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Catizen Revenue to Reach $1 billion in 2024. Source: Coindesk
Home Articles Catizen Revenue To Reach $1 Billion in 2024? How The Fastest-Growing Crypto Game Is Taking Over Telegram

Catizen Revenue To Reach $1 Billion in 2024? How The Fastest-Growing Crypto Game Is Taking Over Telegram

Utsav Kumar
Utsav Kumar
Utsav Kumar
Author:
Utsav Kumar
Editor
Utsav is the senior news editor at Bankless Times, bringing over 8 years of experience in digital journalism. He leads the editorial team by managing, editing, and sourcing impactful news stories for our readers. With a background in crypto-focused data analytics, Utsav excels in live market reporting, offering insights into the risks and opportunities that help our readers make informed decisions.
September 23rd, 2024
Editor:
Utsav Kumar
Utsav Kumar
Editor:
Utsav Kumar
Editor
Utsav is the senior news editor at Bankless Times, bringing over 8 years of experience in digital journalism. He leads the editorial team by managing, editing, and sourcing impactful news stories for our readers. With a background in crypto-focused data analytics, Utsav excels in live market reporting, offering insights into the risks and opportunities that help our readers make informed decisions.

After going live in early 2024 on The Open Network (TON) and Telegram, Catizen has quickly become a dominant player in the blockchain gaming scene. Currently, it is the highest-grossing app on Telegram, with over 36 million players and 2 million on-chain participants.

According to the latest reports, Catizen’s revenue crossed $25 million in September. The most popular Telegram game accounts for 22.6% of Telegram’s total paid user base.

With Catizen adding over 1.6 million new users every week on average in the last six months, the question is: will its revenue hit $1 billion in 2024? While the figure looks challenging at the moment, considering Catizen has smashed all records after becoming one of the first Web3 gaming apps to amass over a million paid active users within a few months of going live, it could be possible.

Understanding the Factors Driving Catizen’s Growth

Before analyzing whether Catizen will hit its revenue target of $1 billion in 2024, it’s important to understand the factors contributing to this game’s popularity.

First off, Catizen is more than just a game—it’s a social platform built around the idea of virtual cat ownership. Players raise and nurture digital cats, earning rewards through in-game achievements. The game operates within Telegram, using a “play-to-earn” model where players are rewarded with virtual currency, vKITTY, which can eventually be converted into Catizen’s own cryptocurrency, CATI. 

Moreover, Catizen integrates mini-games, e-commerce, and even TV series into its ecosystem, creating a multifunctional platform that’s often compared to super apps like WeChat.

Catizen’s rapid growth can be attributed to several key factors:

Telegram Integration: Catizen has benefited from Telegram’s vast user base of nearly 700 million. Right after its launch, it gained instant access to a global audience. Catizen saw a huge influx of users since they could play the game without leaving the Telegram app and also earn incentives in crypto.

Play-to-Earn Model: The play-to-earn model has proven to be a major draw for users. With Catizen, players can earn cryptocurrency while enjoying a casual game. Catizen’s model to incentivize players has also spurred its growth especially in developing countries. One of the key factors driving its expansion is the frequent airdrops of CATI tokens, which are based on in-game achievements and provide additional incentives for user engagement.

Community-Driven Initiatives: Catizen’s connection to social causes, like donating to stray cat charities, has helped the app build a vibrant and active community. This philanthropic aspect, along with the game’s social features, helps retain players and promote brand loyalty.

Strong Investor Backing and Financial Support: Catizen enjoys strong financial backing and support from leading players in the blockchain industry. It is backed by Binance Labs and other prominent crypto investors. The financial support Catizen has received has helped it scale rapidly.

Pluto Studio, the publisher of the Catizen game, has reportedly raised $6 million in two rounds, separate from the investment by Binance Labs. Catizen also struck a partnership deal with Hashkey back in August this year.

Catizen’s Path to $1 Billion in 2024

Catizen’s revenue by the end of the third quarter in 2024 is reported to be around $25 million. However, it’s important to note that with over one million paying users, its average revenue per paying user (ARPPU) is about $27. As mentioned earlier, Catizen is adding about 1.5 million new users every week. If the gaming platform continues this growth rate, it could come close to the $1 billion target.

However, that would depend on how many active users engage with the in-game economy. To improve user engagement and accelerate revenue growth, Catizen will have to refine its revenue model. Here, Catizen’s Game Center could play an important role, as it will open up new monetization possibilities such as ad revenue and publisher take-rates.

Moreover, as Catizen plans to become a game distribution hub, it can help the gaming app diversify its revenue streams, which are currently limited to in-game purchases where users buy enhancements for their virtual cats.

An increase in the price of $CATI, the native token of the Catizen ecosystem, could also help boost revenue. While analysts are optimistic about $CATI coming close to its all-time high (ATH) of $1.11 in 2024, triple-digit percentage growth seems unlikely.

While Catizen’s revenue prospects look promising, with only three months to go, a $1 billion revenue in 2024 for the Telegram gaming app appears challenging. However, with the team’s focus on growth and improving user engagement, it may not be entirely impossible.

Contributors

Utsav Kumar
Editor
Utsav is the senior news editor at Bankless Times, bringing over 8 years of experience in digital journalism. He leads the editorial team by managing, editing, and sourcing impactful news stories for our readers. With a background in crypto-focused data analytics, Utsav excels in live market reporting, offering insights into the risks and opportunities that help our readers make informed decisions.