When someone talks about the entertainment industry, most of us think about music and cinema. Our very first associations to entertainment shows would be the Oscars, Grammys, talent shows, BRIT Awards, Music Awards and so on. The glamour in the film and music industry is undeniable. But would you be surprised to know that these are not the top-grossing entertainment sectors?
To be clearer, these two put together do not even match the revenue that the gaming industry is earning. According to the latest figures, the video game business is larger than both the movie and music industry combines, making it an entertainment industry leader.
This year, the global gaming market is expected to generate more than $150 billion from more than 2.5 billion gamers worldwide. To compare the numbers, the global box office industry was worth $42.2 billion, while global music reached around $20 billion in revenue.
From blockbusters to classic TV series and music idols – they all have been gamified into popular online and console game characters. The casino gaming industry has embraced this potential and opportunity, offering various themes and types of the popular and traditional slots games.
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The creation of these games is seen as a profitable plan for franchise owners to increase their revenue. However, these games are often thoroughly enjoyed by fans who get the chance to interact with characters and immerse in the themes of their favourite entertainment shows.
TV, film and gaming industries have been working closely for decades to deliver great entertainment and layered experience to the audience. Let’s take a look at how PC, mobile and console gaming as the main operational platforms of this industry evolved through the years and generated the revenue and attention that has today.
The smartphone revolution
Mobile gaming which involves smartphone and tablet gaming stands as the largest segment in this industry accounting for $69 billion of the total estimated revenue growing with 10% from 2018. This niche is expected to take up to 60% of the global gaming market by 2021, while console and PC gaming will go with 22% and 19% respectively.
Console gaming, on the other hand, is expected to generate $48 billion in revenue or growth with a 13% growth rate from last year. PC gaming is seen earning around $35.7 billion or growth of 4% compared to last year.
Clearly, mobile games have gone a long way since the very beginnings in the 90s when the famous “Snake” was pre-installed in over 400 million Nokia phones.
Although mobile gaming was interrupted in the growth process when the trend switched back to consoles, known as the “console wars” period, the development of the smartphone, coupled with advancements in the internet, connectivity and applications, has paved the way for more exciting experiences with RPG ( role-playing game) and MMORPG ( multiplayer online role-playing game), becoming accessible to mobile phones.
What is e-sports?
E-sports stands for electronic sports which is a type of competition that involves the use of video games. A typical e-sports tournament takes the form of multiplayer video game competitions between professional gamers and their teams. Most common genres played today are online battle arenas and real-time strategy games. The most prestigious e-sport competitions today are Dota 2, League of Legends and Fortnite. With its growing popularity over the years, e-sports has raised casual gaming into a profession, making it a game of skill, strategy and team play. Today, being a professional gamer can be an attractive career choice, as numerous competitions are being organised in a different part of the world.
Thousands, to millions of dollars, have been given away as winning prices. For example, the prize pool for the most recent Dota 2 tournament reached over $30 million.
Although e-sports is now a billion-dollar industry, not many mass media companies have been covering the competitions and expansion of this market. This situation significantly changed this year, as many sports competitions and disciplines including the traditional sports betting turned to e-sports in order to adapt the business model.
Gaming is no longer a hobby and to describe it as a niche market would be an understatement. This is an industry with a wide potential for growth and continuous innovation. The rapid rise of technology already brought this industry to other platforms such as cloud gaming and VR /AR gaming.