June 23, 2021 (Investorideas.com Newswire) Video gaming and e-sports are already huge businesses, both being multi billion dollar industries in their own regard. Some reports suggest that the video games industry as a whole is worth nearly $200 billion globally; and it's growth is only continuing to increase. In this article, we look at some of the main factors behind the growth of the video game industry.
Explosive mobile growth
Over the past decade, smart mobile phones have been finding their way into everyone's hands, and with the introduction of 4G and now 5G, as well as better mobile technology, mobile gaming is better than ever. From your mobile phone, players can download, stream and experience games unlike ever before, with 4K video and 4G connection, the line between console, PC and mobile gaming is slowly becoming a blur.
Growth of streaming
The age of the Influencer is without a doubt a huge driver in the growth of the video gaming industry. Not only can players give their attention to companies and their games by playing them, but also by watching others play them. Live gaming events and tournaments, as well as individual gamers streaming their time spent gaming are a massive driver in the consumption of gaming content, with a dangerously low barrier to entry for new streamers and consumers of that video content.
Marketing and engaging with the audience
The success of a video game from a business perspective ranges all the way from development, launch and then to the whole lifetime of a game, when players spend time playing the game. Different ways of marketing and engaging with the audience help bolster each stage of the video game's life cycle, and therefore the total attention it can gather and profits it can earn, research from FindBettingSites.co.uk shows that 38% of gamers are aged 18-34 and thus this age group is perfectly suited to social media advertising. Especially with today's online analytics and social media engagement statistics, developers can decide whether big 'tent pole' single day global launches, or other influencer-related strategies are better for marketing the game to audiences.
More sophisticated revenue streams
The size of the video gaming industry is of course determined by how much revenue and profits it can bring in. Whereas in the past, developers would create and then sell the game, the sale price from which they would make money from, today, developers earn money from in-game purchases, advertising on their games and more. Developers can therefore leverage different revenue streams to increase the potential research and development funds initially invested into the games, to make bigger and better games which are ultimately more loved by the players and yield higher profits.
Whereas revenue streams are more to the benefit of the companies and developers, there are also some players to benefits in today's video gaming industry. One can be the introduction of the cloud and cloud storage services into gaming. Gamers can now 'stream' a video game from the cloud and play whichever video game they wish, without being limited by the hardware, software or platform that they are using.
Figures taken from https://www.findbettingsites.co.uk/news/who-is-fuelling-the-rise-in-gaming/
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