Growth Of Gaming Industry

Since the pandemic affected and slowed down economies around the world, millions of people had to stay home during the lockdowns so video games turned out to be a very entertaining activity. The pandemic only propelled the industry. Since the beginning of the pandemic, the profit grew by 9,3%. Last year, the global games market generated a profit of 159,3 billion dollars. Sony’s “The Last of Us – Part 2” was the best-selling video game.

Growth Of Gaming Industry

The gaming industry is one of the fastest-growing industries in the world. It is now larger and more popular than the movie industry. We are talking about a massive industry that makes tremendous business results, expanding constantly on the market around the world and increasing the number of employees. It gathers graphic designers, developers, and people from the business and marketing industries.

Since the pandemic affected and slowed down economies around the world, millions of people had to stay home during the lockdowns so video games turned out to be a very entertaining activity. The pandemic only propelled the industry. Since the beginning of the pandemic, the profit grew by 9,3%. Last year, the global games market generated a profit of 159,3 billion dollars. Sony’s “The Last of Us – Part 2” was the best-selling video game.

Numbers and statistics

Video games are not the only ones that are doing well, there are also software, hardware, video game accessories, and online subscriptions. It is estimated that the videogame industry will be worth over $200 billion by 2023. From everything we know so far, the video gaming industry does not plan to stop growing. The number of people interested in the gaming industry is continuously growing. More than 2.5 billion people from around the world play video games. In this industry women are on equal terms as men, they make 45% of gamers.

People are playing video games longer and more frequently, on many different devices. The biggest revenue is expected from mobile gaming. In 2020 revenue was higher by 13,3% compared to 2019. PC gaming is the slowest growing sector of the gaming industry. Statistics show that during the past year, sales of PC video games reached the growth of “only” 4,8% – to 36,9 billion dollars.

Key Figures in Gaming

Video game design and development is a very demanding and complex process. On average, about 600 people are hired to create a new title. The production process, placement on the market, and lastly playing video games besides developers involve publishers, distributors, merchants, buyers, and ultimate product users. Some of the key figures in gaming are YouTube Gamers, Streamers, Gaming Journalists, Game Developers, Game Testers, Game Writers, and Game Animators.

The development of technology is also affecting the Gaming industry. There are specially designed gaming consoles and gaming PCs that support graphically demanding games, as well as Cloud and VR / AR gaming that provides a special and unique experience. Streaming also contributes to the popularization of gaming and is one of the most popular components in the gaming industry. It allows individual gamers to live-stream their in-game play which attracts millions of people around the world and provides a big profit.

What is Esports?

Playing video games on a professional level (Esports) is a growing phenomenon with millions of fans and billions of dollars in profit. Competitors in Esports are on the same level as world-famous and successful athletes. 456 million people watch E-sports. The final competitions are watched by more than 70 million people, which is more spectators than the NBA Finals, NHL Stanley Cup Finals, or World Series).

Streaming

Streaming has also been a massive success for the gaming industry even before the pandemic. The top four platforms (Twitch, YouTube Gaming, Mixer, and Facebook Gaming) garnered a combined 13 billion hours watched in 2019. On these platforms, gamers can live-stream their in-game play to their subscribers anywhere in the world. Streaming created an opportunity for people to attract a large number of viewers by interacting with them and commenting on their in-game play, and in that way to generate a profit on their streaming platforms. This invention has allowed millions of streamers to gain a fanbase, interact with one another and monetize their gaming skills. Some of the most famous streamers earn even up to 10 million dollars per year.

Marketing in Gaming Industry

Some of the major companies, helped by marketing departments and marketing agencies, found a way to successfully position their brands in Gaming Industry and were able to advertise their brands to reach new customers. One of the examples of successful campaigns on the domestic market is brand Sinalco, which visibly positioned itself in the show “Game Time”, on one of the most popular television for young people – Imperia TV. Besides the successful reach of targeted audiences on cable TV, content is popular and available on YouTube, Instagram, TikTok, and Facebook, which raises the effectiveness of such marketing campaigns.

Are you looking for ideas on how to successfully position your brand in Gaming Industry? Contact our team for a free consultation at contact@omeg.co