{"id":1869,"date":"2020-07-22T22:57:39","date_gmt":"2020-07-22T16:57:39","guid":{"rendered":"http:\/\/www.riseuplabs.com\/blog\/?p=1869"},"modified":"2024-08-25T16:18:24","modified_gmt":"2024-08-25T10:18:24","slug":"covid-19-video-game-industry","status":"publish","type":"post","link":"https:\/\/riseuplabs.com\/blog\/covid-19-video-game-industry\/","title":{"rendered":"Video Game Industry and COVID 19- Blessing in disguise"},"content":{"rendered":"\n\n\n\n<hr class=\"wp-block-separator\"\/>\n\n\n\n<p class=\"yoast-reading-time__wrapper\"><span class=\"yoast-reading-time__icon\"><\/span><span class=\"yoast-reading-time__descriptive-text\">Estimated reading time:  <\/span><span class=\"yoast-reading-time__reading-time\">4<\/span><span class=\"yoast-reading-time__time-unit\"> minutes<\/span><\/p>\n\n\n\n<div class=\"wp-block-rank-math-toc-block\"><h2>Table of contents<\/h2><nav><ul><li><a href=\"#h-why-it-s-simple-video-game\" >Why? It\u2019s simple- Video Game<\/a><\/li><li><a href=\"#h-the-business-model-of-video-game\" >The business model of video game<\/a><\/li><li><a href=\"#h-the-future\" >The Future<\/a><\/li><\/nav><\/ul><\/div>\n\n\n\n<p>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 <a href=\"https:\/\/www.riseuplabs.com\/blog\/multimedia-content\/\">multimedia content development<\/a>. Everything has a story. The coin has two sides. Improvement is the key.<\/p>\n\n\n\n<p><em><strong>Related Links \u21b4<\/strong><\/em><\/p>\n\n\n\n<ul class=\"wp-block-yoast-seo-related-links\"><li><a href=\"https:\/\/www.riseuplabs.com\/blog\/breakthrough-in-edutainment\/\">The Rise of Gamification: A Breakthrough in Edutainment<\/a><\/li><li><a href=\"https:\/\/www.riseuplabs.com\/blog\/gaming-industry-hollywood\/\">This is how the gaming industry is bigger than Hollywood<\/a><\/li><li><a href=\"https:\/\/www.riseuplabs.com\/blog\/multimedia-content\/\">That&#8217;s how Multimedia Content and Business is Connected Now<\/a><\/li><li><a href=\"https:\/\/www.riseuplabs.com\/blog\/mobile-application\/\">Mobile Application Development- This is why developing an app for your business is important<\/a><\/li><li><a href=\"https:\/\/www.riseuplabs.com\/blog\/online-gaming-in-pandemic\/\">Online Gaming: The complete scenario in this pandemic<\/a><\/li><li><a href=\"https:\/\/www.riseuplabs.com\/blog\/virtual-reality-in-education\/\">Virtual Reality in Education \u2013 The future of learning and teaching<\/a><\/li><\/ul>\n\n\n\n<hr class=\"wp-block-separator\"\/>\n\n\n<div class=\"emaillist\" id=\"es_form_f1-n1\"><form action=\"\/blog\/wp-json\/wp\/v2\/posts\/1869#es_form_f1-n1\" method=\"post\" class=\"es_subscription_form es_shortcode_form  es_ajax_subscription_form\" id=\"es_subscription_form_69da8d0b4697d\" data-source=\"ig-es\" data-form-id=\"1\"><div class=\"es-field-wrap\"><label>Subscribe to our blog &amp; stay up to date with latest tips, news or articles*<br \/><input class=\"es_required_field es_txt_email ig_es_form_field_email\" type=\"email\" name=\"esfpx_email\" value=\"\" placeholder=\"Email Address\" required=\"required\" \/><\/label><\/div><input type=\"hidden\" name=\"esfpx_lists[]\" value=\"54024bf39d0e\" \/><input type=\"hidden\" name=\"esfpx_form_id\" value=\"1\" \/><input type=\"hidden\" name=\"es\" value=\"subscribe\" \/>\n\t\t\t<input type=\"hidden\" name=\"esfpx_es_form_identifier\" value=\"f1-n1\" \/>\n\t\t\t<input type=\"hidden\" name=\"esfpx_es_email_page\" value=\"1869\" \/>\n\t\t\t<input type=\"hidden\" name=\"esfpx_es_email_page_url\" value=\"https:\/\/riseuplabs.com\/blog\/covid-19-video-game-industry\/\" \/>\n\t\t\t<input type=\"hidden\" name=\"esfpx_status\" value=\"Unconfirmed\" \/>\n\t\t\t<input type=\"hidden\" name=\"esfpx_es-subscribe\" id=\"es-subscribe-69da8d0b4697d\" value=\"07919f7139\" \/>\n\t\t\t<label style=\"position:absolute;top:-99999px;left:-99999px;z-index:-99;\" aria-hidden=\"true\"><span hidden>Please leave this field empty.<\/span><input type=\"email\" name=\"esfpx_es_hp_email\" class=\"es_required_field\" tabindex=\"-1\" autocomplete=\"-1\" value=\"\" \/><\/label><input type=\"submit\" name=\"submit\" class=\"es_subscription_form_submit es_submit_button es_textbox_button\" id=\"es_subscription_form_submit_69da8d0b4697d\" value=\"Subscribe\" \/><span class=\"es_spinner_image\" id=\"spinner-image\"><img decoding=\"async\" src=\"https:\/\/riseuplabs.com\/blog\/wp-content\/plugins\/email-subscribers\/lite\/public\/images\/spinner.gif\" alt=\"Loading\" \/><\/span><\/form><span class=\"es_subscription_message \" id=\"es_subscription_message_69da8d0b4697d\" role=\"alert\" aria-live=\"assertive\"><\/span><\/div>\n\n\n\n<hr class=\"wp-block-separator\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-why-it-s-simple-video-game\">Why? It\u2019s simple- Video Game<\/h2>\n\n\n\n<p>With lockdown, millions of people are at home with very little to do. <a href=\"https:\/\/www.riseuplabs.com\/blog\/heres-why-parents-approve-a-video-game-for-their-children-meena-blessing-in-disguise-for-kids\/\">Video games offer<\/a> that quick escape from reality.It is a joy unlike any other form of media.&nbsp;<\/p>\n\n\n\n<p>However, recent Newzoo report states that around USD 159.3 billion is about to spent on games this year. <\/p>\n\n\n\n<p>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. <\/p>\n\n\n\n<p>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. <\/p>\n\n\n\n<p>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. <\/p>\n\n\n\n<p>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. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-the-business-model-of-video-game\">The business model of video game<\/h2>\n\n\n\n<p>Customer&#8217;s choice and spending powers the entire industry. However, the business model has changed recently. <\/p>\n\n\n\n<p>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. <\/p>\n\n\n\n<p>As a result, the video game industry is focusing on increasing engagement per user. Also, productions are adding money winning <a href=\"https:\/\/www.businessinsider.com\/video-game-industry-120-billion-future-innovation-2019-9\" target=\"_blank\" rel=\"noreferrer noopener\">opportunities<\/a> inside a game.&nbsp;<\/p>\n\n\n\n<p>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. <\/p>\n\n\n\n<p>The business models for e-sports closely looks like that of professional sports. Most of the revenues come from advertising and broadcasting. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-the-future\">The Future<\/h2>\n\n\n\n<p>Looking towards the future, cloud <a href=\"https:\/\/www.riseuplabs.com\/blog\/breakthrough-in-edutainment\/\">gaming technology<\/a> 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.<\/p>\n\n\n\n<p>That brings us towards mobile gaming. <a href=\"https:\/\/www.riseuplabs.com\/blog\/online-gaming-in-pandemic\/\">Online games<\/a> are also a part. This makes up around 48% of the industry\u2019s revenue. This is a blessing for game developers. <\/p>\n\n\n\n<p>Mobile games are less expensive to make. But, at the same time it brings in healthy revenues. There\u2019s also a low barrier of entry for customers as well. There is no need to invest in equipment like a gaming console.<\/p>\n\n\n\n<p>Mobile video games have a <a href=\"https:\/\/www.riseuplabs.com\/blog\/meena-game-video-game\/\">large fan following<\/a>. According to Newzoo reports, mobile gaming market will <a href=\"https:\/\/www.riseuplabs.com\/blog\/gaming-industry-hollywood\/\">surely generate revenues this year<\/a>. It is about USD 77 billion in 2020. So, it\u2019s high time companies should get serious in making games for themselves. <\/p>\n\n\n\n<p>And it doesn\u2019t have to be a qualified complex video game. There are many games with simple <a href=\"https:\/\/riseuplabs.com\/application-development\/\">development<\/a>. Such examples are Ludo Star and Candy Crush. A company can make games to use it as an ad platform as well.\u00a0<\/p>\n\n\n\n<p>This is where <a rel=\"noreferrer noopener\" href=\"https:\/\/www.riseuplabs.com\/\" target=\"_blank\">Riseup Labs<\/a>, a <a href=\"https:\/\/riseuplabs.com\/game-development\/\">leading game development company in Bangladesh<\/a> 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.<\/p>\n\n\n\n<p><a href=\"https:\/\/riseuplabs.com\/video-game-development\">Video games<\/a> 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. <\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Despite the economic crisis worldwide, the video game industry is developing. Even in tough times like this. The industry as&hellip;<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":18,"featured_media":3112,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","footnotes":""},"categories":[1464],"tags":[365,367,366],"class_list":["post-1869","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-game","tag-blessing","tag-blessing-in-disguise","tag-video-game"],"post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/riseuplabs.com\/blog\/wp-json\/wp\/v2\/posts\/1869"}],"collection":[{"href":"https:\/\/riseuplabs.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riseuplabs.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riseuplabs.com\/blog\/wp-json\/wp\/v2\/users\/18"}],"replies":[{"embeddable":true,"href":"https:\/\/riseuplabs.com\/blog\/wp-json\/wp\/v2\/comments?post=1869"}],"version-history":[{"count":22,"href":"https:\/\/riseuplabs.com\/blog\/wp-json\/wp\/v2\/posts\/1869\/revisions"}],"predecessor-version":[{"id":7047,"href":"https:\/\/riseuplabs.com\/blog\/wp-json\/wp\/v2\/posts\/1869\/revisions\/7047"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riseuplabs.com\/blog\/wp-json\/wp\/v2\/media\/3112"}],"wp:attachment":[{"href":"https:\/\/riseuplabs.com\/blog\/wp-json\/wp\/v2\/media?parent=1869"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riseuplabs.com\/blog\/wp-json\/wp\/v2\/categories?post=1869"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riseuplabs.com\/blog\/wp-json\/wp\/v2\/tags?post=1869"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}