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5 Ways the Gaming Industry Is Booming

5 Ways the Gaming Industry Is Booming

Gaming Industry has come a long way since Pacman started gobbling up ghosts back in 1980… and these days, the industry is guzzling up way more than players’ spare change. From gaming montages to cross-sector collaborations, we’ve traced five of the biggest, most interesting ways the industry has grown – and will continue to flourish – in the near future.

1. Revenue

More than doubling in the last eight years, from $70.6 to $159.3 billion USD, and increasing by 9.6% from 2019 to 2020 alone, gaming is on the up-and-up. Newzoo reports that there are 2.7 billion gamers globally, with the United States pulling in the second-highest share of international revenue. Although its popularity was already on the rise, the COVID-19 pandemic further amplified the industry’s trajectory, since more people were seeking new forms of entertainment. Total revenue is expected to reach $204.6 billion USD by 2024.

2. Community

It’s important to remember gaming’s origins: the arcade – a safe place for kids to gather, socialize and geek out. It’s no coincidence that when arcades started disappearing, “barcades” appeared in their place thirty years later.

People often think of gaming as an isolating activity, but rarely do we hear the stories about married couples meeting on League of Legends, or the myriad of other enduring friendships that extend beyond the screen. And look no further than an esports montage to find “positive empowerment for women and minorities in the U.S. and beyond”, giving players strong characters to identify with and relate to.

3. Music

Since gaming is all about being transported into another world, there’s no underestimating the impressionable power that music has on a user’s experience. This goes for the soundtracks on the games themselves, as well as the new artists and songs that are promoted on some of the best video game montages out there.

With some gaming montage videos gaining over 250 million views, the gaming world is becoming an undeniable hub for cross-sector marketing, and a great way to get your music noticed online, driving way more traffic altogether to the marketplace, as well as to YouTube gaming influencers.

Gaming Industry

4. Advertising and Accessibility

With cell phone technology improving fast, gaming is no longer limited to living rooms and dens, or big TV screens – which means more exposure to ads. 2020 saw a 12% increase in the number of mobile gamers, and mobile game ads increased 9% within the same year. 74% of US mobile gamers admitted that they’d “watch an in-game ad if they get an in-app perk in return”.

Games are also becoming wildly more realistic and popular, which means that advertisers can buy virtual, life-like space in-game worlds that would normally cost exponentially more in reality, like billboards or entire buildings.

5. Stardom

The gaming influencer marketplace has skyrocketed, and esports is a huge contributor – as much as professional players are often called athletes. With over 20 million followers on YouTube and 14 million on Instagram, famous Fortnite player Tyler “Ninja” Belvins made $17 million in 2019. Other gaming influencers who create gaming montages have partnerships with huge companies like Nike, Postmates, and Coca-Cola, creating a major influencer marketplace. To all the kids out there, remember this the next time your parents try to take away your PlayStation as punishment.

Gaming Industry
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