The global video game industry certainly has taking a liking to the year 2020; a year in which many other industries has struggled due to the global pandemic that has ripped through any business plans in which were set out. Despite the widespread economic disruption caused by the coronavirus, the video gaming industry has disregarded any setbacks caused by this and with the practise of social distancing being implementing and therefore reducing consumer and business activity, gaming is able to offer distractions at home looking for social interaction.
It’s not just the online gaming world that has been benefitting from the lockdown restricted areas, in fact other online services have also been taking advantage of consumers having more spare time in their homes, such as online casinos. At the Maximum Casinos, they are offering certain inviting offers to ensure that they are taking advantage of the current climate; huge deposit matches, increased speed in withdrawal times and welcome bonuses for all their new customers are just some of the ways they’ve been increasing their traffic during 2020.
As shown by the diagram above, these are the sort of numbers that the online gaming market are posting – and compared to the liked of Box Office and Recorded Music, they are astonishing numbers; and that is back in 2019 when there wasn’t a pandemic, the numbers we believe would be through the roof now.
Gaming revenues are almost all driven by the consumer spending patterns but has been ever changing and evolving into the market it is today. In 2020, the industry is seeing patterns that show to us why the market is becoming such a big deal; consumers today seem to be buying less games than in previous generations, however, they are now spending more times and therefore more money on these 1 or 2 games ensuring that the business model is shifting to mould to the market.
Other side industries are also jumping on the success bandwagon of the gaming industry, and that is the Esports market – the betting on live professional gaming events. With it being one of the fastest growing industries on the planet, many experts are predicting it to expand and rival the biggest traditional sports across the globe, many not in terms of viewership, but certainly on levels such as opportunities, advertising, licensing, sponsorships and merchandising. At the current rate of growth, by 2023, there is expected to be almost 300 million weekly viewers of eSports globally.
— Times and Tech (@TimesandTech) October 25, 2018