The State of the Video Gaming Industry in 2021 - Scott Storkamp
The gaming industry has seen colossal growth over the last decade. Rapid sales of consoles devices such as the PlayStation 4 and Xbox One in 2013, the Nintendo Switch in 2017, and more recently the PlayStation 5 and the Xbox series X, have seen the global video game market more than double in the last decade, and according to Newzoo, is forecasted to hit the $200 billion mark by 2023. Far bigger than what most might consider to be primetime entertainment industries — film ($100 billion) and sport ($75 billion).
One of the key ways in which the industry is able to boast such a large market size, especially in comparison to other entertainment industries, is how it was able to make up for the pent-up desire for entertainment throughout the COVID 19 pandemic. The gaming industry has served as a resort to the increasing number of gaming buffs by the frequent launch of new games and updates, as well as to others through mediums like virtual concerts in games, and e-sport competitions with professional athletes.
Through these alternatives sources of customer acquisition, and aided by its own natural growth which has been extremely impressive, the gaming industry has seen sales hit record highs like never previously imagined even. Inclusion of subscription-based models by most major gaming consoles has given big players within the industry a steady cash flow, allowing them to invest further in expansion and diversification, continuing the trend the industry has recently seen, and will continue to do so.
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