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Despite the economic crisis worldwide, the video game industry is developing. Even in tough times like this. The industry as a whole is seeing impressive improvement in case of both revenue and attention, just like multimedia content development. Everything has a story. The coin has two sides. Improvement is the key.
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Why? It’s simple- Video Game
With lockdown, millions of people are at home with very little to do. Video games offer that quick escape from reality.It is a joy unlike any other form of media.
However, recent Newzoo report states that around USD 159.3 billion is about to spent on games this year.
In other words, this is four times box office revenues and almost three times music industry revenues. This puts the growth rate at an amazing 9.3% from last year.
However, Asia-Pacific is the biggest market by revenue. It has an impressive 50% of the games. Smartphones are easily available in developing countries now.
High-speed internet is increasing. With that, video games are no longer just a target towards developed markets. Additionally, most video game productions happen in developing markets.
Developing software is more accessible. As a result, local talent gets a chance to perform. This helps a person to set his career, as a video game developer.
The business model of video game
Customer’s choice and spending powers the entire industry. However, the business model has changed recently.
Previously, a customer would buy multiple games. But, recent trends show that today, they buy one or two games. They tend to spend more time and money in some particular games.
As a result, the video game industry is focusing on increasing engagement per user. Also, productions are adding money winning opportunities inside a game.
E-sports is another part of the video game industry. It is having a lot of possibilities. The revenues exceed USD 1 billion. China is the leading market for it.
The business models for e-sports closely looks like that of professional sports. Most of the revenues come from advertising and broadcasting.
The Future
Looking towards the future, cloud gaming technology seems to be the direction. Everyone is going towards it. With high-speed internet, this technology will ensure big game titles. They will be available in all platforms, even low powered mobile phones.
That brings us towards mobile gaming. Online games are also a part. This makes up around 48% of the industry’s revenue. This is a blessing for game developers.
Mobile games are less expensive to make. But, at the same time it brings in healthy revenues. There’s also a low barrier of entry for customers as well. There is no need to invest in equipment like a gaming console.
Mobile video games have a large fan following. According to Newzoo reports, mobile gaming market will surely generate revenues this year. It is about USD 77 billion in 2020. So, it’s high time companies should get serious in making games for themselves.
And it doesn’t have to be a qualified complex video game. There are many games with simple development. Such examples are Ludo Star and Candy Crush. A company can make games to use it as an ad platform as well.
This is where Riseup Labs, a leading game development company in Bangladesh comes in. They provide all sorts of gamification solution services a client might need. At times like these, the video game industry is achieving record-breaking sales.On the other hard, the rest of the economy just has no guarantee. Thus, many companies should think of creating a video game of their own.
Video games are not going to get old. However, in the future, it is going to change. As a result, this will keep generating revenues. So, the smart move is to go with the flow.
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