When most people think of the entertainment industry, they usually imagine films, music and theatre. However, there is one area of the entertainment world that many people forget but which is worth millions of dollars.
The sector which can be overlooked when the word "entertainment" is mentioned is gaming. In fact, the top gaming titles are higher grossing than some of the big film releases that make headlines.
Video gaming tops the entertainment market
If you look at research pieces like the one written by Betway, and the statistics, It's hardly surprising that the gaming industry is so powerful. It's estimated that there are around 2.4 billion gamers on the planet. Developers and publishers like Epic Games and Konami have benefited from the vast market with titles like Fortnite and the Silent Hill series.
You only need to look at its revenue to see how big the gaming industry is. In 2018, it generated around $135 billion globally. This figure is expected to rise to $180.1 billion by 2021. Compare this to movie box office revenue of $41.7 billion, in 2018. The fact is that around 80% of films produced actually lose money.
Even the top grossing films in history do not necessarily outdo video games. For instance, Avengers: Endgame took over US$858,373,000 during its opening weekend. Whereas, Grand Theft Auto V took around US$1 billion in the three days following its release. So, why is video gaming so popular and lucrative?
Reasons behind the rise of video gaming
Advances in technology mean that game developers are able to continue producing fresh and engaging content on a continuous basis. However, this is not the only reason for the growth of the gaming industry. Smartphones and e-sports have had a major impact.
For instance, mobile gaming accounts for around 60% of the total global gaming revenue. As the appetite for smartphones continues to grow, this percentage is only likely to increase.
When it comes to e-sports; the biggest tournaments attract masses of attention, from competitors and fans alike. Competitions involving games like Fortnite, Dota 2, League of Legends and Overwatch have transformed the world of gaming. It has changed from what was considered a pastime to a potentially lucrative activity that involves skill and strategy. The very best professional gamers can earn millions of dollars.
The future for gaming
Gaming has most definitely transformed into mainstream entertainment to be reckoned with. Its huge fan base and continuing evolution mean that it will continue to be a booming sector of the entertainment industry. This means that its takeover looks set to continue into the future, especially when it comes to mobile gaming and the development and growth of the e-sports industry. Of course, there will always be a place for old school entertainment like films and music but gaming is very much here to stay and is set to become more dominant.