For many people worldwide, playing video games is a great way to have fun and relieve stress. The first known video game was created in 1958 by William Higinbotham, a physicist. Like the popular game Pong, his game was about tennis.
According to Liquid Web, “Since the release of Pong and consumer-ready home gaming consoles in the early 1970s, the video game industry has come a long way.” This has led to waves of games throughout the years, and the industry is growing exponentially. Notably, the gaming industry is wealthy, but how much is it really worth in 2022?
Take a look at some video game industry statistics.
1. Gaming Industry Worth Over $300 Billion Worldwide
Accenture released a report entitled “Gaming: The New Super-Platform” that revealed that the gaming industry had crossed the $300 billion mark. The study analyzed data from over 4,000 gamers in various markets.
The study found that gamers from different regions such as Japan, China, and the United States were the main drivers of the gaming industry’s rapid growth. The study revealed that gamers spend around 16 hours a week playing video games. They also spend around 8 hours a week watching and interacting with other gamers in various online communities.
Gamers’ interactions and instances with one another through online communities are some of the factors that have contributed to the gaming industry’s rapid growth. According to the study, over three-in-four gamers believe that the gaming industry will play a significant role in their lives in the future.
2. Immersive Games are Growing in Popularity
2020 brought various innovations and developments to the immersive gaming space, leading to more people joining the gaming community and experiencing a virtual world.
In 2020, the average amount of money gamers spent on immersive games was around $4.5 billion. It’s expected that the gaming industry’s value will continue to increase in 2021.
While traditional games are still the industry’s primary focus, the rapid emergence and evolution of VR and AR headsets and peripherals have contributed significantly to the gaming industry’s growth. It’s also expected that people will eventually embrace the use of augmented and virtual reality gaming. Because of this, the gaming industry will likely continue to grow.
3. Increased Availability of Streaming Games
Despite the availability of various games on various platforms, such as the Xbox One and the Nintendo Switch, the lack of powerful desktop computers still limits the gaming experience for many of the population.
With the rise of streaming games, it’s now possible to bring various games to any device. This method eliminates the need for a desktop computer and allows users to enjoy their favorite games on any device. The increasing involvement of tech companies such as Microsoft and Google in the gaming industry is also expected to contribute to the gaming industry’s growth.
In September 2020, Microsoft’s Xbox Game Pass became fully functional and can be accessed by gamers. The company is still working on improving its service and will continue to add more features.
Google’s Stadia platform, a part of the company’s Chrome browser, allows users to stream their games to their devices. It’s also available on various platforms, such as Android, iOS, and Chrome.
4. Nostalgia and Vintage Gaming
Surprised by the gaming industry’s growth, many people realized that the movie and television industries are also experiencing a similar phenomenon. As a result, audiences are nostalgic for old movies and shows they’ve seen.
Due to the increasing popularity of vintage games, it’s becoming more common for people to buy them. These games are often sought after by gamers who have experienced the same gaming experience.
Companies have started releasing new versions of their older games to capitalize on the nostalgia factor. Nintendo has also created a virtual console that allows users to play their old games.
The global gaming market is expected to reach $256 billion by 2025. The number of people playing games has increased, with over 2.5 billion people playing on their smartphones, tablets, and computers.
The gaming industry is expected to continue its rapid growth as more people join the ranks of gamers. This will help improve the gaming society and bring more developers and gamers.