Why the gaming industry is booming
We all agree that social distancing is important these days, but staying home for longer periods of time can make you feel lonely. When you are at home all day, online video games have proven to be a valuable way to socialize with friends and relatives.
There has been an explosion of online gamers due to the pandemic, making the market attractive for traders hoping to take advantage of this opportunity. This is one of the reasons the gaming industry is booming these days.
Why is the gaming industry booming?
The gaming industry is arguably one of the most powerful and forward-thinking segments of the tech industry today. Its importance in terms of music, social networking and entertainment is undeniable. Gaming now provides one of the most enjoyable and amazing forms of entertainment to over three billion people around the world, and the word “entertainment industry” is no longer limited to Hollywood and the movie industry. .
The global pandemic and its subsequent quarantine has also prompted dedicated console and laptop gamers to spend more time playing new games in stores, leading to increased users and sales. Video game sales make up the console game industry. Virtual, website, and physical console games make up the console gaming industry.
According to a new study from ResearchAndMarkets, the global video game industry will grow from $ 40.6 billion in 2019 to around $ 60 billion in 2021. It has also been noticed that, compared to video games, the growing popularity of smartphones has boosted the demand for mobile games.
Today’s gaming industry is a $ 200 billion powerhouse that is aggressively expanding the technology and entertainment envelopes. We not only have the constant introduction of new controllers, PCs and tablets that immerse us in the game, but we can also watch some of the world’s greatest players play in eSports and online through streaming services like Mixer and Twitch.
The changed tragedy blew up the Internet!
With the 2020 pandemic, you will likely have spent more time at home than in the past. With cinemas and cafes closed or risky to visit, you must find new ways to kill time.
While many companies struggled this year, the gaming industry, which was still on the rise, has exploded. The planet is playing more games than ever before, from retro games like Mod for The Sims 4 HQ and Freecell to computer games and augmented reality games. Overall, the market is expected to generate $ 159.3 billion this year, up 9.3% from the previous year.
Traditional console makers like Microsoft will negotiate with Stadia and Amazon’s top-secret cloud gaming network and make their games accessible to anyone with a suitable internet connection anywhere in the world. Additionally, PC gaming has opened up a whole new range of possibilities for gamers who want more ease of use and versatility while passively playing (or competing) their favorite games.
Streaming has been a huge success for the gaming community and gamers. Individual players will broadcast their in-game game to viewers around the world using platforms such as Twitch and Youtube Gaming. Millions of streamers have been able to create a sequel, connect with each other, and market their gaming talents, thanks to this innovation and the explosion. new. Streaming has exploded in popularity, with the Big Four (Youtube Gaming, Mixer, Twitch and Facebook Gaming) racking up a total of 13 billion viewing hours in 2019.
Streaming industry star Tyler “Ninja” Blevins has earned over $ 10 million a year just from the subscribers and sponsorship deals that come with running a successful streaming profile.
The games are extremely engaging, which makes them great for generating sales. If the gamer appreciates the hardware and graphics, they wouldn’t mind waiting a few seconds for an advertisement before progressing through their game. Smart monetization tactics make the online gaming industry ever more successful.
Online Gaming Industry Monetization Tactics:
Free to play: The game is available for free download in this form. Users can earn in-game money by purchasing add-ons such as virtual items and other bonus features. In some common multiplayer action games, players get free access to the game right away, but if they want specialized costumes for their characters, they have to pay for them.
In-game advertising: While in-game advertising can be irritating to gamers, it can also be a source of income. When a user completes a level and moves on to the next, some puzzle games have advertisements. Some games allow users to view advertisements in order to earn bonus Battle Coins or prizes that can be used for in-game transactions.
Play to win: In this model, players who pay for rewards or additional features have an advantage over those who play for free. This suggests that free players will have to invest a lot of time to get those premium coins.
Pay to play: Players can buy in-game coins or tokens with real money which allows them to play the game. Users can buy tokens with real money in some common casino themed games, which allows them to participate in paid tournaments.
Commodity: In-game co-branding and in-game marketing are two other ways to make money. This includes key chains, posters, jewelry, signs, and the like.
The meteoric growth of the gaming industry has only just begun. Despite its humble roots, the gaming industry is now poised to compete with all other technologies for the status of the most creative industry.
The game is unique because not only is it immersive and exciting, it is also multicultural and spacious. Almost every human being has a favorite game and a way to play it, making gambling one of the most popular industries on the planet.