative Monkey’s growth and future plans.

The transition from Web2 to Web3 is enabling technologies such as blockchain, NFTs, and metaverse to become mainstream in the gaming industry. The rollout of 5G is also facilitating the expansion of online gaming by improving the speed, access, and playing experiences of gamers among others. Creative Monkey is highly enthusiastic about the prospects of the online gaming industry and by acting as an incredible platform for eSports; the platform is changing the very face of online gaming in India. Especially in the cricketing arena, Creative Monkey is transforming Gully Cricket by organising eSports championships, which are receiving unprecedented responses from audiences across the globe.