Introduction

Africa's mobile gaming industry is poised for significant growth in the coming decades, driven by the rapid adoption of technology among the continent's youthful population. Africa is the fastest growing mobile gaming market in the world, driven by a population of 1.3 billion - in just five years, Africa is predicted to have double the number of gamers than in North America today.

The African gaming sector experienced significant growth in 2022, reaching a consumer revenue of $863 million, according to a report from Newzoo. This figure represents an 8.7% increase compared to the previous year.

Mobile gaming accounted for the majority of the market, generating $778.6 million in earnings, which corresponds to approximately 90% of the total gaming sector revenue. PC gaming contributed $49.4 million, while console gaming reached $34.8 million in consumer spending during the same period.

The report also broke down gaming revenue by several Sub-Saharan countries, including Nigeria, South Africa, Kenya, Ethiopia, Ghana, Côte d'Ivoire, Angola, Tanzania, Cameroon, and Uganda. Nigeria and South Africa emerged as the top contributors, with consumer spending of $249 million and $236 million, respectively, which combined is twice the spending of the other countries.

Comparatively, the consumer spending in the other countries in 2022 were as follows:

• Kenya: $46.5 million
• Ethiopia: $42.7 million
• Ghana: $34.6 million
• Côte d'Ivoire: $31.9 million
• Angola: $26 million
• Tanzania: $23.4 million
• Cameroon: $17.2 million
• Uganda: $16 million

Looking ahead, the report predicts that the Sub-Saharan gaming sector is poised to continue growing and is projected to generate over $1 billion in consumer revenue by 2024.

Carry1st and Web3 in Africa

With the number of gamers in sub-Saharan Africa projected to exceed 180 million in the next five years, startups like Carry1st are strategically positioning themselves to capitalize on this immense potential. 

This South Africa-based publisher of social games and interactive content has garnered substantial backing from investors, including renowned funds focused on web3 and gaming such as Andreessen Horowitz (a16z), Konvoy Ventures, and the recent addition of Bitkraft Ventures in its $27 million pre-Series B funding round.

Interestingly, Africa is emerging as one of the fastest adopters of Web3 technology in the world. According to a report published by the International Monetary Fund (IMF), crypto transactions from the region touched $20 billion per month back in 2021. One of the reasons for the popularity of alternative assets in many regions of Africa is that the mainstream fiat assets there are notoriously unstable.

Carry1st's Impressive Backing

Since its establishment in 2018, Carry1st has been making waves in the gaming industry, attracting notable investors and partners. In addition to funding from Google's Africa Investment Fund and Avenir Growth Capital, the company has secured support from leading funds with a focus on web3 and gaming. 

Andreessen Horowitz (a16z) and Konvoy Ventures participated in Carry1st's latest $27 million pre-Series B funding round, further strengthening its position as a key player in the African gaming ecosystem. This significant backing provides the company with invaluable resources, expertise, and guidance as it strives to achieve its ambitious goals.

Forging Partnerships with Industry Giants

Carry1st's partnership with Riot Games, the renowned developer, and publisher behind the globally popular PC game League of Legends, exemplifies its strategic approach to growth. 

Following a $6 million investment from Riot Games in May 2021, the two companies deepened their collaboration by signing an agreement in which Carry1st will serve as Riot's payment partner in Africa. 

This strategic alliance positions Carry1st to pilot local payments for Riot Games in the region, enhancing accessibility and user experience for African gamers while driving revenue growth for both companies. Such partnerships with industry giants underscore Carry1st's credibility and potential for success.

Seizing Africa's Mobile Gaming Potential

Africa's youthful population, coupled with the increasing accessibility of mobile technology, creates a fertile ground for the expansion of the mobile gaming market. By 2030, 87 percent of the population in sub-Saharan Africa will own a smartphone, according to mobile industry body GSMA, up from 51 percent in 2022.

Carry1st's focus on social games and interactive content aligns well with the preferences of African gamers, who are seeking engaging and culturally relevant gaming experiences. With its strong financial backing, strategic partnerships, and a deep understanding of the local gaming landscape, Carry1st is poised to lead the way in capturing the hearts and minds of African gamers.

The Road Ahead

As Carry1st continues to raise significant funding and solidify partnerships, its position in the African gaming industry is poised to strengthen further. The company's integration of web3 technologies and its commitment to delivering tailored gaming experiences that resonate with African gamers set it apart from competitors. By leveraging its financial resources, industry partnerships, and the expertise of top-tier gaming and web3-focused funds, Carry1st is well-positioned to shape the future of gaming in Africa.

Conclusion

Carry1st's meteoric rise within Africa's mobile gaming industry showcases the immense potential of the region and the growing importance of web3 gaming. With a robust funding portfolio, strategic partnerships with industry giants like Riot Games, and a focus on delivering captivating gaming experiences, Carry1st is at the forefront of this burgeoning market. As Africa's gaming sector continues to evolve, Carry1st's visionary approach positions it as a key player in shaping the future of gaming in the region, providing exciting opportunities for both gamers and investors alike.

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