Fantasy Sports Industry Overview And Growth Insights 2022-23
2021 was the year when this gaming sector took a boom and it has been very popular. Now, every person is well aware of the concept of fantasy sports. It gives immense pleasure to the user of the app when they can play their favourite sports and can compare their score with real-life players.
It is hard to determine the exact fan base data but it is around $42 billion in recent times. This proves the demand for the fantasy sports app industry in the market. And, it has been estimated that in upcoming years, the user base will grow 2x making it a profitable sector.
Overview of The Fantasy Sports App Market
At the initial stage of its development, the market was pretty conservative and was not ready to accept it. But this liberalization and acceptance emerged with growing time and fantasy sports developers' requirements started to increase. At the prior stage, The authorities of DVF leagues were asked to stop this legal authority as they thought that this will have a bad impact on those who are involved in such activities. But a large amount of the population accepted and enjoyed using the app making it a legal entity. Now, the different types of leagues are made by different professionals who indulge in this industry.
The fantasy sports market has been split into various sports applications such as football, hockey, baseball, and basketball. The market was also impacted by the application and its status of end users and their consumption. As there are two types of competitions existing, that is individual and team competition.
Why are fantasy sports apps so popular?
Fantasy sports apps are mainly the same as gaming apps, but the difference between fantasy sports app and gaming app is that it delivers a real-time sports experience and not just a fiction game. The scores vary based on the performance of real-life players playing the real sport on the ground.
The performance of real-life players on the ground affects the point of the user as they create a virtual team but the team name of real life players. In between the matches, users can exchange their players to enhance their statistics in the league. The popular fantasy app has allowed their user to participate in the match for a short term.
As you can play the match day and night, it has increased the popularity of the game. This set process eliminates the chances of losing. And, with the high chances of winning, die-hard sports fans are highly interested in playing the match and getting a chance to win exciting rewards.
Investors are ready to spend millions of dollars
As we know about its popularity, This is the reason investors are spending millions of dollars on fantasy Sports app development. The industry has seen vast growth in the previous two years from 2020 to 2022. If we analyse the recent data, the use of fantasy sports apps has been 2x from the previous years. And, people are spending a lot of their time playing fantasy sports games.
Using this data, fantasy sports app investors have already found many areas of revenue generation and are ready to invest in them. The acquisition of a new fantasy sports app venture has resulted in higher acknowledgement of the fantasy sports industry.
Factors Affecting Growth Of Fantasy Sports App Market
Several factors are affecting the market share and its sales. The fantasy sports business has grown in recent times but it is important to take into consideration these factors so that this growth always keeps accelerating.
- Improving Partnership- This sports industry has witnessed various types of collaboration and different ways of becoming partners in the last few years. It is highly essential to emphasize making your partnership work much smoother.
- Make expenditure on marketing and advertising- There should be a significant amount that is required to be spent on fantasy Sports app industry marketing and its advertising techniques. It is working as a marketing technique of the fantasy Sports app market as mainly the focus is on lifting the ban of fantasy Sports apps in the Indian and US market. It is making a crucial point to look after and consider for attracting the attention of a global audience who love cricket and other Sports.
- Increase in interest of the audience- Today's generation are counted as millennial and this generation has emerged because of the internet availability and use of smartphones. This type of generation is involved in all the skillful and innovative activities and they consider a fantasy Sports app one of them. The graph shows the usage of the internet is expected to rise in the upcoming time and it will lead to more popularity in the fantasy Sports app industry.
- Increase in the number of sports events worldwide- Different types of sports events have been organized in the past few years and the number of events is increasing day by day across the world. Every sports enthusiast has its fandom towards this sports event and if a particular app gives the experience of playing these sports events virtually then it is intended to gain popularity.
- Uses urge to participate- Users are more interested in participation rather than just watching the match in their application. This urge of users to participate has made it the most popular fantasy sports app industry. In today's time, people are more interested in participating and showing their giving skills rather than watching the Sport on their mobile phones or televisions. However, everybody can't participate in real sports, and that's why the popularity of fantasy sports virtual games has been increasing globally.
- Advancement in Technologies- Major reason for the fantasy sports industry’s growth is the increase in technological advancement as there are several fantasy Sports apps built which are easy to access and participate in. There are multiple state-of-the-art features available such as the Loyalty program and participation batch which motivates the users to play the virtual game and try to win it for great rewards.
- Increase adoption of Smartphones- Based on the current report internet penetration is very much high and it is expected to rise in upcoming years. This is the major reason for the increasing use of fantasy Sports apps as smartphones are easily accessible to everyone and their usage is high. The availability of smartphones on the easily accessible internet is a popular combination which is the basic reason for the increasing popularity of the fantasy Sports app industry.
- Fantasy Sports app platform development- Obvious and multiple companies are established to develop fantasy Sports apps on different platforms and it is expected that more will get established in 2022 and 23. Therefore there will be more fantasy Sports app businesses will get established and it will be easy for them as they have different platform development companies with them. These companies provide complete support to their fantasy Sports app businesses so that they can run effectively and can earn through it.
- Growth of OTT Platforms- It is majorly seen that the growth of OTT platforms is visible and they are easily accessible to every user. A combination of OTT platforms and fantasy sports application development will be the best in the entertainment industry and their collaboration can make it achieve higher stable growth.
How can IMG Global Infotech assist you?
They have all the required expertise and a team of 100+ professionals and they have servers from small ventures to big ventures at the global level. There are certain benefits you can get if you choose an experienced fantasy sports app development company. That will be on-time delivery, rich user experience and professional guidance.
They will give you the required consultation and their team is available for 24/7 support you can avail of review on a weekly or daily basis. IMG Global Infotech is a renowned organisation that has supported small size and medium-sized companies in creating their product so that they can get the required output.
Fantasy Sports app development has been increasing in a tremendous way over the past few years and it is expected to rise in upcoming years. The above-stated factors affected the growth of the fantasy sports industry and its market. If one can focus above the spectators then their fantasy Sports app business can take a high in the current scenario.