Virtual reality in Real Life | Next Generation Gaming Setup | Evolution Of Gaming Industry
47Virtual reality in Real Life | Next Generation Gaming Setup | Evolution Of Gaming Industry
The video game industry has always been about innovation. New technology, new controls, and new experiences are to be expected. As the world moves more and more to time spent on their mobile phones, streaming services, and mobile phone game playing will become an important arena for revenues, and large tech companies will look to leverage their current framework to get involved.
Perhaps the most interesting change in the video game industry is the expanding demographics of gamers. With more people playing games, creating demand for more immersive entertainment, and looking for easier ways to access games, the future of the video game industry looks bright.
Video games have been around for decades, providing entertainment for children and adults alike. They have evolved significantly from the early days of computer games and the first versions of Nintendo and Atari. The days of pixelated screens and limited sounds are a distant memory as video games have become more lifelike than ever. As technology continues to improve, so do video games.
Video game creation has become increasingly complex, and the cost of creating a game to run on one of the major consoles has risen with this greater complexity. It was once unthinkable to sink millions into development costs, but games today can cost tens and even hundreds of millions. This has pushed game development into Hollywood movie territory in terms of production and marketing costs.
The video game sector is immensely large. In fact, it is larger than the movie and music industry combined, and it is only growing. Though it doesn't get the same attention that the movie and music industry does, there are over two billion gamers across the world. That is 26% of the world's population.
It's no surprise that companies want a piece of the pie. In 2020, the gaming industry generated $155 billion in revenue, By 2025, analysts predict the industry will generate more than $260 billion in revenue.1 As such, tech companies are looking to get involved in this revenue stream. Tech giants such as Google (GOOGL), Facebook (FB), and Apple (AAPL), have all made plans to enter the video game industry.