2023 Gaming Industry: A Look Back in Numbers
In the past ten years, the video gaming industry has grown from strength to strength. Revenue from video game sales and services have skyrocketed with projections that the industry will hit $300 billion by 2023. But just how strong will the gaming industry be when we reach the magic number? To find out, let’s take a look back at some numbers from the industry and where it stands today.
One of the most important metrics in the gaming industry is how well each major console performs. Since Microsoft, Sony and Nintendo dominate the market, these three make up the vast majority of market share. In 2020, the PlayStation 5 dominated with a 16% share, followed by the Xbox Series X/S (6.3%), and the Nintendo Switch (4.6%). Although Microsoft and Sony have increased their lead over Nintendo in 2020, the Nintendo Switch is still performing well and its future looks bright. This is likely due to a large increase in Switch sales in 2020, partly due to a combination of its innovative design and competitive pricing.
Mobile Games Market
The mobile games market has also seen exponential growth over the past few years. The market is projected to reach $215 billion by 2023, representing a growth of 39% since 2020. This explosive growth is mainly attributed to the huge variety of titles available, as well as the accessibility of smartphones. The top five mobile games by revenue in 2020 were PUBG Mobile, Honor of Kings, Coin Master, Pokemon GO and Roblox.
Esports has also been a major factor in the gaming industry, as more and more gamers flock to competitive gaming. By 2023, the esports industry is expected to generate $1.6 billion in revenue. One of the main draws of esports is its ability to draw large amounts of viewers, with the League of Legends competitive scene drawing over 8 million viewers in 2020 alone.
It’s not just gamers and fans who are capitalizing on the gaming industry. Investors have also been pouring money into the market, with venture capital firms investing over $10 billion into the industry since 2011. Investment has been focused on both mobile and PC gaming, with investors looking to capitalize on the ever-growing popularity of the industry.
The gaming industry looks set to experience huge growth in the coming years, with projections that the industry will hit the $300 billion mark by 2023. Console sales, mobile games, and esports are all expected to experience exponential growth, as more and more gamers flock to these platforms. Investors have also been pouring money into the industry, expecting to reap the rewards of the ever-growing industry. As we look towards 2023, it’s clear the gaming industry looks set to revolutionize the entertainment landscape.