Since March, the video game industry has surged in part because of stay-at-home orders during the coronavirus pandemic – the sector set a quarterly record with $10.9 billion in the first quarter. This year’s spending is unlikely to slow down as both Microsoft and Sony are set to launch new consoles this fall, with the latter already boosting production of the Playstation 5 to meet increased demand.
June Video Game Sales
— $417 million on accessories and game cards
— $570 million on software
— $191 million on hardware
Drive-in Esports
As consumers are flocking to spend on video game hardware, software, and accessories to play indoors, Horizon Group Properties is betting on bringing gamers outside. The real estate investment firm is developing four drive-in esports arenas with esports analytics group Harena Data. The arenas are being planned for Horizon-owned malls in Louisville, Kentucky; Gettysburg, Pennsylvania; and El Paso and Laredo, Texas.
Horizon’s plans come as esports arenas are popping up across the country. Goldman Sachs predicted in 2019 that esports and online game streaming viewership will reach 300 million people by 2022.
