Carry1st: Africa’s gaming market hit $1.8bn in 2024

The gaming industry in Africa is experiencing exponential growth, outpacing the global average by a significant margin. Data from Carry1st and Newzoo reveals that the African gaming market is expanding rapidly, with an estimated 32 million new gamers in 2024, the vast majority of whom are mobile gamers. The market's value has surged to over $1.8 billion, with Egypt leading the pack at $368 million and Nigeria following closely at $300 million. In a recent interview on CNBC Africa, Cordel Robbin-Coker, CEO of Carry1st, discussed the key drivers behind this growth and the unique opportunities that the African gaming market presents. Robbin-Coker highlighted the rapidly growing population in Africa as a key factor propelling the gaming industry forward. With a population growth rate of two and a half percent, significantly higher than the global average, more people are coming online and engaging in gaming activities. Approximately 70 percent of individuals with smartphones in Africa play games, indicating a vast potential market waiting to be tapped into. This trend suggests that the African gaming market is poised for sustained growth in the coming years. Additionally, Robbin-Coker noted that the gaming industry has become a dominant form of entertainment globally, surpassing the revenue generated by music, movies, and video streaming combined. In Africa, gaming plays a pivotal role in shaping social engagement and influencing how individuals interact with media. Younger generations, such as Gen Z, are spending more time gaming than on traditional social media platforms, underscoring the cultural significance of gaming in the region. The CEO of Carry1st also discussed the investment opportunities available in the African gaming sector, particularly in content creation, esports, and digital payments. While there are numerous small studios producing innovative games, many lack the necessary funding to scale their operations and reach a global audience. Investments in content creation and distribution, as well as enhancing payment integration for gamers, could further propel the growth of the gaming industry in Africa. Despite the slowdown in the global gaming market, with only a 2% growth rate in the industry, Robbin-Coker remains optimistic about the future of gaming in emerging markets like Africa. As the gaming industry matures, large companies are seeking new avenues for growth, with Africa and the Middle East presenting untapped opportunities for expansion. Looking ahead to 2025, Robbin-Coker anticipates the rise of AI in game development, which could lead to cost efficiencies and increased innovation in game production. He also foresees a shift towards alternative monetization strategies such as advertising and subscription models, tailored to meet the preferences of players. In projecting the future of the African gaming industry, Robbin-Coker drew parallels with Southeast Asia, highlighting similarities in demographics, mobile penetration, and financial inclusion. Drawing from the growth trajectory of Southeast Asia, which evolved into a $10 billion gaming market, he envisions a similar upward trajectory for Africa's gaming industry. With strategic investments and localized services, Robbin-Coker believes that Africa's gaming market could grow fivefold or more in the next 5-10 years, potentially reaching a value of $10 billion. This optimistic outlook speaks to the immense potential and opportunities that lie ahead for the African gaming industry, positioning it as a key player in the global gaming landscape.