Why the Gaming Industry Remains the One to Watch

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Whilst the worldwide gaming industry experienced an unexpected business boom during early 2020, it turns out that this surge in popularity was a sign of things to come rather than a flash in the pan. 

Gaming has now become as popular a pastime as watching TV or streaming content, going to the cinema, playing sports, enjoying music and reading books. In fact, the gaming industry currently rakes in more revenue than both the music and movie industries combined. 

Rather than remaining the domain of teenage boys, however, gaming of all types has opened up to welcome in women gamers, older generations, and other communities who haven’t traditionally been catered to in this arena. 

And the results speak for themselves. 

With over 3 billion active gamers in the world and an online gaming audience of over 1 billion, gaming is big news. And it’s not going anywhere soon. Rather, the industry is projected to grow steadily with a CAGR of 13.4%. This means it could land at a market value of $492.5 billion by 2030

Now that we’ve got your attention, we can delve deeper into which genres, platforms and titles are proving most profitable in the gaming sector.  

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Going Mobile

The sleeper hit has been mobile gaming. Most people dismissed it at first as inconvenient, pricey and low quality. However, it is now one of the fastest growing platforms with literally billions of people logging on to play every day.

Hit mobile titles like Genshin Impact, PUBG and Call of Duty Mobile have helped to garner interest, alongside less intimidating options like Pokémon GO, Among Us and Candy Crush Saga.

The appeal of mobile gaming lies in its accessibility. Smartphone ownership is on the rise across the globe, and mobile data coverage is improving by the day. Whilst not everybody can afford to own a gaming PC or games console, most people already have a smartphone.

There is also the fact that a phone comes with you when you leave the house, so you can play during your morning commute, whilst sat in a coffee shop, or even from the dentist’s waiting room.

Online Gaming

Although online gaming has technically been around since the 1980s, it didn’t really start to gain traction with a wider audience until the early 2000s. People began to fit internet connections in their homes, and therefore gaming titles started to incorporate the new technology.

One seminal sector which still proves popular today is that of iGaming, or online casino games and sportsbooks. Many established platforms have been around since the early days, innovating new ways to play and pushing the industry forward.

For example, the brand PokerStars has developed VR software which allows poker players to battle it out across a virtual table from one another, rather than just connecting on screen. This new version compof what remains a well-loved and historied game requires a novel approach to familiar strategies, including scanning your opponents for tells.

The sector’s willingness to embrace new technology and variants of traditional games means that something fresh is always happening for growing audiences to enjoy.

Getting Cosy

A new influx of players has meant that game development companies have needed to get creative with their latest offerings. Although FPS and MOBA titles still draw a healthy level of interest from gamers, recently, there has been more demand for so-called ‘cosy’ titles too.

Although there is no official definition for this genre, games such as Stardew Valley, Animal Crossing, Coffee Talk and Disney Dreamlight Valley have enjoyed immense cross-platform success.

Rather than a ticking timer, overwhelming numbers of antagonists, and dangerous quests to complete, games like these tend to focus on slowing down, making connections with fellow players, solving puzzles and decorating spaces.

By focusing on expanding the variety of games available, developers and production companies are drawing in more and more interested audiences, meaning that the sector is sustaining increased activity and soaring profits.