The COVID-19 pandemic has created major obstacles for those working in the gaming industry, but apparently, this did nothing to adversely affect the revenue gained from gaming products. According to the International Data Corporation (via MarketWatch), data shows that the ever-expanding gaming industry is set to make more money than both the film and North American sports industry combined in 2020.
The video game industry is now bigger than ever. The ways to play games have multiplied offering more consumers accessibility of how they play. The “digital-copy game sales, mobile games, in-app purchase freemium games, cross-platform games that aren’t limited to a specific console, streaming game services like Microsoft’s Game Pass, games-as-a-subscription models, and online distribution services like Steam,” all contribute to the global gaming industry’s growing revenue. The continuously developing field is giving the film and sports industry a run for their money. Games have become more appealing alternatives to film and sports with their fun interactive narratives and competitive edge.
The pandemic lockdown has definitely aided the surge in revenue, as more people decide to stay home and away from the crowds found at sports competitions and movie theaters. Most of these events were even closed to the public because of the coronavirus pandemic. Meanwhile, the global video game industry is expected to top $179.7 billion in revenue in 2020. According to MarketWatch, this comes “as the global film industry reached $100 billion in revenue for the first time in 2019, according to the Motion Picture Association, while PwC estimated North American sports would bring in more than $75 billion in 2020.”
Video games are now making more than film and sports entertainment combined. Mobile gaming is a big reason for this surge; smartphone titles are expected to generate $87.7 billion in revenue — nearly 24% more than numbers previously seen in 2019. With the new year, the rise of the gaming industry isn’t expected to slow down. The introduction of next-gen consoles like the Xbox Series X and PlayStation 5 (and maybe even the KFConsole) will most likely boost sales as well.