ESPORTSREPORTER.COM / FRANK FILIPPAZZO – STAFF WRITER / JULY 28TH, 2021 /
Over the last decade, video games have become an intricate part of our society. Since their conception as basic arcade games, today they have become much more than that. The global gaming industry is now one of the fastest-growing multibillion-dollar entertainment industries in the world, bigger than the music and movie industries combined.
The US has one of the biggest gaming industries but it is not the biggest. As of 2021, China ranks as having the highest video game revenue market with 40.85 billion in US dollar currency, and right behind them is the USA with 36.92 billion in US dollars. This doubles the third-largest gaming industry in Japan with 18.6 Billion.
When ranked with other entertainment industries, there is very little comparison. Hollywood took over a hundred years to get to a 100 billion dollar revenue, while the gaming industry took about a decade to double that. In comparison, the Mobile Phone industry is 103 billion,
There are several reasons for the growth of gaming over the years: popular game releases, new game consoles, influencers promoting the games, and of course a global pandemic. The global pandemic changed a lot of ways of life. It canceled many events, closed stores, and completely changed our way of life. People were going more remote and spending more time on indoor activities. Fortunately for the video game industry, this meant more time to play video games.
Revenues from Game consoles, PCs, and Mobile devices all increased by a substantial amount. From 2019 to the present, Mobile game revenue has increased by 26% since the pandemic. Mobile games before would rank at 79 billion, but after
The release of the PS5 and Xbox x/s series back in November 2020 has contributed toward the growing industry. The Xbox series X/S has sold over 5 million units in 27 weeks since its release, in comparison it took the Xbox one 37 weeks to sell 5 million and Xbox 360 49 weeks, making the latest console the fastest-selling Xbox unit to date.
Even with all that progress, the PS5 sales have contributed 2 billion more in revenue than the Xbox series X/S which came out around the same time. PS5 is the fastest-growing console in US history and has sold over 8 million units with sales predicted to reach 67 million units by 2024.
Some of the most popular franchises such as Minecraft and Call of Duty have contributed exponentially to the growth of the gaming industry. Minecraft has over 140 million users that generated over 350 million dollars from over a billion online downloads. Activision’s Call of Duty series has made over 27 billion since its conception in 2003. Cold War, Warzone, and Modern Warfare have over 113 million users in total. Throughout the years, Call of Duty’s popularity has expanded throughout multiple platforms such as PC to Xbox 360, to PS4, and more recently to PS5, Xbox Series X, and Mobiles.
One of the biggest arcade-turned-competitive games, Street Fighter has become an international success with millions of fans worldwide and thousands of tournaments specifically for it. The Street Fighter’s franchise has netted a lifetime of 22 billion since its beginning in the ’90s. The Evolution Championship EVO, Capcom, and Redbull tournaments have had Street Fighter series in their lineup since the 90s and early 2000s.
The gaming industry has grown into one of the biggest entertainment industries in the world. There is no sign of it slowing down in the future. At this rate, it will continue to grow much more than what we see in the future. eSports gamers will become more mainstream like any other professional athlete. The success and hype surrounding it can be attributed to the millions of loyal fans who buy, play, and create a community surrounding these games.
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