The gaming industry experienced significant growth since 2020, as more people turned to gaming as a form of entertainment during the COVID-19 pandemic. With many countries implementing lockdowns and social distancing measures, people spent more time at home, leading to a surge in gaming activity.
According to a report by Newzoo, a leading provider of market intelligence for the gaming industry, the global gaming market generated over $159 billion in revenue in 2020, up 9.3% from the previous year. The report also found that there were over 2.7 billion gamers worldwide in 2020, representing a 6.8% increase from 2019.
Mobile gaming was a significant driver of growth in the gaming industry, with revenue from mobile games accounting for 49% of the total gaming market. The popularity of mobile games can be attributed to their accessibility and convenience, as many people own smartphones and can easily download and play games on the go.
Esports also experienced significant growth in 2020, with the cancellation of in-person sporting events leading to a surge in online esports events. The industry saw an increase in viewership, with the League of Legends World Championship finals attracting over 3.8 million peak viewers, making it the most-watched esports event of 2020.
The COVID-19 pandemic also led to an increase in the number of people streaming games on platforms like Twitch and YouTube. According to a report by Streamlabs and Stream Hatchet, the number of hours watched on Twitch increased by 50% in Q2 2020 compared to Q1 2020.
Overall, the gaming industry’s growth can be attributed to the pandemic’s impact on people’s lifestyles and the industry’s ability to adapt to the changing environment. The trend is expected to continue in the future as gaming continues to be a popular form of entertainment for people of all ages