A Multi-billion Dollar Industry.
In 2020, the online gaming market all around the world was valued at about 162 billion USD. This industry is one of the fastest-growing industries; due to the rapid increase in the number of users/gamers.
Gaming industry started, humbly, in the 1970s, then, in the 1990s, and because of easier access to the internet, online gaming witnessed a huge expansion globally. However, in the period 2000-2001, and with the launch of PlayStation2, Xbox, and other gaming consoles which support online networking features, the gaming industry reached a whole new level all around the world. China and the United States are on the top of this industry, with revenues estimated at more than 35 billion dollars, each, in early 2019.
The video games industry involves the development, marketing, and monetization of various types of games. The affordable internet services and the easy access to online games are some of the factors that caused the drastic growth in the gaming community, in addition to the evolution of engaging multiplayer games.
The current circumstances, with the global pandemic, Covid 19, and the lockdown around the world, play a huge role in the peaking of the online gaming industry in the past year or so. The time people are spending on video games has increased by 21% with about 300 million gamers around the world, as people clutched onto this type of games during these rough times.
Online streaming trend, serves as a major boost to the global online gaming market. Streaming platforms, such as YouTube and Twitch, in particular, helped the gamers and streamers gain a large audience and seal sponsorship deals from different brands and businesses, or even the gamers’ personal business.
The good monetary benefit that comes from this industry or playing video games, and the fact that what you need to start a streaming business is not much (an account on a streaming platform, a camera, your gaming consoles and you are good to go.) had encouraged a lot of people to make this trend as their full-time job.
15 years ago, if someone told me that people will be playing video games for a living, I would have never believed it. However, it is happening now, which makes me wonder what more does the future hides?
