Covid-19 And The Gaming Industry
The pandemic has caused multiple industries to hit rock bottom but the gaming industry has been more resilient. The pandemic has caused the video game industry to skyrocket! While the world was under lockdown, many resorted to gaming to keep themselves entertained.
– In April 2020, Microsoft disclosed that the number of subscribers to its Game Pass service cracked 10 million. Among those subscribers, Microsoft reported a 130% increase in multiplayer engagement.
– Nintendo announced sales of its Switch console were up 24 percent annually.
– When “VALORANT” by Riot Games entered beta in early April of 2020, it hit a viewership of 1.7 million on the first day.
– Both Doom Eternal and Animal Crossing: New Horizons, major AAA titles released in March 2020, exceeded industry expectations.
– The global video game market was valued at USD 151.06 billion in 2019 and is expected to grow at a Compound Annual Growth Rate of 12.9% from 2020 to 2027.
Gaming startups that struggled to make a profit in 2019 are now doing much better due to the increased funding. The demand for gaming is at an all-time high and experts believe that the industry will continue to grow at this rate even after the pandemic. Despite the economic challenges, the pandemic has caused a surge of interest in gaming jobs.
Ultimately we see that the Gaming Industry is at a record-high and will most likely remain there for a long time, there is enormous potential and things are going to get much better for you digital athletes!
Image – @jeshoots