Pixel P&L: Southeast Asia Gaming Market Set to Hit $6.5 Billion by 2029 Despite Economic Headwinds

Welcome to another Pixel P&L edition. This issue takes 5 minutes to read. If you only have one, here are the 5 most important things:

• Southeast Asia's gaming market is set to hit $6.5B by 2029, but economic headwinds are slowing the region's once-explosive growth.

• ChaosGround acquired bankrupt esports platform Epulze, merging traditional competitive gaming with web3 tech.

• Esports Charts launches free media value metric — it says The International 2024 generated over $23M in sponsorship worth.

• Hasbro opens a Montréal game studio focused on Dungeons & Dragons, creating 200 jobs over three years.

• ASUS ROG brings esports to retail stores with Valorant tournaments offering ₹50,000 in prizes. 

Let's get into it.

Southeast Asia Gaming Market Set to Hit $6.5 Billion by 2029 Despite Economic Headwinds

Southeast Asia's video game industry is poised for steady growth over the next five years, though near-term challenges are tempering the region's once-explosive expansion, according to research firm Niko Partners.

The region generated $5.37 billion in gaming revenue in 2024, up 5.2% year-over-year. However, growth is expected to decelerate to 1.8% in 2025 as economic pressures and political instability impact key markets including Indonesia and the Philippines, where protests have erupted this year. Despite these headwinds, Niko forecasts the sector will reach $6.47 billion by 2029, representing a five-year compound annual growth rate of 3.8%.

The region's gaming population of 286 million in 2024 is projected to grow to 324 million by 2029, while average revenue per user stood at $18.80 last year and should reach nearly $20 by decade's end.

Niko Partners, which has tracked the region for 11 years, emphasized that localization remains critical for market success. The firm's survey of 3,131 gamers found that 87% demand region-specific adaptations, with Thailand and Vietnam showing particularly strong preferences for localized content including native language support.

Mobile gaming dominates the landscape, with titles like Mobile Legends leading in Indonesia, Malaysia, and the Philippines, while Arena of Valor tops charts in Thailand and Vietnam. E-wallets have emerged as the preferred payment method across most markets, reflecting low credit card penetration rates outside Singapore.

ChaosGround Acquires Bankrupt Esports Platform Epulze, Merges With Web3 Operations

Gaming and web3 studio ChaosGround has acquired the assets of esports tournament platform Epulze following its bankruptcy in early 2025, aiming to bridge traditional competitive gaming with blockchain technology.

Launched in 2015, Epulze built a user base of approximately one million registered players and hosted high-profile events including qualifiers for Dota 2 Pro Circuit tournaments before its collapse.

ChaosGround plans to integrate the acquired infrastructure into its existing operations, creating what CEO Keerthan Shetty called "the rebirth of grassroots esports with web3 superpowers." The merged platform will feature token-based rewards and smart contract-backed prize pools, scheduled for global launch in coming months.

The acquisition reflects web3's growing encroachment into competitive gaming. In August, Miomi Game integrated with the Polygon network, allowing its 950,000 users to earn cryptocurrency prizes in Counter-Strike and League of Legends tournaments.

ChaosGround said the platform will also support game developers through user acquisition campaigns and help establish new token economies, positioning itself as what it terms a "self-sustained ecosystem" connecting traditional esports infrastructure with blockchain-based incentives.

⚡️Quick Bytes

Esports Charts Launches Free Media Value Metric for Tournament Sponsorships

Analytics platform Esports Charts has introduced a free Media Value metric that calculates sponsorship worth across thousands of esports tournaments globally. The tool measures the market cost of standard on-screen banner placement throughout broadcasts, factoring in viewership, duration, regional advertising rates, and logo visibility. According to the tool, The International 2024 Dota 2 event, for example, generated over $23 million in media value across 23 languages.

Hasbro Opens Montréal Game Studio for Dungeons & Dragons Content

Hasbro's Wizards of the Coast has launched a new development hub in Montréal, focusing on Dungeons & Dragons content and digital games. The studio, led by industry veteran Dan Ayoub, will open downtown in summer 2026 and create approximately 200 jobs over three years. The expansion builds on Hasbro's presence in Montréal since acquiring Invoke Studios in 2019. "Montréal is the natural choice," said Ayoub, citing the city's talent pool and creative ecosystem of over 250 gaming studios.

ASUS ROG Hosts Valorant Tournament at Indian Retail Store

ASUS Republic of Gamers held its ROG Showdown esports event at a Croma store in New Delhi, featuring a Valorant 2v2 tournament with prize money totaling ₹50,000. The initiative aims to make competitive gaming more accessible by hosting tournaments in retail locations where participants can experience ROG devices firsthand. "We are creating platforms that showcase cutting-edge technology and make esports more accessible," said a Croma spokesperson. ASUS has executed 24 Showdowns this quarter, including six at large format retail stores.

⚔️Side Quest

📺 Watch: Studio Director Amir Rao reveals how Supergiant built Hades 2 through constant iteration rather than rigid design documents, treating Early Access as "indispensable" community collaboration. Learn why boons get renamed, how player feedback shapes updates, and what 1.0 launch means for the series' future. Essential viewing for understanding the philosophy behind your favorite roguelike's polish and depth.

🎮 Play: NINJA GAIDEN: Ragebound delivers addictive combat with tough-but-fair difficulty, gorgeous pixel art, and excellent replayability through Hard Mode variations. The tight gameplay loop and quality bosses make this essential for 2D action fans, even series newcomers. While the story ends abruptly and the true ending disappoints, the core experience shines enough to warrant full-price support for the developers. Perfect for players craving challenging, well-crafted platforming action.

📚 Read:  A thoughtful defense of professional games criticism's value beyond embargo access. The author argues that mainstream critics and independent writers form a symbiotic ecosystem where professionals provide structure and initial discourse that hobbyists build upon. Without institutional support, marginalized voices face the steepest barriers to sustained critical work. Essential reading on media's erosion.

💡Did You Know

In 2014, a 5-Year-Old hacker exposed an Xbox Live security flaw. San Diego kindergartener Kristoffer Von Hassel discovered a critical Xbox Live vulnerability while trying to access his father's account. His method was surprisingly simple: enter a wrong password, then repeatedly press the space bar on the verification screen and hit enter—bypassing security completely. His father, who works in online security, reported the flaw to Microsoft, which quickly issued a patch. Microsoft added Kristoffer to its official list of security researchers and rewarded him with four games, $50, and a year of Xbox Live. The young hacker had previously cracked other systems, including smartphone locks.

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