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Introduction
It was 1972, a new game was released that changed the future of the gaming industry. You might have already guessed the name of the game. It was an arcade version of Ping Pong, named PONG. Since then, the video gaming industry has swept the globe and is only growing in terms of popularity and revenue.
This blog will tell you about the growth of the gaming industry, will show you some stats for the same, and answer the very basic question - how much is the gaming industry worth?
Growth of the gaming industry
In 2021 the gaming industry was valued at 198.40 billion USD and is expected to hit the value of 339.95 billion USD by 2027. In recent years, the gaming industry has seen a boom in its growth and one of the main reason for that is nationwide lockdowns implemented because of COVID-19.
Some of the factors driving the development of the gaming industry include - the younger population, increased disposable money, cheap internet connectivity, the introduction of new gaming genres, and an increase in smartphone and tablet users.
Below are some of the factors that lead to the growth of the gaming industry.
The gaming industry's growth is being considerably accelerated by ongoing technology advancements. They are improving the way games are made and the player's overall gaming experience.
By releasing and rewriting codes for various consoles/platforms, including PlayStation, Xbox, and Windows PC, and incorporating them into a standalone product offered to players through a cloud platform, game developers across emerging economies are continuously working to improve the gaming experience.
Utilizing cloud technology in the gaming industry is projected to increase demand and player engagement for a variety of games, supporting market growth throughout the forecast period.
Worth of Gaming Industry
Now let’s come to the main question - how much is the gaming industry worth? Let’s look at some stats to answer this question. There are more than 2.5 billion people that play video games. Up until 2020, players spent 4.5 billion USD on VR video games. There's an audience of around 456 million people that play eSports.
Now let’s have a look at some of the stats that tell the worth of the gaming industry.
Sales of 100.56 billion USDby 2024: According to a report by “We PC” the video games market is estimated to have sales of 100.56 billion USD by 2024.
4.5 billion USD was spent by players: Immersive gaming, often known as VR gaming, is approximately 20 times more fascinating than conventional games, according to gaming industry figures for 2021. According to “Business Wire” Players have spent around 4.5 billion USD on these VR games till 2020.
Razer plans to invest 7.2 million USD: A very popular luxury brand that is known for its gaming products is planning to invest 7.2 million USD in Singapore's gaming market.
The revenue value of 339.95 billion USD by 2027: Trends in the gaming industry show that the gaming industry will continue to grow and will hit the revenue value of 339.95 billion USD in 2027.
Global esports audience to reach a total of 456 million people: Even individual arenas for the Overwatch and League of Legends leagues are planned for the future. The LCK Esports Stadium in Seoul, the stadium at Full Sail University in Florida, as well as one in Richmond, Canada, are all currently being built. It is expected that the global esports audience will reach a total of 456 million people.
Esports revenues to reach 1.61 billion USD: Esports recorded net revenue of 947.1 million USD by the end of 2020 and is expected to reach over 1.60 billion USD by 2024.usd
Video games revenue is nearly as double as movie-ticket sales: A report by “The Wall Street Journal” shows that the revenue of the gaming industry is twice as large as movie-ticket sales and is expected to grow even more.
Video games are bigger than Music and Movies combined: According to “US Today” in 2020 the revenue of the gaming industry surpasses the revenue of the music and movies industries combined in the USA.
The gaming industry is huge and its revenue is growing day by day. The gaming industry is bigger than even Hollywood. This shows how big the gaming industry has become.
The top 5 countries according to the game's revenue are China, the United States, Japan, South Korea, and Germany.
Who is the number 1 gaming company?
In 2022, Sony will still be the largest video game company worldwide. With the release of the PlayStation 5, the most well-known next-generation gaming console in the world, the Japanese tech giant now generates the majority of its 24.9 billion USD in gaming revenue from the previous year.
What makes more money games or movies?
According to “US Today”, In 2020 the revenue of the gaming industry surpasses the revenue of the music and movies industries combined in the USA.
Conclusion
In this article, we have extensively discussed the growth of the gaming industry and we have also shown you how big the gaming industry is by stating some facts and figures.
We hope this blog has helped you enhance your knowledge about the gaming industry If you would like to learn more check out our blogs related to the above topic: AR in Gaming Industry, FPS in Gaming, Genres in Gaming, and many more on our Website.
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