COVID-19 has caused many industries to face massive losses worth billions of dollars. But among all this, one business is blooming continuously, which is the mobile gaming industry. Where a juggernaut like Disney is falling to its knees, losing 50% of its revenue in the first quarter, according to Tom Wijman, a senior market analyst at Newzoo, the gaming industry, in general, is going to make $159.3 billion in 2020 that will surpass $200 billion by 2023. In 2020, The majority share of about $77.2 billion will be from a contribution by mobile gaming alone. So, it is safe to assume that the mobile gaming industry is growing amidst the COVID-19 crisis.
The gaming industry, including console, PC, and mobile gaming, will grow at a steady rate of 8.3% every year in the next three years.
Furthermore, according to Wijman, out of 2.7 billion gamers, approx 2.6 billion are playing them on mobile devices. Whereas among these 2.6 billion mobile gamers, only 38% are playing paid games or making transactions. Hence there is a potential for the numbers to rise drastically as more players decide to make in-app purchases or play paid games.
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However, Wijman believes it’ll be challenging for the gaming companies to retain some of the newer players after the pandemic ends.
On the other hand, console games are expected to make $45.2 billion in the ongoing year, a 6.8% year on year growth. The releases of new consoles are also expected to delay owing to COVID-19, and the schedule will impact the console games for a shorter period. The moment new consoles are available in the market, the growth pattern will rise.
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On the contrary, browser base games are slowing down due to high traffic and update delays as they require a large team to support its development and maintenance, which is not possible during COVID-19. Similarly, PC gaming with 1.3 billion players all over the world will experience a 4.8% YoY rise that will generate $36.9 billion in revenue.