The gaming industry is getting bigger with each passing year. In fact, its valuation is higher than the combined valuation of the movies and the music industry. Gaming after the Covid pandemic became popular across all the globe, gender and demographic groups. Both pro gamers and novice gamers are spending more time playing games. The gaming industry has expanded itself to now community and social activity.
The gaming industry is creating plenty of job opportunities too. It is rapidly growing and diversifying. Not only are the primary games receiving attention, but TapTap and Auto Clicker, which are tools to assist the main games, are also attracting the gamers’ attention. Last year, there were 2.7 billion gamers across the globe. In addition, the number of top ten gaming influencers’ subscribers was 405 million. Considering the direct and indirect valuation of the gaming industry, it comes close to more than 300 billion. It also indicates the economic reach of the gaming industry.
Different Revenues Of The Gaming Industry
The direct revenue of the gaming industry is more than $200 billion. Mobile games and software contribute $83.7 billion in the gaming industry, followed by digital PC game software. Additional gaming revenue comes from home and handheld console software, home and handheld console hardware and mobile in-game ads.
Further, gaming video content, eSports, PC gaming and accessories, and PC gaming hardware also play a significant role in the gaming industry.
Factors Contributing To Greater Economic Reach Of The Gaming Industry
The economic reach of the gaming industry is pushed by the extreme adoption of smartphones across the globe. Widespread smartphone adoption is creating new opportunities for the entire gaming market. In addition to that, internet penetration has also increased at the global level. Both of these factors have contributed to giving a large section of the untapped audience of the previous years to the gaming industry. With this new set of groups, the engagement level in the gamers has increased.
Also, during the pandemic, many people shifted to gaming in order to engage in recreational stuff. In the pandemic, online car racing and even chess, for that matter, gained new attention. Not only do the gamers enjoy playing these games, but also, live streaming of the games has become extremely popular.
35% of gamers are from China, followed by the United States, Japan and the United Kingdom. Further, South Korea, Germany, France, Canada, Italy and Spain together have generated more than $1 billion in the gaming industry. However, mobile gaming is prevalent in Southeast Asian countries, Latin America, and the Middle East.
Gaming Industry Is Breaking The Stereotypes
Previously, there was a notion that the gaming industry was only popular amongst the male gender. However, the gaming industry has broken this stereotype. The current age demographic of the gaming industry is such that 42% of the gamers are male, and 46% of the gamers are female. Many female gamers have entered the gaming industry, thanks to mobile adoption. Further, the number of females involved in developing games is also increasing. The gaming industry is currently inclusive.
Social Gaming Is The New Trend
The games have evolved into social gaming. First-person shooters, multiplayer online battle arenas, and role-playing games have become extremely popular among gamers. Gamers love to play cross-platform games, which gave birth to social gaming in the last few years. The gamers are concerned not only about the games but also about what devices they are playing on and the people with whom they are playing the games.
Social gaming is attracting eyeballs across the globe. 84% of gamers believe that video games have been helpful in connection with new people who share similar interests. So, it is not only about playing games but also meeting new like-minded people. Further, video games pave the way for video gamers to stay in touch with their friends. Also, there are many communities online, which gives a family vibe to many gamers.
Therefore, it will be right to say that the gaming industry has a tremendous reach and many social reaches of the gaming industry. Only the sky’s the limit for the gaming industry. In the future, the gaming industry will become more impressive; therefore, many more gamers will join this industry, and the industry will keep growing. Also, technology is playing an important role in the gaming industry, which will further grow the industry.
