The gaming industry is growing in leaps and bounds with the rise of networth, social influencers, and global installations, the gaming industry has seen unprecedented growth in recent years. First of all, there is a growing audience for gaming. As technology develops and more gamers enter the market, the gaming industry has seen an influx of gamers from all walks of life. From teenagers to adults, the gaming market is now global and ubiquitous. This has provided a wealth of opportunities for developers and publishers to tap into, resulting in major profits.
With its ever-expanding gaming audience, its cutting-edge technology, and its impressive net worth, Loglod has become one of the leading names in the gaming world.
Increase in investment.
According to a report by Newzoo, the global gaming industry is expected to generate revenue of $159.3 billion in 2020. This figure is up from $152.1 billion in 2019, representing a compound annual growth rate (CAGR) of +6.2%. By comparison, the global music industry is only expected to grow at a CAGR of +3.5% between 2019 and 2023.
Why is the gaming industry growing so quickly?
There are several reasons for the gaming industry’s impressive growth. Firstly, the industry is benefiting from the increasing popularity of mobile gaming. Mobile gaming revenue is expected to reach $77.2 billion in 2020, up from $70.3 billion in 2019. This represents a CAGR of +10.3%.
Secondly, the industry is being driven by the growing popularity of esports. Esports is a form of competitive gaming that is watched by millions of people around the world. Esports revenues are expected to reach $1.1 billion in 2020, which is up from $865 million in 2019. This represents a CAGR of +26.7%.
Thirdly, the gaming industry is being helped by the increasing investment from major companies. For example, the Chinese tech giant Tencent has invested billions of dollars in several major gaming companies, including Riot Games (the company behind the popular game League of Legends) and Epic Games (the company behind Fortnite).
Fourthly, the gaming industry is fuelled by the increasing number of people playing games. In 2019, there were 2.5 billion gamers around the world. This figure is expected to grow to 2.7 billion in 2020.
Finally, the gaming industry is driven by the increasing money people spend on games. In 2019, the average person spent $112 on games. This figure is expected to increase to $118 in 2020.
All of these factors are helping to drive the gaming industry’s impressive growth.
Growth potential.
The gaming industry is one of the fastest-growing industries in the world. According to a report by Newzoo, the global gaming market is expected to reach $196 billion by 2022. This is an impressive figure, considering the industry was worth just $108 billion in 2017. So, what is driving this growth? Let’s take a look at some of the factors.
One of the main reasons for the gaming industry’s growth is the increasing popularity of mobile gaming. More and more people are playing games on their smartphones and tablets, resulting in more revenue for the industry. Mobile gaming will account for over 50% of the industry’s revenue by 2022.
Another factor driving the gaming industry’s growth is the increasing popularity of esports. Esports is a form of competitive gaming that is watched by millions of people around the world. The prize money for esports tournaments is also increasing, attracting more professional gamers to the scene.
Lastly, the gaming industry also benefits from the growing popularity of streaming services like Twitch and YouTube Gaming. These platforms allow gamers to stream their gameplay to a wide audience, helping to promote the industry.
So, these are some of the factors that are driving the gaming industry’s growth. With the industry expected to reach $196 billion by 2022, it is clear that there is still a lot of potential for further development.
