Video Game Industry
Did you know that the video game industry generates more than the film industry? Video games are no longer just a hobby, and labeling them as a niche market could be an understatement. The truth is that the video game industry is booming with a wide margin for growth. As technology facilitates innovation, the launch of more gaming offerings continues, leading us to imagine a very bright future for the leading entertainment industry. Yes! The video game industry could be classified as the main and most successful industry in entertainment. When someone mentions the entertainment industry, most people think of movies and music.
Naturally, there is a lot of sparkle and glamor in the film and music industries, and iconic personalities carry the weight of fame and shape a social image that audiences easily connect with. But when we approach the issue of revenue collection, there is no glamor that compares to the figures generated by video games. So much so, that even both industries combined, film and music, could not equal even half of the income that the video game industry generates annually. According to the latest figures, the video game business is now larger than the film and music industries combined, making it the most important legitimate entertainment industry today.
To share a general idea, the global video game market will generate an average of over 152 billion dollars, this year only, with over 3 billion players worldwide. In comparison, the film industry generates around 40 billion dollars globally on tickets, while worldwide music revenues only reach close to 20 billion approximately, worldwide. The truth is that although the films receive a lot of attention and enthusiasm from the general public, they do not manage to overcome the highest grossing entertainment release in history, obtained by the launch of Grand Theft Auto V in 2013, which generated a billion dollars in just three days. One of the most outstanding characteristics of the video game industry is the versatility of options that are presented to the customer, to consume a single product.
Video games can be classified, today, in three main categories: Computers or PCs, mobile devices and the famous console games. With advances in telephone technology and the social integration of these devices, becoming an indispensable item for citizens, it was not surprising that mobile games, including smartphone and tablet games, occupy the largest market in the world, representing approximately $ 70 billion of the industry’s total revenue. Console games are estimated to generate revenue of over $ 50 billion or so, while PC games would generate over $ 36 billion or so.