๐Ÿ’ฐ Skillz hits $ million revenue run rate with mobile esports platform | VentureBeat

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Amid the changing gaming industry landscape, mobile gaming has taken an increasingly bigger chunk of the pie. Data also provided by. Publisher Epic Games and megastreamers like Ninja turned Fortnite into a sensation, the esports industry continues to grow, and the biggest names in tech โ€” Apple and Alphabet among them โ€” revealed their plans to dive deeper into gaming. CNBC Newsletters. The rapid growth of mobile gaming-based companies like Skillz will only accelerate, especially as big tech companies roll out their gaming platforms and services, says Wedbush Securities' head of technology and media trading, Joel Kulina. Paradise believes that the increasing focus on mobile is blurring the line between casual and so-called "hardcore" gamers. It hosts about 2 million tournaments, featuring online games of solitaire, mahjong and a number of sports-related mobile titles for amateur gamers who earn cash prizes based on their performance. All Rights Reserved. One of the key leaders of mobile esports growth is Skillz , which ranked No. Streaming giant Netflix also revealed on Monday that it will host its own panel at the annual Electronic Entertainment Expo conference, known as E3. Facebook has also expanded its footprint in the gaming space. Zipline, Novant Health launch the first long-distance emergency drone operation in U. A tweet on Netflix's Twitter account confirmed that the company would discuss their upcoming "Stranger Things" game and "definitely more to come" in their dive into gaming. And not only are they earning more, they're playing more during a time that Skillz CEO Andrew Paradise calls "the beginning of the most prolific media environment ever. The so-called casual gamer is actually engaging the same way a hard-core gamer would. How the coronavirus pandemic delivery surge created a lifeline for Blue Apron meal kits. The esports market is going to be a multibillion-dollar industry. The next SpaceX launch will be the company's first with people on board. Get In Touch. We want to hear from you. News Tips Got a confidential news tip? Market Data Terms of Use and Disclaimers.{/INSERTKEYS}{/PARAGRAPH} Apple is reportedly planning to spend over half a billion dollars on new games for the subscription service , according to the Financial Times. In the social media giant launched its Instant Games platform, which allowed users to play games through the Facebook app and Messenger. Key Points. Markets Pre-Markets U. Get this delivered to your inbox, and more info about our products and services. Skillz CEO Andrew Paradise says the mobile gaming company has doubled revenue over the last five months. The announcement of Google's Stadia platform and Apple Arcade in particular led the analyst to believe that the acceleration of cloud-based gaming, as well as the gradual rollout of 5G networks, are among the biggest catalysts for the space going forward, even though both are still in their early stages. The company hosts about 2 million tournaments featuring online games of solitaire, mahjong and a number of sports-related mobile titles for amateur gamers who earn cash prizes. Call it the rise of the gamers. That's against a backdrop where the number of smartphone and tablet owners worldwide could hit about 11 billion units collectively by , according to a report by Chinese telecom giant Huawei. In fact, the average Skillz user is spending more time on the platform than Netflix subscribers spend watching content, with the average subscriber for the streaming site clocking in at about 50 minutes per day. During its F8 conference in April, Facebook revealed in a blog post that it was rolling out new features for the platform, which received a new hub under the Facebook Gaming tab that was launched earlier this year. VIDEO Squawk Box Asia. {PARAGRAPH}{INSERTKEYS}When Netflix CEO Reed Hastings acknowledged the streaming media giant's growing list of competitors in his latest annual shareholder letter, he didn't cite Disney or HBO as the biggest threats. Read More. Related Tags. This, coupled with the higher-quality games that have emerged in recent years for mobile, also lead Paradise to stress that the gap between the more casual games a user would see on Skillz versus those more "hard core" by definition is closing as mobile devices take over with consumers. Mobile gamers playing Bubble Shooter, a popular game title on the Skillz esports platform. Paradise told CNBC last November that the Skillz player base should balloon to "hundreds of millions" in the next two years, judging by the company's current rate of growth. Michael Sheetz. Skip Navigation. Apple unveiled its new Arcade subscription gaming service and Alphabet's Google its own streaming platform for gamers called Stadia. The boom in Skillz' platform, according to Paradise, is in large part due to the competitive element that results in a higher engagement number. Sign up for free newsletters and get more CNBC delivered to your inbox. This accounts for almost half of the global games market. Competitive gaming platform Skillz is seeing gamer use that surpasses time spent on Facebook and Netflix. Mobile esports โ€” competitive gaming with mobile-based titles โ€” has also become more established.