The COVID-19 pandemic has indeed turned out to be troublesome for many industries. The gaming industry was also one of them. But it looks like the industry was not hit that severely in terms of finances.
The Pandemic Has Boosted The Gaming Industry
As gaming is an indoor activity, the industry has seen a rise in terms of revenue generation and time invested in playing. All of the safety measures and lockdowns have actually benefited the gaming industry. The gaming business is presently getting more cash than what the film and sports industry makes together. As per the data from?International Data Corporation, the gaming industry will be generating $197.7 billion before the year ends. It means there has been a 20% growth as compared to previous year.
The critical ascent can be linked to the pandemic, the accomplishment of the Nintendo Switch, and the comfort dispatches for PlayStation 5 and Xbox Series S and X. Last year, the film and sports industries cashed in ?$175 billion together. In 2020, both these industries are in a real bad shape. As of now, consoles are selling like cupcakes, but the game scene was significantly boosted by mobile gaming. Mobile games have a share of 25% in the overall revenue and have roped in more than?$87.7 billion. Most of this revenue originates in Asia and the Pacific region. Their contribution is $56.6 billion.
The new data acts as a support for a report from?The NPD Group in November. According to the report by the NPD Group, expenditure on games has seen a 22% growth in the early months of 2020. Gaming equipment makes up generally $4 billion of that sum, while over $38 billion comes from software.Some of the most important equipment that sums up the $4 billion are headsets, microphones, keyboards, mesh gaming chairs, flight sim controllers.gaming routers, speakers, and monitors December is still looking to be a great month as Xbox Series X and PS5 will soon be restocked.