The gaming market has outpaced the film industry, which is worth about $180 billion in 2020. He even dominated the sports and music industry.
The video game industry has grown rapidly over the past few years, thanks in part to the growing popularity of eSports, a wider range of free-to-play games, MMO games, or mobile apps. The pandemic also contributed to the commercial success of game developers; People stayed at home and spent more time on entertainment and more money on new games.
The video game market, together with the sports industry in North America, has grown to the point where it transcends the film industry. In 2019, the film industry reached $100 billion for the first time in history, while in 2020 combined sports revenue in North America exceeded $75 billion, in the same year the gaming industry generated about $180 billion in revenue.
The size of the video game industry and its interest is evident not only in the financial statements but also in the individual recognition research. Morning Consult’s 2019 report presented some very interesting findings of generation Z Americans. 95 percent of men know both LeBron James and PewDiePie, but PewDiePie is perceived better. Equally interesting, generation Z men know PewDiePie better than Elon Musk.
The value of the video game industry exceeded the total value of the largest professional sports leagues and organizations in North America. In contrast, the awards for the NFL’s last championship game, the Super Bowl, or the Master’s Tournament, one of the largest golf tournaments, were almost three times smaller than those awarded for The International 9, 2019 Dota 2 World Championship. The prize pool was $30 million.
In other sectors such as fashion, the representation of our sector has increased. Balenciaga recently released its fall 2021 collection in a play form called Afterworld: The Age of Tomorrow; Gucci has partnered with Fnatic, one of a league of Legends’ top European leagues, to create a limited watch line, while Mac has released a lipstick collection modeled on Honor of Kings, a game by Tencent.
In addition, the music industry uses the famous video game concept to attract new audiences. Some of the biggest and greatest concerts take place, for example, at Fortnite, where Marshmello and Travis Scott perform. Travis’ concert nearly doubled the audience at the 2020 MTV Music Awards to attract 12 million viewers. In the age of the pandemic, video games have become great platforms for spreading different elements of culture and science that allow their creators to make extra money. The entertainment scene is changing at a dizzying pace: viewers and creators are noticing it.
Until recently, music was the element that connected people born at similar times, separating one generation from another. People would meet and integrate with clubs and concerts; Video games now function as entertainment and socializing, according to a study by Whistle, and 68 percent of men think gaming is a big part of their identity, and 74 percent say video games help them stay in touch with friends.
With the music industry in crisis and the film industry facing big problems, games are triumphing, our space stands out, and even after the pandemic, there is a very good chance that it will continue to grow. The golden age of developer studios, eSports, publishers, or ordinary players from mobile MMO games has arrived. Not everyone is adapting to these changes, but we are expanding our wings even further. Trevis McFedris, the co-founder of virtual influencer Lil Miquela, recently tweeted:
“The play replaces music as the cornerstone of emerging social scenes and bothers everyone over 30 I talk to.”