The Game and Live-streaming Market Continues to Develop. Do We Still Have a Chance to Enter the Latin American Market?
The games and the live-streaming industry has been developing rapidly, causing the online virtual goods transaction volume continues to rise. According to Guohai Securities, under optimistic circumstances, the global mobile game market size will reach 820 billion in 2024. As for the live broadcast industry, from the perspective of market space, the global short video industry is expected to exceed the scale of US$100 billion in 2025.
The data shows positive development prospects for the game and live broadcast market in the next few years, and the transaction volume of virtual goods will definitely reach a new breakthrough.
The virtual goods are embodied in the game as game coins, which are used to buy point cards, accessories, functional props, etc. While platform coins are the reflection of virtual goods in live streaming platforms, such as Douyin Coin, Tiger Coin, etc., which are used to buy gifts and reward the anchor. Of course, virtual goods are much more than that.
The revenue of the game industry is mainly generated from the transaction of virtual items. Expect virtual goods transactions, influencer marketing accounts for most revenue from the live streaming platforms. Today, the development of influencer marketing is becoming more and more mature, while it is still unsaturated in overseas markets.
The game industry in Europe, America, and Japan is relatively developed. Due to its strong domestic e-sports strength, South Korea’s market share in the game industry should not be underestimated. Since the gaming market in Europe and North America is very mature and saturated, it is very challenging to gain a place in these regions. Therefore, the Middle East and Africa, and Latin American markets have begun to receive the attention of more pioneers. Driven by 43.8 million esports viewers, the Latin American esports industry will generate $47.5 million in revenue, an increase of 16.0% year on year, Newzoo said.
The live broadcast industry has also attracted much attention in the Latin American market. Represented by Brazil, it has a high Internet penetration rate, and enthusiastic Brazilian people, they willing to share.
The game, live broadcast, and e-commerce industries have sprouted green shoots in the fertile land of Latin America, attracting countless people to develop the market. However, in the face of various payment methods in Latin America, are you really ready?
Payment methods in Latin American countries are very different from those in other countries. Global payment methods are turning to electronic wallets, but in Latin America, cash still dominates the payment method, which runs counter to the development trend of global online payment. In addition, users in Latin American countries have their own preferred payment methods. In Brazil, there are a variety of payment methods including Boleto, PIX, credit card, debit card, cash payment, bank transfer, etc., plus Mexico, Chile, Argentina, Colombia, Panama, and other major Latin American countries, payment methods can be described as intricate.
Due to the diversity of payment methods in Latin America, a good payment method should have the following characteristics:
1.Inclusive. Considering the payment habits of users in Latin America, if you only have a single payment channel, you will only be able to attract a very small number of consumers. Therefore, a payment method that integrates e-wallets, bank transfers, cash, or credit cards can help you quickly expand your business in Latin America.
2.Fast, economical, and stable. These three factors will directly enhance the user’s payment experience, allowing them to become resident users of the platform.
3.Possess payment and collection function. After the collection problem is resolved, the payment issue should also be taken into consideration. After receiving the local currencies of users from different countries, you have to figure out how to settle the foreign exchange into your home currency safely and cheaply.
If you are preparing to enter the game, live streaming, or e-commerce market in Latin America, or you are facing difficulties in payment and collection in Latin American countries, contact Epay for Latin America/South America collection and payment solutions. One-to-one customer service and one-stop payment solutions have successfully solved payment issues for countless merchants. We are looking forward to helping you head to the Latin American market smoothly.