New Gaming Trends Reshaping The Industry
Video games are the fastest-growing industry in entertainment, with one of the largest markets, a huge fan base, and billion-dollar companies acting behind the scenes to push the boundaries of how we game. As technology evolves at incredibly fast speeds, so does the gaming industry, and in 2020, it saw some of the greatest growth rates in history.
As countries went under lockdowns, and people were forced to stay home to comply with health protocols and social distancing measures due to the COVID-19 pandemic, millions of people around the world turned to video games as an alternative source of entertainment. VR gaming, for example, broke into the mainstream, and social gaming experiences, such as Among Us, soared in popularity. And, for several months in 2020, Nintendo Switch was so in demand that it sold out all over the world.
Even though the COVID-19 pandemic is finally winding down as vaccination progresses, interest in games continues to soar among consumers. A recent report by ResearchAndMarkets projected the global console games market to reach US$67.1 billion in revenues by 2023, with an annual growth rate of 13.4 percent. And a separate report, by MarketsandMarkets, predicted that new gaming experiences like virtual reality and blockchain games will significantly impact the industry revenues.
From streaming technologies to cloud gaming, there are many technological advancements that have been reshaping the video game industry in the past decade, and now developers and publishers are able to create innovative gaming experiences and provide new alternatives for both hardcore gamers and casual players. These are definitely joyful times for gamers, and the gaming industry is certainly an exciting sector to be in.
Live Streaming
Ever since its popularization in the mid-2010s, live streaming has been significantly influencing the video game industry. Live streaming brought attention to previously obscure titles, but also became a popular form of advertising for video game developers, overcoming traditional mediums such as magazines and demo versions. And if today gaming can be seen as a career and a way to make a living, it’s much thanks to live streaming.
But it’s not just conventional video games that were impacted by the emergence of live streaming. Currently one of the most attractive features of iGaming platforms is the possibility of playing real-money games with live dealers. These games are managed and operated by professional dealers, and streamed to players from land-based casinos or studios. Instead of just watching automated gameplay, players can now join real-life games and interact with the dealer and other players.
eSports
Esports have taken the world by storm since the 2010s, and today have some of the largest audiences in the entertainment industry, with YouTube and Twitch becoming central to the growth and promotion of these competitions. Esports have become a major factor within the gaming industry, with many developers and publishers actively designing and providing funding for tournaments and other events.
Some of the most important esports events include the League of Legends World Championship, the Call of Duty League, the Fortnite World Cup, and Dota 2’s The International. Esports have even been featured alongside conventional sports in multinational events in Asia, and the International Olympic Committee has also discussed their inclusion into future Olympic events.
Mobile Gaming
Mobile gaming has come a long way since those times of Snake on Nokia brick phones. Let’s be honest… we played more than we should on those tiny green screens. But today, mobile games have become a huge market in the entertainment industry, with revenues hitting over US$40 billion in the first half of 2021, according to industry intelligence service Sensor Tower.
Mobile games also play a big role in esports, with many leagues and tournaments featuring games like Garena Free Fire and Clash Royale, with the latter even being presented as an exhibition event at the 2018 Asian Games as a lead-in to the 2022 games.
Cloud Gaming
https://www.youtube.com/watch?v=BomfVh2PSkM
Cloud gaming is finally here, and we now have the possibility of playing video games on remote servers without the need for slow downloads and lengthy installation processes. The first attempts at cloud gaming were made in the early 2000s, by companies like G-Cluster and Crytek. However, infrastructure and bandwidth limitations put a halt to development.
But now, thanks to better Internet services and streaming technologies, cloud gaming has become a reality, with services like GeForce Now, PlayStation Now, Stadia, and Xbox Cloud Gaming up and running, and interest in cloud gaming growing significantly last year. Consumers, however, aren’t the only ones to enjoy this new trend, as cloud gaming gives publishers a way to monetize old games years after their release.
