GAMING INDUSTRY : GRADUALLY ACQUIRING MEDIA AND ECONOMY

"There is no end to improvement."

This quote accurately applies to the gaming industry. Video games have been around us for a very long time. Starting with arcades to the rise of consoles, the gaming industry has undergone many eventful alterations and is still changing with time. A few years ago, when people were playing games with joysticks, nobody imagined that they would be able to 'Play and Watch' others playing video games from anywhere in the world.



Undoubtedly, the gaming industry has risen exponentially in the past few decades. In 2019, the global gaming market was worth $151 billion. Today, it is worth $200 billion and is continuously pushing the boundaries of technology and entertainment.


Due to high potential growth in the future, many spectators are looking upon the gaming industry. It is going to transform the global market. Technological innovations, expanding market demographics, and increased video game-related products have all contributed to the video game industry's new scope.


Thanks to gaming, the definition of the entertainment industry has been changed. The entertainment industry includes the film industry, the music industry, and the gaming industry, an irreplaceable part. It has helped Hollywood make science fiction films; Mortal Combat and Resident Evil are a few on the list. The Global Gaming Market is worth more than the worldwide box office and the music industry combined. In 2020, around 2.7 billion people, which is one-third of the world's population, were indulged in the gaming sector.



Gaming Industry also has its world cups; the first one was held in New York in 2019, in front of 23 thousand, 2.3 million viewers on the internet, and a prize pool of Three Million Dollars. The gamers who attended such tournaments are treated like athletes and celebrities. Most of them happen to be millennials.


Numerous gamers have millions of subscribers on YouTube. It provides them with a platform to connect with the gaming world and serves as a means to earn money. Some gamers even earn millions just by playing games. YouTube gamers record themselves playing games and do Live Streaming as well. If you are a gamer, your salary will depend upon the number of tournaments you win and how you succeed. The luckiest amongst those get great deals from sponsors.



Although, money is just one side of the story. The gaming industry is playing an essential role in enhancing soft power too. The United States, Japan, South Korea, and China, the world's leading game manufacturers, spread their values, culture, music, language, and even fashion through video games.


The current world scenario shows tough competition in the gaming industry. Technology companies like Google, Meta, and Apple are all making plans to enter the industry and expand their dimensions.


Talking about the Indian economy, the gaming industry has so much to offer as India already has a strong base of gamers. The Union Budget 2022 has included plans to set up an Animation, Visual Effects, Gaming, and Comics (AVGC) promotion task force. It aims to "Recommend Ways to Realize" the growing demand of the industry in India and worldwide.


Hence, it's not too late to pursue a career in your favourite pastime of the day!



116 views4 comments

Recent Posts

See All