Watch: Bilyan Balinoff celebrates Vegas Legends as the industry’s Best Rising Star
Vegas Legends proudly claimed the prestigious title of Best Rising Star Industry Operator at the SiGMA Europe B2C Awards 2024, held in the vibrant setting of Malta last November. This accolade reflects the company’s remarkable commitment to enhancing player experiences in the gaming industry.
Watch: Bilyan Balinoff Celebrates Vegas Legends as the Industry’s Best Rising Star. (Source: 4xw.shop)
Following this achievement, Bilyan Balinoff, the visionary Founder and CEO of Vegas Legends, shared his heartfelt gratitude for the recognition. He emphasised the hard work and dedication that his team has invested in creating an exceptional environment for players.
Looking ahead with ambition, Balinoff revealed his aspirations to capture the coveted award of Best Industry Operator in this year’s awards, showcasing his relentless pursuit of excellence within the industry.
Is the gaming industry booming or heading to its doom?
A 2022 Forbes article featuring Krishan Arora, the visionary CEO and Founder of the Arora Project, illustrated the unprecedented global expansion of the gaming industry. Starting with a small niche focused on iconic video games like Mario Kart 64, the gaming industry has dramatically transformed into an extensive worldwide ecosystem that not only captivates millions but has also carved out its own industry.
The global gaming industry achieved an astounding revenue of approximately $184.4 billion in 2022. This revenue has helped it surpass traditional entertainment sectors like music and film, which generated two-digit revenues, underscoring gaming’s dominant position in the entertainment landscape.
However, just before the end of 2024, the Boston Consulting Group (BCG) unveiled its latest findings regarding the gaming sector, unveiling a notable slowdown in growth. After experiencing an impressive compound annual growth rate (CAGR) of 13 percent from 2017 to 2021, the growth rate has now dwindled to a mere 1 percent CAGR from 2021 to 2023.
The report reveals that this trend of single-digit growth may continue until 2028, with nearly all game publishers planning to increase their budgets in response to evolving market demands.
“While a groundbreaking innovation may shape the long-term future, the near-term path to growth lies in embracing new monetisation strategies and reaching untapped markets and demographics,” stated BCG Managing Director and Partner Ernesto Pagano, Managing Director and Partner. He further emphasised that although returning to the impressive growth rates seen before the pandemic may prove challenging, gaming continues to stand out as the most immersive and enduring form of entertainment available today.
Stay tuned for more captivating content from the industry, including in-depth interviews and exciting events on SiGMA TV. Don’t miss out on the latest insights and discussions shaping the sector’s future!
