Covid 19 and Video Game Industry | Future of the Video Game Industry with Current Pandemic (2021)
604The COVID-19 pandemic has caused a massive spike in the consumption of interactive entertainment and Take-Two Interactive, owner of publishers 2K and Rockstar, has shown how it has benefited from worldwide lockdowns during its yearly earnings report this week. Most have assumed that this large increase in users will slowly dissipate as lockdowns start to peter out. However, Take-Two Interactive's CEO, Strauss Zelnick, thinks that the growth will only continue.
With video game sales in March of 2021 reaching close to 1.6 billion –a 35% year over year increase– and Steam concurrent users hitting an all-time peak of 20 million in the same month, the industry has been flourishing across the board. Twitch's viewership rose by 67% from 2019 to 2020, with YouTube and Facebook Gaming seeing large increases as well, largely attributed to the pandemic. This is in stark contrast to the struggle of other sectors in the entertainment industry, such as film and television, which have been hit hard by the pandemic.
Zelnick, whose own company has seen an increase in revenue from $3.09 billion USD to $3.37 billion, stated that much of this industry growth has been down to "people either discovering or rediscovering interactive entertainment and its social aspects during the pandemic." He suggested that these social factors, such as the online mode for GTA 5, are what will keep the industry steadily growing after the pandemic, saying that while certain trends will normalize post-COVID, it is likely that much of the growth will be permanent.
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