The video games sector is one of the most important entertainment sectors, as it draws in millions of viewers around the world. While it is a relatively new industry, it is already a major contributor to the economy. In fact, gaming revenue surpassed that of the film industry in the U.S. and has been growing rapidly.
There are currently over two billion gamers worldwide. This number is expected to grow by about 10.9% over the next couple of years. It also represents 26% of the global population, making it a very popular and interactive form of digital media.
The video games sector is growing and has become more complex and competitive. It costs hundreds of millions to create a video game. But the technology behind this is very exciting. Among other things, it allows multiple players to join forces to battle monsters. Games have a social element that makes them very appealing to many people. They are becoming more and more common in homes and are often played in later years, extending the demographic of gamers.
As a result of the increasing popularity of gaming, the industry is able to expand into other areas. For example, live streaming services such as Twitch and YouTube are attracting a large amount of viewers. These platforms are helping to develop esports, which is a type of sports league that is very popular with gamers. A team of professional gamers can win prizes and compete in tournaments to be the best.
Some companies are finding their business models challenged by this change. They need to make sure they can spin more of their revenues off of intellectual property. However, the gaming sector continues to perform well, despite the challenges.
The video games industry is expected to see a rapid growth over the next few years. According to a study from PwC, the fastest expansion is expected to be in Turkey. Other countries in the Asia Pacific region are expected to lead the industry, including China and India.
Video games have also merged with other entertainment industries, such as movies and music. The industry is a growing industry, and it is estimated that the market for this sector will reach $2.2 trillion by the end of 2021. OTT video revenue is projected to reach $281.7 billion by the end of 2022.
According to the study, the total economic output of the video games sector is approximately $2 billion in New York City. The industry directly supports approximately 1,500 jobs and indirectly supports another $160 million in wages and spending. It also has a positive impact on the New York City economy.
Despite the challenges, the video games industry continues to produce record amounts of revenue. E-sports is one of the most watched sports leagues on the planet. Currently, there are a few million top level players who compete in eSports leagues. These players can apply for a professional athlete visa in the U.S.