Video games are one of the most popular forms of entertainment in the world. Some people even believe they have the power to change people’s lives. This popularity has led to an increasingly complex video game industry, where developers must constantly develop and update their products in order to keep up with consumer demand. To understand how this industry works and make informed decisions when investing in it, it’s important to know the numbers. In this blog post, we’ll explore the basics of the video game industry and how it’s changing. We’ll also provide some tips for those who want to become involved in this exciting field.
The History of the Video Game Industry
Video game sales are an important part of the global economy, and they continue to grow. In fact, the video game industry generated $47.6 billion in revenue in 2018, which is up from $43.8 billion in 2017. According to The NPD Group, a market research company, video game retail sales have increased for 11 consecutive years.
The early days of the video game industry were dominated by arcade games. Home consoles didn’t become popular until the late 1970s and early 1980s, when companies like Atari and Magnavox released their products. Early home console games were designed for single players only and lacked features that would make them more appealing to players who were also wanting to watch TV or use other electronic devices at the same time.
As home console games began to include features that could be used simultaneously with other activities, the market for these games grew rapidly. This was especially true in North America where console gaming became a major pastime among young people. By 1990, there were more than 100 million home console gamers in North America alone!
The next big milestone for video games came with the release of Nintendo’s Wii console in 2006. With its innovative controller system and strong line-up of games, Wii helped revive interest in video gaming among traditional adult gamers as well as introduce new generations of gamers to the world of interactive entertainment. The success of Wii led to the release of other platforms such as PlayStation 3 and Xbox 360, which allowed developers to
The Current State of the Video Game Industry
The video game industry is a massive one and it’s growing by the day. According to The NPD Group, global video game hardware sales reached $19.4 billion in 2017, an increase of 8% over 2016. And that doesn’t include software sales which reached $31.5 billion last year.
So what does all this mean for gamers? It means more options, more games, and – most importantly – better games. In fact, 2017 saw the launch of some of the best games ever made including Forza Horizon 4, Mario Kart 8 Deluxe, Monster Hunter World, Uncharted 4: A Thief’s End, Fallout 4 and Dark Souls III.
But while 2017 was a great year for gamers globally, there are still some challenges facing the industry. For example, cancer research charity Child’s Play has criticized Sony for its decision to stop donating PlayStation systems to the charity after PS4 Pro was announced. And while Nintendo has always been supportive of Child’s Play (it even organized a Light up Night event in support of the charity), many fans were angry at Sony for pulling its support without warning or any explanation.
Despite these challenges though, overall things look pretty good for gamers right now and we can only wait to see what 2018 has in store!
The Economics of the Video Game Industry
The video game industry is a $94 billion global industry (Gartner, 2016) that employs more than 1.3 million people in the United States (US Bureau of Labor Statistics, 2017). The size and growth of the video game industry has led to a number of important economic questions. In this article, we will explore some of these questions and provide answers that help to better understand how the video game industry works.
How big is the video game industry?
The video game industry is a $94 billion global industry (Gartner, 2016). This represents a growth of 10% over 2015 and 46% over 2010. The US Bureau of Labor Statistics (2017) estimates that there are 1,329,000 employed in the US in the video game industry as of May 2017. This represents an increase from 912,000 in May 2016. As you can see, while there may be regional differences in employment levels within the US video game industry, it is an overall very large and growing sector.
How much does the average person spend on video games?
In 2016 across all platforms combined consumers spent an estimated $30.4 billion on gaming content (NPD Group/Retail Tracking Service [RTS], 2017). This spending represented a growth rate of 12% from 2015 when consumers spent $27.1 billion on gaming content. Across all platform types this amounted to an estimated 73% share of total retail sales for 2016. These numbers indicate
The Future of the Video Game Industry
The future of the video game industry is looking bright. According to a report from market research firm Newzoo, the global video game industry will be worth $133.8 billion by 2021. This represents a growth of 13% over the 2016 figure.
There are a number of reasons for this growth. First, there is increasing consumer demand for gaming content, with more people looking to spend time playing games rather than watching them. Second, mobile gaming is continuing to grow, with spending on apps and in-game purchases projected to reach $100 billion by 2021. And finally, the installed base of consoles is steadily growing, with new users attracted by exclusive titles and large multiplayer communities.
All of this means that the video game industry has plenty of potential to continue growing at an impressive rate. There are also a number of innovative new titles in development that could help cement its position as one of the most popular forms of entertainment on earth. So whether you’re a gamer yourself or just love reading about it, don’t be surprised if the video game industry continues to thrive for years to come!
Conclusion
The video game industry is a billion-dollar business, and it’s only going to continue growing. And with that growth comes more and more pressure on developers to produce high-quality products that appeal to a wide range of gamers. To stay afloat in this competitive environment, many development studios turn to big data analytics tools to help them optimize their gameplay mechanics, design better user interfaces, and create more engaging content. In this article, I’ll take a look at some of the most popular big data analytics tools used by the video game industry and explain what they can do for your own development projects. So if you’re looking for ways to improve the quality of your games or track player engagement levels, be sure to check out these tools!
