The gaming industry is estimated to be worth $159 billion and it is projected to grow 9.17% from 2020 to 2025. So, it’s safe to say that it has become a behemoth business industry. But why exactly has gaming become so big in recent years? Well, this is mainly thanks to technological innovation in the industry. Developers have invented some brilliant new ways for consumers to access and enjoy video games, allowing the sector to grow exponentially. As such, today we are going to be analysing how gaming has changed in recent years and why technology has facilitated its growth in popularity. Keep reading to find out more.
For starters, we have had the fantastic invention of mobile gaming. Mobile gaming is defined as any video game that can be played on a portable platform, such as a smartphone, tablet or handheld console (like the PlayStation Portable and Nintendo Switch). Mobile gaming has revolutionised the gaming industry, allowing consumers to play titles whenever and wherever they go. This has made video games more appealing to the average person, especially if they do a lot of gaming. That’s not all, though. Mobile gaming has also made life more convenient.
For example, consumers don’t have to travel to the local casino if they want to try their hand at a table game. Instead, they can use their mobile phone to access an online casino and play from home. This has been a popular trend in Nordic and especially Finnish gaming markets. Finally, mobile gaming has made video games more accessible to people from poorer backgrounds or less developed countries. Most smartphone games are free or cheap, so consumers who can’t afford expensive consoles or titles can now enjoy video games in a different way. This has helped to propel the entire industry forward.
Immersive technology has also changed the face of the gaming industry. This technology consists of things like virtual reality, augmented reality, motion controls, touch screens and head-up displays. It makes gaming much more immersive for the player, turning it into a transcendent experience.
For example, virtual reality transports the gamer into a 360-degree photo-realistic simulation which they can interact with using motion controls. In a few years’ time, players will be able to go on epic adventures through video games as though they were really there. Virtual reality, therefore, has the potential to change everything we once knew about escapism. As more video games with immersive tech are released, the more investment the industry acquires, thereby facilitating its growth.
Cloud gaming has also exploded onto the gaming scene in the past few years. The cloud is basically a massive online database which allows people everywhere to access the resources within. In the case of video games, the cloud means that customers can play and download whatever titles they want. They don’t need a games console to do so, either.
For example, the Vortex cloud gaming service provider allows subscribers to access and play a humongous library of video games from their computer. Subscribers also don’t need to download these games onto their PC – they can simply stream them using the cloud platform. This helps to save storage space. That’s not the only benefit of cloud gaming. Streaming video games is a cheaper alternative to paying full price to purchase a title and means you can play whatever you want on-demand. As such, cloud gaming has brought about a huge change in the gaming industry, as people no longer need expensive consoles or super-powerful computers to play.
One of the biggest changes to the gaming industry in recent years has been the invention of esports. Esports are essentially video games which are played competitively by amateur or professional gamers. These competitive matches are live-streamed to the masses and form national or international tournaments. Better internet speeds and computers with strong processing powers have paved the way for esports.
These competitions have also generated quite a bit of buzz around the gaming industry, attracting investors from across the globe. They strengthened the culture that surrounds video games, too. Enthusiasts will chat together on forums, place bets on their favourite players, or fight to become professional gamers themselves.
Over the past few years, merchandising has become a massive thing in the video gaming industry. As gaming tends to be popular in countries where people have a lot of disposable income, this means that consumers are much more likely to invest in merchandise for their favourite video game franchises.
Merchandising has become so popular, in fact, that it has started to go beyond just posters and keyrings. Big franchises like Pokémon and Sonic have recently released Hollywood films which appeal to the masses. Meanwhile, other brands are selling figurines and t-shirts. Consumers aren’t embarrassed to flaunt their merch anymore, either, as gaming and geekiness have become more widely accepted in western society.
The gaming industry has been massively changed by the introduction of in-game purchases. Titles like Fortnite are free for consumers to download – however, if they want to have any success in the game, then they will need to make use of the in-game purchases. For example, players would need to pay $5 to acquire better armour for their character or £3 for a new weapon. In-game purchases have received a huge backlash from gaming enthusiasts, for obvious reasons.
However, that hasn’t stopped video game developers from capitalising on this trend. The reason why in-game purchases are such a big deal is that they have changed the business model of the gaming industry. Consumers no longer pay one bulk sum to the developers. Instead, they make lots of small purchases, drip-feeding money back.
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