The Virtual Deal: Reviewing the Post-pandemic Rapid Growth of the Video Gaming Industry
If you aren't already into gaming, there's a decent possibility you will be soon. The market for video games is thriving and is expected to keep expanding in the upcoming years.
Video games have been a famous pastime for such a while that they have become a cultural phenomenon. According to investigations, the gaming hardware market in the United States alone has reached a monthly revenue of 148 million dollars (USD).
As for the gaming industry itself, PwC's Global Entertainment and Media Outlook claimed that the global gaming business is estimated to be worth $321 billion by 2026. And it seems social and leisure gaming is driving the expansion after thousands of individuals took up their consoles to escape the monotony and solitude of covid-19 lockdowns.
Besides, many exciting titles are constantly being added to the queue for release, and gamers can’t wait to get their hands on them.
So, get on your gaming chair and sit tight as we review the post-pandemic effects on the gaming industry while exploring some of the exciting games that are in line for global release.
Rise of the Esports Industry as a Positive Escapade since the Pandemic
Many gamers felt that playing video games improved their mental well-being during lockdowns. According to a poll of European gamers, 16% felt the same way, with those who spend time playing multiplayer games feeling especially good.
Gaming has frequently been smeared with the wrong charge, being characterized as lonely and antisocial. Nevertheless, the epidemic has demonstrated how untrue this is. Gaming gave people an excuse to occupy themselves while still maintaining social bonds.
During the pandemic, so many new and existing gamers spent money on games, consoles, and other equipment that the market grew by 26% between the first two years of the pandemic. Besides, many games benefited from well-planned launches.
Animal Crossing: New Horizons, released by Nintendo in March 2020, sold 13.4 million copies during its first 6 weeks. It went on to be one of the most popular Nintendo Switch games ever made.
Perhaps that’s why New York University's Professor Joost van Dreunen mentioned in an interview with The New York Times that the gaming business is swimming in wealth.
But the gaming industry wasn’t the only one getting post-pandemic attention.
Studies found that the keywords connected to the casino industry showed the most year-on-year growth on Google in the United Kingdom from January through April of 2020. Prominent casino operators, like Videoslots, as well as the online e-gaming community, also saw an increase in users.
Besides, this has always been a popular form of entertainment since ancient times. As a result, the casino sector gained significant attention with the emergence of internet casinos as many businesses steadily closed their doors as a consequence of the epidemic's global recession.
Games Getting Delayed: Aftermath of The Pandemic
Although lockdowns may have transformed millions of us into gamers, adjusting to working from home (WFH) offered unforeseen creative hurdles for those engaged in the gaming sector.
The tech-savvy employees, who deal nearly solely in digital commodities, may have been expected to easily transition to working from home.
However, in certain circumstances, a lack of spontaneous participation hampered new products, and highly regarded new games were released weeks or months late. Some gaming firms have lost millions of dollars as a result of the delays.
As per Chad Grenier, co-founder of the American video game production business Respawn Entertainment, the WFH provided a creative barrier.
You miss out on the hallway talks. You lose people sitting on a couch for just an hour or so and talk about something and connect. All of it vanishes and gets planned rather than occurring spontaneously.
Fan-favorite Titles Keeping the Buzz Alive: Upcoming Video Games to Look Out For
As the rough patch is almost over, and many studios are back to their normal pace of work, gamers are probably going to have a bumpy year ahead with fan-favourite titles in the release lines.
Nintendo users are quite excited as the release date for the third wave of new circuits for Mario Kart 8 Deluxe is set for December 7, 2022. This title will be released on the Nintendo Switch console, and you can browse some of the best Black Friday Nintendo Switch deals on our site if you don’t have one already.
PC gamers are also excited because Ed Boon has stated that Injustice 3 will be released, while Hideki Kamiya may have confirmed Bayonetta 4. But that's not it! Ubisoft is returning to Steam, and a rumour claims that the highly awaited Star Wars Jedi: Survivor will be revealed at The Game Awards later this year.
When played in moderation, gaming can be a good and productive experience. Video games can improve mood and heart rhythms, indicating that they could also help reduce stress.
Besides, numerous unrelated studies have revealed a link involving video games and decreasing stress, which is why games have been employed in treatment for over a generation.
Thus, it’s not surprising that the industry grew at such a rate when the pandemic choked off our every chance to socialise and have a little fun.