Gaming market revenue is well-positioned due to the massive bump in monthly digital gamers—last year consumers spent a massive $44 billion in gaming software and services. But this growth won't last too long, as monthly digital gamers are expected to increase by just 1.1% in 2021 .
Is the gaming industry getting bigger?
Global videogame revenue is expected to surge 20% to $179.7 billion in 2020 , according to IDC data, making the videogame industry a bigger moneymaker than the global movie and North American sports industries combined. ... The videogame industry has boomed in recent years because of the variety of ways to play games.
Is gaming a growing market?
The video game sector is immensely large . In fact, it is larger than the movie and music industry combined, and it is only growing. Though it doesn't get the same attention that the movie and music industry does, there are over two billion gamers across the world. That is 26% of the world's population.
How is the gaming industry doing in 2020?
The UK market for video games reached a record £7bn in 2020 , an increase of +29.9% from 2019, beating 2018's previous record by more than a billion pounds. ... Ukie's annual games market valuation, launched at the start of the 2021 London Games Festival, shows software revenue grew +18.
How fast is the gaming industry growing?
The global outlook
The games market is expected to continue growing in the coming years, exceeding $200 billion at the end of 2023. By then, Newzoo forecasts the games market will grow at a 7.2% compound annual growth rate (CAGR) between 2019 and 2023 to reach $204.6 billion.
Is gaming a profitable business?
Games provide entertainment for children of all ages, including those young at heart. ... With the right combination of business acuity and gaming knowledge, a games business can lead to a profitable and rewarding experience . Study the gaming industry and look for ways to maximize profits and market your games business.
What is the fastest growing game in the world?
Yes, playing TikTok . It is the fastest growing game in the world, and our boys are part of an entire generation expecting game mechanics to power their preferred entertainment.
Is gaming bigger than Hollywood?
E3 2021: Video games are bigger business than ever , topping movies and music combined. In 2020, the U.S. video game industry grew 27% to $56.9 billion in revenue, says NPD Group, surpassing movies and music combined.
How big is the video game industry 2020?
Video games are a billion-dollar business and have been for many years. In 2020, the revenue from the worldwide PC gaming market was estimated at almost 37 billion U.S. dollars , while the mobile gaming market generated an estimated income of over 77 billion U.S. dollars.
What is the highest grossing video game?
1 Minecraft (200 Million Units)
With over 200 million copies sold since launching on November 18th, 2011, Minecraft is the highest-selling video game of all time by some margin, comfortably beating out the likes of Grand Theft Auto V, Tetris, Wii Sports, Pac-Man.
Why is the gaming industry growing so quickly?
Specifically, in North America, the industry continues to evolve due to technological changes that enhance gaming, such as augmented and virtual reality . ... Some of the fastest growing gaming markets are in South America where users mainly play online games, accounting for an increase in the global online gaming sector.
What is the biggest entertainment industry in the world?
Gaming is by far the largest and most expansive industries in the world of entertainment. The gaming sector is now worth over $145 billion US dollars globally and this continues to grow year after year.
How much is the gaming industry worth in 2020?
Global Mobile Gaming Market Report 202: Worth $98 Billion in 2020, the Mobile Gaming Market is Forecast to Grow to $272 Billion by 2030 – ResearchAndMarkets.com.
Which country's population spend the most money on games?
As of 2020, it is estimated that China ranks first among the biggest gaming markets worldwide, with a revenue of 40.85 billion U.S. dollars. The video gaming market in the United States ranked second, generating an approximate 36.92 billion U.S. dollars in annual revenues.
Are more people gaming?
Economic data shows people are still playing games “at a really high clip. ... ... DFC Intelligence expects video game sales in the U.S. and Canada to increase 14.6% in 2021, to $19.6 billion. But players could spend more and spend less time playing, David Cole, the research firm's founder and CEO suggested recently.
Is Steam the biggest gaming platform?
The Steam platform is the largest digital distribution platform for PC gaming , holding around 75% of the market share in 2013. ... By 2019, the service had over 34,000 games with over 95 million monthly active users.
