Video games have been around since the 1970s when the classic ‘Pong’ was introduced to the masses. Since then, video games have grown in number and sophistication decade after decade.
Now, in 2022, it’s estimated that there are over 3.1 billion gamers across the globe, which is nearly half of the total population.
This is a figure you simply can’t ignore. It’s huge – and highlights that the gaming industry is at the top of its game (pun intended).
But why is this, exactly? Truthfully, there are lots of reasons why the gaming industry has become the force it is today – and some of these reasons might shock you.
Reason 1: More People Own Smartphones
Nowadays, when you go out in public, you probably notice that most people are on their smartphones. Not only are these people taking photos and browsing social media – but they’re also playing mobile games.
In 2021, the global mobile gaming market earned 81.5 billion U.S. dollars in revenue. This means that the smartphone is the number one device for gaming around the world and has even taken over the classic gaming console as the fan-favorite.
On their smartphones, people can access a wide variety of games at the swipe of a finger, which is the main driving force behind this trend. For example, millions of people are now playing in online slot casinos via their mobile web browsers, with Slots.lv being a popular choice.
In addition to this, people are also downloading mobile games from the app store that are extensions of console-based games. Fortnite Mobile and Call of Duty: Mobile are two of the most popular choices in this regard.
Moving forward, as global smartphone usage continues to rise, so will the gaming industry. Basically, the two are now interlinked, which is great news for all the gaming fans out there.
Reason 2: Free-to-Play Games
Over recent years, many gaming companies – such as Epic Games – have started to follow an interesting business model. The model is very simple:
1. Release a free-to-play game (e.g., Fortnite)
2. Attract lots of players
3. Offer in-game purchases – such as skins and weapons – for players to buy (these players then feel incentivized to do this due to the fact that they downloaded the game for free)
4. Make revenue and profit off the in-game purchases.
Now, because so many free games are being released on PC and console, it’s attracting millions more players.
Moving into 2023 and beyond, it’s expected that this model will continue to be used by gaming companies. After all, the average consumer doesn’t want to spend $50 on a game when they can download another – such as PUBG – for free or at very low price.
Reason 3: A Wide Variety of Consoles and Devices
As of 2022, there are tons of consoles and devices for consumers to choose from. This is great, as it means they can choose the device that suits their personal preferences.
For example, if you’re someone who likes to game on the move, then you can purchase a handheld device like a Nintendo Switch. Alternatively, if you’re someone who likes to play videos with a traditional controller, you can buy a console such as the PlayStation 5.
This breadth of choice is proving to be a key factor behind industry growth – and it will continue to be as such for the remainder of this decade. Not to mention, it’s expected that more consoles and handheld devices will be released soon, which will add even more variety to the existing market.
Reason 4: eSports
eSports is another key reason why the gaming industry is on the rise.
In case you don’t know, eSports are professional gaming tournaments that take place around the world. They attract millions of viewers on Twitch and YouTube, which then inspires gamers young and old to pick up their controllers and play themselves.
Reason 5: Streaming
Lastly, there’s streaming.
Nowadays, people enjoy watching other people play video games as much as they enjoy playing them.
For example, Ninja – a popular Fortnite streamer – attracts millions of views a month across YouTube and Twitch. Due to his large personality and high-quality content, people really enjoy watching him play video games.
Conclusion
In conclusion, you should now have a greater understanding of why the gaming industry has grown so much over recent years. Moving forward, if you’re a company or entrepreneur, this is something to bear in mind, as there are lots of exciting gaming ventures you could follow.
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