Updated: Jul 21, 2021
The last year and a half have been a difficult one for many industries. However, the gaming industry saw shocking growth during the lockdown. With many quarantined in their homes, video games were one of the first choices for entertainment. As an employee at a retail store, it was shocking to see the video game supply sell out as demand increased dramatically. Everything from consoles, controllers, and games became more scarce as the pandemic continued. A major console that gained popularity during this time was the Nintendo Switch which consistently was sold out.
As reported by marketwatch.com, a leader in analyzing business trends, the pandemic led to the gaming industry increasing by 20% in the year 2020 alone. Market experts say they don’t expect the growth to slow down during 2021 despite lockdown orders being lifted throughout the world. In a time where many other forms of entertainment (sports, movie theatres) had to be put on hold due to the pandemic, the ability to play games anywhere helped the gaming industry gain popularity and increase sales. The rise of tech culture in the mainstream media can also be seen as a reason why gaming has become so popular for many. Playing a video game is now easier than it has ever been and that trend doesn’t seem to be slowing down anytime soon. Smartphones have become so easily accessible with hundreds of thousands of downloadable games on each app store with more added daily.
A MarketWatch article from 2021, focuses on mobile gaming, we are also seeing growth in the console market. Records have been continually smashed over and over again every year regarding game sales. Due to the gradual increase of players over the years, hitting its peak in 2020, consoles are selling faster than ever before. This can be seen in the scarcity of the Playstation 5 and Xbox Series X. Months later these systems are still difficult to acquire and obtaining one is only possible if you order the second they become available. This FOMO (fear of missing out) only increases the desire of many to get their hands on the latest console. Even with all the stocking issues, the PS5 still became the fastest-selling console in U.S history.
Despite business analysis experts saying there will likely be a sales dip in 2022, the games industry is doing what it can to avoid this. The new consoles are likely to remain scarce over the next year maintaining a high demand. With this in mind, the gaming industry will likely continue for the foreseeable future. The gaming industry is adapting and adding new features such as streaming to make gaming even more accessible.
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