Video game industry revenue is expected to decline over the next few years as consumers are slowly moving away from video games and are purchasing smartphones instead. This is because mobile apps are more convenient than game consoles, and playing games on your smartphone is easier. However, there will be growth in the gaming market once virtual reality devices become popular.
Video games have become so big in the past ten years that the industry has become one of the biggest in the world. So, where will it be in another decade?
The video game industry is the biggest entertainment sector in the world right now. It was once thought to die out, but today, the industry is thriving and growing.
So, where will it be in another decade? That is what I am going to explore in this article.
I will discuss the top markets, the new trends, and some of the biggest opportunities in the future.
It has exploded in size and revenue. This video looks at some of the industry’s current trends, including future projections. We talk about the rise of mobile gaming and the possibility of augmented reality (AR) becoming the next big thing.
How The Video Game Industry Has Evolved
The video game industry has evolved from a simple hobby into a multi-billion dollar business. In fact, in 2017, the sector grew by 17 percent, bringing in $91.5 billion.
In 2007, the total number of gamers was roughly 50 million. By 2017, that number jumped to nearly 100 million.
With such growth, it’s no wonder why the industry is still in high demand. In 2017, the market was valued at $90 billion.
Here are just a few examples of how the video game industry has changed:
* Game consoles such as the Nintendo Switch and the Xbox One X have been released to the public, offering high-definition graphics and more advanced technology.
* Virtual reality is being integrated more and more into the gaming world.
* Online multiplayer games are becoming more and more popular.
* Online tournaments are becoming more and more popular.
* eSports are becoming more and more popular.
While these innovations have only been around for a few years, they are changing how we play video games. And in the future, they will continue to change and evolve.
The Video Game Industry Revenue Forecast
The video game industry is the biggest entertainment sector in the world right now. It was once thought to die out, but today, the industry is thriving and growing.
With the global economy and population increasing, the video game industry is expected to grow exponentially.
According to research from Statista, the global revenue from the video game industry is expected to hit $135.9 billion by 2021. That’s a massive growth of 9.4 percent from 2015, likely to increase at an annual rate of 4.3 percent over the next five years.
If the trend continues, global revenue will reach $150.2 billion by 2026.
This is why it is important to consider the future of the industry. How will it continue to grow?
The video game industry will be worth over $150 billion by 2026. That’s a massive growth of 9.4 percent from 2015, and it is expected to increase at an annual rate of 4.3 percent over the next five years.
If the trend continues, global revenue will reach $150.2 billion by 2026.
A Brief History of the Video Game Industry
Video games have been around since the 1950s, but it wasn’t until the 1980s that the industry started to take off. This was when Atari and Nintendo became the big players and video games became mainstream hits.
It’s hard to believe that video games are a huge industry with billions of dollars worth of revenue today, but that is exactly what’s happened.
Over the years, the industry has gone from simple arcade games to a massive industry with a lot of money to be made.
Today, the industry is one of the biggest industries in the world. According to Statista, the global video game market size is estimated at $142 billion.
With a market of this size, you can see why the industry is growing. However, you can also see that this growth is not guaranteed.
The Evolution of Gaming Technology
Video games have been around since the late 1970s when Atari released Pong. Since then, the industry has grown tremendously.
The first video game console, the Pong, was released in 1972. It only had 8 pixels on a screen, but it took off and soon sold over 40 million units.
In 1977, Nintendo launched the NES. This was the first system to feature 32 pixels on a screen. The NES is the system that started the gaming revolution. It made video games accessible to the masses.
Since the NES, technology has continued to improve. In 1990, Nintendo released the Super NES. This was the first system to feature over 64 pixels on a screen.
In the early 2000s, Nintendo and Sony introduced the PlayStation 2. This was the first system to feature the DVD.
Later, Microsoft released the Xbox. This was the first console to feature a multi-purpose controller.
Then, Sony created the PlayStation 3 and the Xbox 360. These systems are still being released.
Now, we have the Xbox One and the PlayStation 4. They’re the best consoles on the market, but they’re still imperfect.
As you can see, the evolution of gaming technology has been constant and rapid.
Frequently asked questions about Video Games
Q: Are video game revenue projections for 2013 realistic?
A: The video game industry has grown tremendously over the past ten years. It has become the biggest entertainment industry in the world, and the revenues are growing. We will continue to see more growth, but the numbers are pretty large.
Q: Do you think video game publishers are taking advantage of our children’s intelligence with violence in their games?
A: Video games are not always violent. My daughter plays Halo, which is very action-based but doesn’t show blood or graphic violence. We play video games together as a family but don’t play violent ones.
Q: How do you feel about violence in video games?
A: There is a lot of violence in movies, TV shows, and music. I am not saying all these things should be banned, but they shouldn’t be taken away from children.
Top Myths about Video Games
- The video game industry is not profitable
- The video game industry is declining
- Video games are a waste of time and money
- No one buys video games anymore
Conclusion
The video game industry has become a 100 billion-dollar industry. The gaming market is expected to grow to $178 billion by 2020.
That’s a massive amount of money being invested into gaming, so it’s not surprising that this industry is growing. But where will it go from here?
This video was created after researching the current trends within the gaming industry.
So how does the future look for this industry? So many factors can affect the gaming industry and its revenue.
But one thing is certain: this is an incredibly exciting time to be involved with gaming.