The global video game industry is today bigger than ever, and it is not showing any signs of slowing down.
This year the total value of the video game industry is estimated to be $99.6bn, with the United States representing $23.5bn, second only to China with $24.4bn. In tied second place we have Europe, the Middle-East and Africa combined at $23.5bn as well. The worth of the former industry in 2012 was estimated at around $126bn, and has since declined to figures dipping to a $100bn estimate for 2016 according to IBISWorld.
The global market for video games is estimated to grow 8.5% year-on-year from 2015, and it is further estimated to generate revenues of around $106bn in 2017. The longer term forecast by Newzoo predicts that the global gaming market will grow to nearly $119bn by 2019.
A practical example of the high grossing capabilities of video games can be seen in multinational game developer Rockstar Games’ success with their latest addition to the Grand Theft Auto –franchise: GTA V. The game grossed $1bn in only three days, and has documented worldwide sales of over $2bn.
The most used platform for gaming is TV consoles, which alone accounts for almost a third of the total value of the industry. According to Newzoo it is looking like the traditionally dominant PC platform will be overtaken this year by the mobile sector. Mobile gaming’s global market share is estimated to be around 27% for 2016.
Compared to a more traditional global entertainment market, the movie production and distribution industry, the gaming industry seems to be flourishing. The worth of the former industry in 2012 was estimated at around $126bn, and has since declined to figures dipping to a $100bn estimate for 2016 according to IBISWorld.
The global music industry is lagging way behind the gaming industry with an estimated worth of only $16bn, equal to under half the estimated value of the mobile games sector for 2016.