As of 2020, the video games market is now worth over $163.1 billion worldwide, up from $152 billion last year, with scope to change significantly with the imminent release of the PlayStation 5 and Xbox Series X consoles, according to a new study from recruitment brand TechNET.
Furthermore, the company indicated that the video game sector now accounts for more than half of the entertainment market, which is more than video and music combined. There are currently 2.5 billion gamers worldwide, with China having the most at 500 million, followed by the United States, which has 167 million. Europe accounts for 243 million, while the UK has 32 million gamers.
“At this stage, it’s difficult to know how much of an impact Covid-19 has had on the entertainment industry. But one thing is clear – with cinemas, theatres, concerts and sports events closed around the world, it seems that for many people, gaming has become their primary form of entertainment. The industry has thrived in the pandemic, and salaries on the whole have increased worldwide. But it is not just the captive audience which has helped video games to thrive. The escapist element of games, in what has been for many, an extremely difficult year, cannot be overstated either, and neither can the social aspect. In the months we couldn’t see friends and family, video games became an effective and fun means of socializing,” said Curtis Bailey, Business Development Director at TechNET.
“The rise of mobile gaming too – now seeing more developer work than the big consoles – has only helped broaden the industry’s appeal. Gaming has become something that is accessible to everyone. With some new console launches this Christmas, we only expect the gaming industry to grow,” Bailey added.
The escapist element of games, in what has been for many, an extremely difficult year, cannot be overstated either, and neither can the social aspect” Curtis Bailey Business Development Director at TechNET