Market Insights Advertising & Media Media

Games - Colombia

Colombia

In Colombia, revenue in the Games market is projected to reach US$1,232.00m in 2024.
This revenue is expected to demonstrate an annual growth rate (CAGR 2024-2029) of 6.42%, leading to a projected market volume of US$1,682.00m by 2029.
In a global context, the most revenue will be generated United States, which is expected to reach US$128.10bn in 2024.
Within the Games market in Colombia, the number of users is anticipated to amount to 20.4m users by 2029.
User penetration in Colombia will be 33.5% in 2024 and is projected to increase to 38.0% by 2029.
Additionally, the average revenue per user (ARPU) in Colombia is expected to amount to US$566.20.
Colombia's gaming industry is experiencing robust growth, driven by increasing internet penetration and a burgeoning interest in mobile gaming among younger demographics.

Key regions: United Kingdom, Germany, India, United States, South Korea

Market

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Region comparison

Currency

Analyst Opinion

The Games market in Colombia has been experiencing significant growth in recent years.

Customer preferences: Colombian gamers have shown a strong preference for mobile gaming, with mobile games accounting for a large portion of the market share. This can be attributed to the widespread availability of smartphones and the affordability of mobile data plans. Additionally, the convenience and portability of mobile gaming make it a popular choice among gamers in Colombia. Console and PC gaming also have a dedicated following, but they are not as dominant as the mobile gaming sector.

Trends in the market: One of the key trends in the Colombian Games market is the rise of eSports. eSports tournaments and events have gained popularity in Colombia, attracting a large number of participants and viewers. This trend is driven by the growing interest in competitive gaming and the increasing accessibility of online multiplayer games. The rise of eSports has also led to the emergence of professional gaming teams and organizations in Colombia. Another trend in the market is the increasing demand for localized content. Colombian gamers are showing a preference for games that are tailored to their cultural and linguistic preferences. Game developers are recognizing this demand and are creating localized versions of popular games, as well as developing new games specifically for the Colombian market. This trend is expected to continue as the gaming industry in Colombia grows.

Local special circumstances: One of the unique aspects of the Games market in Colombia is the presence of a large informal gaming sector. Informal gaming refers to the sale and distribution of pirated or unauthorized copies of games. This has been a challenge for the industry, as it affects the revenue of legitimate game developers and publishers. However, efforts are being made to combat piracy and promote the purchase of legitimate games in Colombia.

Underlying macroeconomic factors: The growth of the Games market in Colombia can be attributed to several macroeconomic factors. The country has seen steady economic growth in recent years, which has led to an increase in disposable income. This has allowed more Colombians to afford gaming devices and spend money on games. Additionally, the improving internet infrastructure in the country has made online gaming more accessible to a larger population. In conclusion, the Games market in Colombia is experiencing growth due to the strong preference for mobile gaming, the rise of eSports, the demand for localized content, and the presence of a large informal gaming sector. These trends, along with favorable macroeconomic factors, are driving the development of the Games market in Colombia.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the Games market, which is divided into Physically Sold Video Games and Digital Video Games. Physically Sold Video Games comprises revenues associated with in-person purchases of video games in retail stores. All monetary figures refer to consumer spending on digital goods or subscriptions in the respective market. This spending factors in discounts, margins, and taxes.

Modeling approach / market size:

The market size is determined through a bottom-up approach. We use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., Consumer Insights), as well as performance factors (e.g., user penetration, price per product, usage) to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as various macroeconomic indicators, historical developments, current trends, and reported performance indicators of key market players. In particular, we consider average prices and annual purchase frequencies.

Forecasts:

We apply a variety of forecasting techniques, depending on the behavior of the relevant market. For instance, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption. The main drivers are GDP per capita, consumer spending per capita, and 4G coverage.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development). Consumer Insights data is reweighted for representativeness.