Gaming Industry: The Future of Digital Entertainment
The gaming industry is currently growing at a remarkable rate, its global revenues have already surpassed those from music and movies combined.
The gaming industry is currently growing at a remarkable rate, its global revenues have already surpassed those from music and movies combined. In 2019, the sector had generated $146 Billion1 in revenue, which is accounted for 3 times higher than those of the global box office revenue recorded in the same year. This figure also nearly doubled music industry revenue2. This growth is supported by COVID-19 pandemic, as gaming has become a common go-to activity for many people during the lockdown period. The surge of gaming activity came from both existing players who got the chance to spend more time playing and new players who just recently joined the gaming community. Additionally, there was also new releases of game console generation from both Xbox and PlayStation at the end of 2020. With these several supporting factors, Newzoo estimated that the global gaming industry would increase by nearly 20%YOY to $175 billion in 2020.
1 Data from Newzoo, a provider of games/esports analytics and market research
2 Data from Newzoo, a provider of games/esports analytics and market research