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Friday, June 21, 2024

A $200 Billion Industry

Photo Credit: Bruce Kluckhohn-USA TODAY Sports
Following 9% growth in the first quarter of 2020, the video game industry is forecast to finish the year with 9.3% improvement and projected revenues of $159.3 billion. Newzoo’s Global Games Market Report also says the industry will become a $200 billion enterprise by 2023.

COVID-19-related lockdowns were cited as a major driver for mobile games’ 13.3% growth to $77.2 billion in revenue. However, just 38% of the 2.6 billion mobile gamers pay for games. Mobile games’ lower barrier to entry and exit leave it most susceptible to correction once lockdown measures are lifted.

Video Games by Segment:

  • Mobile: 13.3% growth, $77.2 billion revenue, 2.6 billion users
  • Console: 6.8% growth, $45.2 billion revenue, 729 million users
  • PC: 4.8% growth, $36.9 billion revenue, 1.3 billion users

Half of gaming consumer spending comes from China and the U.S., but growth is driven by areas like Latin American and Asia-Pacific nations. It’s more than just consumers, too. The U.S. Army is using video games as a recruitment tool now that physical meetings are nearly impossible.

With lockdowns holding back the Army’s goal of 70,000 recruits in its fiscal year – which ends in September – the service is falling back on the full-time Army Esports Team. The team has helped generate 13,000 leads in the first half of the year, mostly through interaction on Twitch streams. Along with helping the Army recruit, Twitch is leading the way in a growing esports job market, which offers a slew of jobs with six-figure salaries. Esports Industry job postings grew 43% in the first three months of 2020.

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