Everyone in lockdown has been struck with the realisation that there is not much to do whilst staying home. It seems that people have seen isolation as an opportunity to recognise how they can utilise all their spare time to pursue the creative arts. Perhaps one of the most engaging and entertaining options out there is gaming. From puzzles, to board games, to playing Fortnite – gaming has provided many with a new appreciation for the industry, and, more widely, the arts industry too.
When casting a lens into the video game industry, you soon realise the sector is incredibly large and constantly growing. However, hand in hand with this great growth comes an added element of complexity; the rise in growth highlights the importance of the industry. Nowadays, games can cost millions of pounds to develop and produce.
Over recent years, the development of video games has pushed the gaming industry so far that it now closely resembles the movie industry. When analysing the marketing, development and production expenditures, this connection is more obvious. Many within the gaming industry itself know that it is larger than the music industry and the film industry combined. In fact, the gaming industry is constantly growing larger, but it hardly ever receives the same recognition that many other industries do.
In fact, studies have analysed the current growth of the gaming industry and estimate that by 2022, revenue will lie at $196 billion. Technology giants such as Google, Facebook, Microsoft and Apple have all entered the gaming industry, hoping to share its success and profits.
Major predictions show the gaming industry will have to evolve so that video game players can stream videos without needing to purchase a console, particularly now that mobile phones are becoming the centre of almost every industry within the arts. This prediction is supported through the decline in popularity for physical disks for games, much the same as the decline in videos and DVDs for the film industry, and a rise in platforms such as ‘Steam’.
Much like Netflix for the television and film industry, streaming services appear to be the future of the gaming industry. As a result of subscribing to a service to stream the games you wish to play, this means that revenue for game developers and producers will remain steady as access to games is made easier. Profit margins will also increase as the manufacturing and shipping cost of games will heavily reduce as a result of the subscription streaming services adopted by the gaming industry.
It is clear the future of gaming will be bright, particularly now that lockdown has enabled us to realise how games are a key pastime. Hopefully, this surge in popularity will accelerate the development of the industry itself and give the gaming industry the recognition it deserves.