Games now do more than film and sports combined

While the COVID-19 pandemic has led to many challenges in the gaming industry, it has not seen the industry in general be hit financially. Because gaming is a home activity, the hobby has seen a huge increase in both consumption and playing time. As a result of security regulations and quarantine restrictions, the gaming industry now makes more money than the film and sports industry combined.

According to data from International Data Corporation (per MarketWatch), global gaming revenue is expected to be around $ 197.7 billion by the end of the year. That’s about 20% higher than last year, and the significant increase could contribute to the pandemic, the continued success of the Nintendo Switch and the console launch for PlayStation 5 and Xbox Series S and X. In 2019, the film and sports industries brought in a total of $ 175 billion. , and both are significantly down this year.

While console sales are rising, the biggest boost in revenue comes from games from mobile games. Smartphone titles have seen an overall revenue increase of almost 25% and are now up to an expected $ 87.7 billion. A large portion of this revenue comes from Asia-Pacific, amounting to $ 56.6 billion.

This data supports a report from the NPD Group last month, which says that gaming expenses in the US have increased 22% to $ 44.5 billion. During the first 11 months of 2020. Gaming hardware accounts for approx. 4 billion $ Of this amount, while over $ 38 $ billion comes from software. The most significant increase is the number of consumers playing games, as it has risen to 79% of the United States.

December looks set to be another strong month for the gaming industry as Xbox Series X and PS5 refills continue to occur and games are given as gifts over the holidays.