Today, when we mention the entertainment industry, most people think about movies and music. While we witness glamour and glitz in movies and music industries, you would be surprised to know that this duo is not the top-grossing entertainment sector globally anymore.
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Growth of the Global Entertainment Industry
The video-gaming industry is way larger than both the movie and music industries combined, which makes it a major industry in the entertainment business. With 2.5 billion gamers worldwide, the global gaming business is expected to generate close to USD152.1 billion. The net revenues of the global box office and global music in 2018 stood at USD41.7 billion and USD19.1 billion.
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Avengers: Endgame – the top blockbuster movie to date – raked in more than USD858,373,000 in its opening weekend, starting April 16. It even surpassed Avengers: Infinity War, from last year, which generated USD678, 815,482 in its gross revenue.
However, irrespective of so much attention and hype these movies gained from the general public worldwide, they couldn’t outperform the release of Grand Theft Auto (GTA) V’s release in 2013, which earned USD1 billion worldwide in just about three days.
The Boost by Smartphones
We can classify today’s video game industry into three major categories, i.e. PC, Console Gaming, and Mobile Gaming.
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The Mobile Gaming segment, which includes handheld devices like smartphones and tablets, is the largest, as it accounts for USD68.5 billion of the total estimated revenue of 2019, up by 10.2% from that of 2018. Besides, the Console Gaming segment has an estimated revenue of USD47.9 billion, up 13.4% from the last year, and the PC Gaming segment has seen revenue of USD35.7 billion, up 4% from 2018.
The Mobile Gaming segment is expected to grow its market share to 59% of the global video game market by 2021 end. In contrast, Console and PC Gaming segments will have 22 percent and 19 percent of the market share, respectively.
The Emergence of e-sports
The term ‘e-sports’ stands for ‘electronic sports’, which refers to is a type of competition related to video games. It is more of a multiplayer tournament between different teams of professional gamers. Among some common gaming genres are multiplayer online battle arenas, battle royales, first-person shooters, online casinos, and real-time strategy games.
Some of the most prestigious e-sport games are Fortnite, PUBG Mobile, Counter-Strike: Global Offensive, Call of Duty Mobile, StarCraft II, League of Legends, blackjack online for money, and Overwatch. With the growing popularity being the center point, the segment of e-sports has transformed casual gaming into professional gaming that requires competitive skills, strategy, and amazing team play.
Looking at The Future
Gaming is not just a hobby anymore; it’s a full-fledged industry that has wide room for growth. The rising technology is set to bring the industry to other realms like cloud gaming, virtual reality (VR) gaming, and augmented reality (AR) gaming.