Whether PC or console games, video games are a great way to leave off steam. Get home at the end of a long hard day, put on your favorite game, and you become much happier and more relaxed! And it's not just you - there are hundreds and thousands of individuals all over the world who are engrossed in video games just as much as you are. And thanks to the growing interest, the video game industry revenue has exploded beyond imaginable!
But do you know the actual numbers? If you don't, you have landed in the right place! Today we will tell you how game studios are taking place in the industry and how much revenue the industry churns and how. So let's get started!
So before we dive into the details, let us give you some exciting gaming industry figures that will surely blow your mind -
There are almost 3.24 billion gamers worldwide.
Japan itself has more than 70 million gamers.
In 2021, 2.9 billion gamers helped the Global Games Market make $175.88 billion.
Nintendo is now the largest video game company globally, with a net worth of $85 billion.
Lastly, the global gaming industry revenue is expected to be somewhere around $256.97 billion by 2025.
The video game industry alone was worth $90 billion in 2021.
Astounding, isn't it? Well, we think so too. The game development industry has been taking leaps and bounds as more and more gamers, and developers join in every other day. So to give you a better idea of how big the gaming industry is, here are some facts that we have gathered in the last few months.
Here are some statistics, figures, and causes to help you understand how big the gaming industry is, where the revenue comes from, and why.
The Global Gaming Industry Is Worth More than $300 Billion.
Not the revenue, but the global gaming industry itself is now worth over $300 billion, according to Accenture. The primary drivers behind the considerable net value of the sector are gamers from the USA, UK, Japan, and China.
Studies reveal that gamers spend almost 16 hours every week playing and 8 hours just participating or watching game streams. This interest has led the industry to flourish and increase its worth over the years.
Gamers Have Spent $4.5 Billion In Immersive AR and VR Games.
Recent studies have revealed that the AR and VR gaming industry is more exciting and profitable than our traditional games. Companies like Altspace VR and Bigscreen VR are making giant leaps into the virtual game future. Thus, gamers spend so much on these games to experience the best of technology.
Game Streaming and Increasing Availability
Another major factor behind the increase in video game industry revenue and worth is the increase in game streaming and availability. Giant tech companies like Microsoft and Google help gamers get a small subscription to help them gain access to games with online streaming.
85% of The Revenue Comes From Free Play Games
Everyone loves free games, and thus, most of us engage in them. And that is why these games generate almost 85% of the gaming industry revenue! How? Well, these games are not entirely free. They can generate revenue through different microtransactions like various ads.
Razor Planning To Invest Million In Singapore's Gaming Market
Razor is one of the biggest gaming companies globally and has developed some of the best gaming peripherals. They were also responsible for explaining the industry revenue when they decided to invest $7.2 million in Singapore's gaming market. They are working continuously to deliver a better gaming experience for everyone.
Asia's Contribution In The Industry Worth
Asia has made a massive contribution to the gaming industry's worth and revenue these years. China has already been named as the most significant global video games market. And looking into the whole of Asia, there are almost 2.7 billion games here! So the market is still expanding, and we can assume the Asian market will help improve the overall industry and its revenue generation.
Esports Is A Huge Sensation
We know this seems shocking, but watching esports has become a massive trend in the last year. Statistics say that the global esports audience is set to be over 456 million people in the coming years! Also, revenue numbers from the same will touch $1.61 billion in 2024.
All the factors mentioned above and more have led to the boom in video game industry revenue, and from the looks of it, it will only increase from here. So Let's see how the industry's future looks in 2022 and beyond.
And now, as we can see a whooping increase in demand, the global gaming market is set to reach almost $256 billion by 2023. Already, more than 2.5 billion people worldwide are engaged in gaming from their PCs, consoles, and smartphones.
Not just that, AR and VR technologies too are becoming more and more advanced to provide a better virtual experience for users. In addition, companies are releasing more powerful gaming consoles to attract a bigger crowd. For example, Nintendo, Sony, and Microsoft hint at new console updates in 2022.
Studies also reveal that online gambling is going to become much more immersive. Already we saw how much players spent on immersive games in 2020. So we can assume that when the online gambling market also becomes immersive, the revenue will get a considerable boost.
On the other hand, research also says that high-fidelity mobile games will soon take over the market. And thanks to people's comfort with online platforms, online games might take 47% of the worldwide gaming industry. Already Valve and EA plan to move into cloud-gaming services to keep up with trends. So, we can assume that in 2022, video games will only become more and more valuable as more people engage in these games.
Based on the factors mentioned above, we can conclude that the video game industry revenue will only increase in the coming years. This is because more gamers and developers will come forward to improve the gaming society. So if you are into the gaming world as a gamer or a developer, expect to see a massive boom in the dynamic industry in the coming years!