Stay-at-home orders, lockdowns and economic calamity during the coronavirus pandemic had an enormous effect on consumer entertainment habits.
With movie theatres shuttered, bowling alleys closed and sporting events canceled, or disallowing spectators, consumers looked elsewhere for personal entertainment.
In 2020, during the height of the global pandemic, video game sales grew by 25% to $191.12 billion. In the 52 weeks leading up to March 31, 2021, US video game, hardware, software and accessory sales alone grew by 31% to $59.6 billion.
But as we emerge from the pandemic, what can the industry expect moving forward?
According to Lewis Ward, a gaming research director at IDC, we will see continued growth in the sector for both 2021 and 2022.
Consumers of all ages have become accustomed to gaming as an alternative to traditional entertainment. And with mobile gaming growing so quickly, these consumers now have choice entertainment offerings at their fingertips. So even as consumers begin leaving their homes, the video game industry continues to grow.
Investment in the space has also reached all-time highs. And like the industry itself, investments and mergers & acquisitions are expected to continue growing though at least 2022.
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