Although Q1 of 2021 has marked the beginning of the end of the coronavirus pandemic in the United States, spending in the video game industry continues to grow.
In 2020, amid global lockdowns and stay-at-home orders, US spending in the space rose 27%.
While the industry expected to see strong sales and revenue growth throughout the pandemic, the post-pandemic growth-rate into 2021 is showing just how robust industry really is. In fact, growth in 2021 has not only surprised many, but is already on pace to eclipse that of 2020, with Q1 spending up 30%.
To note, it was not only user activity that has spurred growth, but new content increased by 25% for the quarter, gaming accessory revenues rose 42% and hardware items showed an increase of 82%.
These statistics give real credence to the widespread acceptance that the gaming industry, especially mobile gaming, will experience it’s best year ever, regardless of when or where economies and societies fully open.
Along with the growing revenues, expanding content and incredible revenue increases in hardware, investments in the space are expected to break records this year as well. Much of the investment will be driven by mergers and acquisitions of cutting edge publishers and developers.
Read more about 2021 Q1 video game spending HERE
SOURCE: https://techcrunch.com/2021/04/29/u-s-video-game-spending-increased-30-in-q1/