The video game industry has grown from the focused markets to the mainstream. Every quarter gaming companies earn billions of dollars just for providing entertainment both for children and adults. From its beginnings, the gaming industry has developed significantly involving marketing and monetization of video games. How does the video games industry make money?
Is the video game industry growing?
Only in 2019, the global video game market size was valued at USD 151.06 billion and by 2027 is expected to explode above 13%. The key factors to driving the growth of the game industry is both technological proliferation and innovation in terms of hardware and software development.
The fact is that more and more people are looking for entertainment in the Internet. Easy availability and access of games all around the world is going to keep the market growth in the coming years. Game developers are also still introducing innovations and new fields for players, by pushing the technological limits which will have an incredible influence on the level of playing. The development in the field of graphics also affects the popularity of games.
Recently, the video games sector is bigger than the music and movie industry put together, and it is growing.
Who is the average player in 2020?
If you think the average gamer is a teenager who is skipping school to play games you will be disappointed. According to the latest statistics, as many as 65 percent of adults in the United States play video games. What is more, most gamers use smartphones, mobile games and apps become more and more popular. Why do people play games? According to the research, most gamers play for mental stimulation, reduce stress and provide relaxation.
Average player is usually a person educated, civically engaged with a creative hobby. The research clearly refutes the stereotypes created over the years by people skeptical about games. When it comes to the genres most often chosen by players, casual games took first place, then successively: action and shooter game.
Facebook, Apple and Google are getting into the game industry
More and more tech giants, not yet involved in the gaming industry, are entering the game.
Microsoft, which has already been in the gaming industry thanks to their popular Xbox console launched project xCloud, a video game streaming service allows players to stream Microsoft’s Xbox games to PC’s and other devices.
Facebook developed a gaming platform with Unity Technologies, which makes a game development framework for people to make video games. Google also launched its own program, Stadia, Google’s cloud gaming service that allows users to play streaming video games with extremely high quality. It is available through Google’s browser, smartphones, tablets, and desktop computers. Actually, Stadia can be a black horse in a race of gaming consoles as a completely new alternative and great competitor for Xbox, PlayStation, and Nintendo.
Allowing players to stream video games without access to the console or computer mobile allowing people to use mobile phones for gaming. If this trend continues, we can expect that buying physical games will no longer be right.
Subscription streaming services are the future and more companies like Ubisoft and Electronic Arts will definitely use them because the costs of production, shipping, and distribution will disappear.
How much is the video game industry worth in 2020?
2020 has proved that the video games industry is a new and important term of entertainment. With weak beginnings, it now takes a stable position in the technology market and has an enormous influence on their game players.
Recently, the video games sector is bigger than the music and movie industry put together, and it is growing. The best example showing that the video game industry continues to grow is the value of the market, which in 2020 only in the United States reached above 60 billion USD!
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