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February 16, 2021 at 4:29 am #1204044086
According to IDC, global video game revenues will grow 20% to $179.7 billion by 2020, making video game production more profitable than the global movie industry and the entire North American sports industry combined. According to the Motion Picture Association, film industry revenues in 2019 hit the $100bn mark for the first time and PwC estimates that North American sports will bring in more than $75bn in 2020.
However, both of these industries have suffered markedly from the effects of the COVID-19 pandemic in 2020, while the video game industry, by contrast, is showing double-digit growth in percentage terms. Experts predict that rapid growth will continue in 2021, thanks to the recent launch of a new generation of Sony and Microsoft gaming consoles and new games – even when quarantine measures are lifted.
“I think growth will slow down once effective, cheap, globally available vaccines become available, but I’m fairly confident that by the end of 2021 billions of people will still need vaccines,” Lewis Ward, IDC’s director of gaming research, told MarketWatch. – So, I think the slowdown is going to happen in 2022.”
The video game industry has boomed in recent years because of the variety of platforms and methods of play. Sales are growing in all sectors: digital sales of major titles, mobile games, conditional free-to-play projects with micropayments, cross-platform games, streaming services like Google Stadia, subscriptions like Microsoft Game Pass, Steam analog shops, VR, and so on.
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