The gaming industry has surpassed many other industries. When we talk about entertaining people and revenue generation, it tops the chart. In these days and ages, it can be said that gaming is the backbone of the entertainment industry. Every passing day thousands of gamers are following the path in order to achieve success. Many experts believe that this is just the beginning of a revolution and that there is still more to come. Besides this, according to them, the size of this industry is bigger than the entire Hollywood. It is expected that the worldwide gaming market will soon rule the online market.
How Gaming is Different from Others?
There are several ways available to compare and analyze which entertainment industry is leading the charts. However, selecting which one to choose that can give us a clear idea about growth is quite improbable. For some, the right way to evaluate the growth can be to see top earners such as gamers. Though, for others it can be overall statistics that help to come to the conclusion. Some people also feel that the right criteria to check the growth of any sector is to look at the number of employment opportunities it generates. For others it can be seen from participation and engagement.
What Key Measures to Adopt to Evaluate Success?
Ideally, there should be limited methods to assess development, such as industry size, reach, engagement, and growth rate. Talking about the entertainment sector, the competition is quite stiff where television, books, newspapers, radio, esports, and so on. If we look at the current scenario, gaming is standing in the second position right next to the television, which is still considered more engaging. Though, gaming experts predict that this will change in the next few years as more and more people are participating in online games. As per them, advertising will play a key role in this because advertisement budgets will be moved more towards the internet.
What’s the Growth?
The gaming industry still has a lot to achieve in terms of revenue generation per player. Given that the number of people playing online games is increasing daily. It can be said that we can see the rise of this sector in the coming years. At present, around 57 percent of online gamers prefer to play puzzle games; this indicates that users are looking for a new platform to put their creative thinking skills into practice.
What’s the Current Scenario?
Gamers are showing keen interest in securing a career in this sector and are willing to go the extra mile to do so. As per current year 2022, USA is leading the global market with a revenue expected to be around $55 billion. The second in the list is China, which is the most populated country in the world with an estimated value of $44 billion.
The increasing demand for virtual reality games opens up new opportunities for gamers. Many players play games where they get some sort of adventure and excitement. This has enabled gaming developers to come up with creative UI/UX designs to meet their expectations.
Let’s talk about the Reach of the Gaming Industry…
Talking about the reach of the gaming industry, it is already bigger than many other entertainment platforms. In the last decade, it has been seen that people residing in Asian countries have shown enormous interest in gaming. There is a forecast that the plethora of gamers will increase over the next few years. Not just this, gaming experts are seeing the Asian market as one of the biggest prospects. Let’s keep our focus towards some numbers which define that gaming is the next big thing in the international market.
Some Key Numbers Related to Gaming Industry
- Around 54 percent of the global gamers are residing in the Asia-Pacific region and it is still considered to be the fastest growing market
- China is leading the chart with around 553 million people playing online games
- The United states of America, United Kingdom, Germany, Japan are among other countries
- India emerged as the top market for online gaming where it is estimated that around 4.2 million people are active gamers
- It is estimated that online games are the most popular ones among players, the number is projected to go up to $196 billion in 2022
- Around 77 percent of Millenials and 81 percent of Gen Z users play video games
- Approximately 3 million people play wordle, the most popular online word game
Some Key Numbers for Other Entertainment Industries
- As per Advertising & Media Outlook, there are approximately 5.36 billion television viewers across the world and are expected to reach somewhere around 5.68 billion by 2026
- Radio also recognized as a great source of entertainment has around 3 billion listeners across the world and are expected to reach around 3.8 billion in the next 4 to 5 years
- According to the Global News Agency, more than half the world’s adult population read a newspaper i.e. more than 2.5 billion in print and more than 600 million in digital form. It is also estimated that India will overtake China as the biggest world market for print edition readership in 2025
- Experts say that esports enthusiasts worldwide are expected to be over 318 million by 2025, a significant increase from the 215.2 million in 2020.
To conclude, we can say that gaming is already among the top entertainment industries. Besides this, it is also the fastest growing too. It will continue to grow in the coming years and will rule the global market for a long time. Moreover, it has multiple segments which makes it the first choice of users. It includes PC Games, Console Games, Mobile Streaming, Esports, Word Games and many others. New games and gamers will surely make it the next big thing.