The gaming industry is now reaching its peak. Since the games have become more accessible than ever, hundreds of millions of people are actively playing video games daily. Not only that, but publishers and developer companies are creating games quite often now and most of them come with groundbreaking graphics and fantastic gameplay with great attention to detail.
Just take a look at some popular releases over the past 2 years – Need for Speed: Heat, Cyberpunk 2077, Star Wars Jedi: Fallen Order, Marvel’s Spider-Man, and Assassin’s Creed: Valhalla are just a few honorable mentions.
We wanted to take a closer look at this case and explain how did the gaming industry had such a massive boom in the past couple of years. Let’s break down the topic.
Tournaments
After the potential of many games was spotted, many companies started hosting various tournaments. And if that is not enough, gaming fans even became eligible to bet on the tournaments. Thanks to online sportsbooks, people are now able to wager on tournaments that involve games like League of Legends, DOTA 2, Overwatch, even PUBG.
https://sport.netbet.com/in/ was among the first sites to feature betting on e-sports and many fans from around the world started registering at their site to test their knowledge. Of course, the wagering did not include any major risks, the players wagered small and just for entertainment purposes.
The tournaments helped the aforementioned games become part of the e-sports category and thus, they brought many eyes and helped them grow beyond what we could’ve imagined.
Streaming
One of the most revolutionary inventions in the gaming industry was streaming. Streaming is consuming online content (in this case video games) without the need to download it. In the past couple of years, numerous streaming platforms allowed gamers to broadcast their skills in front of the world.
Streaming even became the main occupation for some players as they became popular and started making hundreds of thousands of dollars on an annual basis. The aforementioned tournaments are broadcasted through streaming services for those that cannot be in attendance. Thanks to the wide reach, the e-sports market almost reached a billion in revenue in 2020.
Technology
The advancements in technology had a major role in the rise of the industry. As the world moves forward, all of the gaming console manufacturers were able to use the technology to the best of their knowledge. That is why we now have high-performance consoles, desktop devices, and smartphones, all of which are purely designed to withstand HD gaming.
That allowed the game developers to create much more impressive games, thus improve the gaming experience, and ultimately, bring more players and revenue.
Recently, even new gaming concepts are being targeted and we could see them rise in popularity soon. One of the most popular concepts is VR gaming which is set to be the future of the gaming industry. It is expected that in the next few years, most gamers will own these sets and they will be able to experience the games on a whole another level.
Final thoughts
These factors have managed to influence the gaming industry a lot and helped it grow. The best part about it is that statistics show that the gaming industry will keep rising. In the period between 2019 and 2020, the game industry marked a massive rise in revenue – over $14 billion. At the end of 2020, the video game market value was around $159 million.
The revenue is expected to grow massively over the next few years. Experts believe that by 2023, it will reach a value of over $200 billion. Not only that, but the streaming services will also continue to rise. An interesting fact about them is that by 2023, it is expected that more than half of the Twitch users (51.6%) will come from the USA.