While most of the entertainment industry struggled with blockages and delays in 2020, video games have managed to achieve both movies and sports together.
In one of the most profitable years in the industry to date, video games have managed to earn more than in cinemas and sporting events combined in 2020. The ongoing COVID-19 pandemic has cast a big shadow on the entertainment industry this year, with several sports facilities forced to close their doors for months. cinemas may be running out of money and a few long-awaited movies like Black widow i Fast and furious 9 it is postponed until 2021.
Even the video game industry has been hit by a severe blockade and other necessary health precautions during 2020, and retail game chains like Gamestop have switched only to business delivery models and major events like E3 have either been delayed or canceled for years. However, despite these failures, it seems that the video game industry still managed to make a steady profit in 2020, perhaps even more than other popular entertainment media.
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According to a new report MarketWatch.com, the video game industry is expected to earn over $ 179.7 billion by the end of 2020, with most of this profit coming from mobile games. That is significantly more than the film industry (which earned over 100 billion dollars in 2019) and sports (which reached over 75 billion dollars this year). JP Morgan analysts say many factors are driving high earnings in the gaming industry by 2020, with the outbreak of Coronavirus, easy compatibility of different consoles and the steady growth of digital software downloads from online outlets like Steam and Epic Games Store. be the chief among them.
There’s also the release of the new PlayStation 5 and Xbox Series X consoles, which managed to increase hardware sales by 58 percent in November (which went to about $ 1.4 billion) despite heavily advertised the lack of these systems at launch. Larger companies and franchises have also increased sales figures in 2020, along with Activision Blizzard Call of duty games that stand out thanks to going out Call of Duty: Black Ops Cold War last month and 2019s Call of Duty: Modern Warfare the remaining title rankings of the rankings again this year.
Given that consumers are stuck with themselves for most of 2020, it would be understandable to gravitate more to video games for entertainment rather than movies or sports. After all, while the latter two usually require fans to leave their homes to catch the latest game or movie (regardless of online broadcasts and online streaming services), video games can be enjoyed (and even bought today) in completely out of your own living room comfort. Only time will tell if the gaming industry can continue this wave of success in 2021, but companies like Sony, Microsoft and Activities are likely to reap the benefits after a particularly turbulent year.
Source: MarketWatch.com
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