No wonder, the video gaming industry has become a rage in the last few years. With experts estimating its net worth around $152 billion, it is all set to join the $500 billion club in the future. It is expected that the video gaming industry will reach its peak of $300 billion mark by 2025. Therefore, it is fair enough to say that the video gaming industry will continue to bloom in the coming years.
Especially when the COVID 19 debuted in the world, not many people were aware that they would be staying at home for much longer than expected. In this feature, we will shed light on the top reasons behind the growing popularity of the gaming industry:
Immense Technological Improvements
There’s no running away from the fact that the video gaming industry is at the front of technological developments. This is enough reason why videogames are soaring and continue to thrive. Now that they are growing popular, engrossing, immersive and making the television seems to be antiquated by competition.
No wonder, facial recognition and 3D scanning can improve the user experience for gamers. Secondly, the massive improvements in the graphics department have compelled the users to swoon over every addition in the gaming industry.
The rise in Mobile Gaming
No wonder, mobile gaming is on the rise and here to stay. Back in 2012, mobile gaming had a staunch net worth of $70.6 million, which was an 18% share of the total market. Now that net worth has increased to $138.7 billion, which is 44% of the market net worth. Nowadays, most people like to stream video games from their phones, so they can enjoy their favorite games without any reservations.
This has compelled the consoles to go obsolete. This is enough reason why the mobile gaming industry is on the rise and continues to thrive.
Better Job Opportunities
In today’s highly competitive world, the mobile gaming industry is constantly thriving under public pressure. Secondly, as game developers are receiving lucrative degrees from college, the opportunities are on the rise as well. By providing full-cycle game development services, developers can earn a lot of money in a year.
Therefore, as web development firms have understood the importance of game development, they are ready to provide more opportunities for young people to get employed.
The Typical Free-to-Play Model
It might sound a little off guard but the most popular games are absolutely free of cost. For instance, if you consider Fortnite, League of Legends, Pokemon Go, Crossfire or Candy Crush, you will be thrilled to know that they are free. Secondly, because consumers don’t want to spend their money on premium games, the developers of top-notch games of the industry have set everything free.
The publishers on the other hand can easily make a lot of money with the micro-transactions. If you don’t know, the typical Fortnite player will spend around $58 per transaction. Secondly, with advertisements making a smart spot for themselves within the games, marketing can reap incredible benefits.
The Need of The Hour
Simply put, video games are the need of the hour because they enable one to declutter their mind from stress. Secondly, because video games are pivotal for the brain development of little ones, parents can rest assured about allowing their munchkins to play and let themselves loose.
Hadn’t it been for video games, it would have been very hard for people to escape depression and stress. Thankfully, video games have become a part of popular culture, so the demand is an all-time high.