Gaming Industry revenue increases but the world is facing a recession
Coronavirus, business friend or foe? This disease has made us plunge into darker times. But for some businesses this pandemic has decided to take a different route.
With people staying at home, doors have opened for the gaming industry. But where does this leave other businesses?
Companies are forced to shut down due to workforces not being able to be present. This means that coronavirus has led us into a global recession. However, the gaming industry is one of the luckier industries during this pandemic.
Esports rely on live sports and gaming companies rely on hardware from their supply chains, all of which have been interrupted because of coronavirus. As people continue to work remotely, the gaming industry is facing more loss in efficiency rather than revenue.
Global gaming market taking home billions
Thanks to the adaptability of our smartphones and tablets, people can watch anything, from anywhere, at any time. They help us to engage in online entertainment. So much so, that during lockdown the mobile gaming sector had a 13.3% increase.
The gaming industry continues to rise in its numbers but it’s important to remember that the pandemic has pushed us into a sudden recession. The COVID-19 outbreak has a worse decline in only over a month than compared to the Great Recession and the Great Depression.
Despite some operational downsides that COVID-19 has caused, there are many companies that have found new ways to engage with their fans. According to bestcasinosites.net the gaming industry seems to have found its feet in the midst of this global pandemic and has become one of the thriving industries during the lockdown. According to global market analysts, the gaming market will be generating billions in 2020.
A society that continues to thrive during the coronavirus crisis
It’s hard not to be morbid during such strange times but here are some good things that are currently happening in the world:
- The earth is currently healing because of all the factories shutting down.
- Since we are in this together, people have started to gain more empathy for one and another.
- We’re not caught up in the rat race like before as we can stay at home and spend more time with ourselves, families and loved ones.
- Businesses can save money on property by not having to rent an office.
An industry that has been taken to the next level
We can see that the gaming industry is one of the luckier industries as society continues to crave online entertainment. There are still some companies that are facing certain difficulties. According to the New York Times developers such as Sony, Amazon and Square Enix are still trying to find ways to adapt to the corona crisis.
Here’s what the gaming industry has gained during the lockdown:
- Online gaming and esports have had an increase in user engagement.
- The mobile phone gaming sector and cloud-based platforms are soaring.
- Free to play games have allowed consumers to play on a subscription fee basis. This model has encouraged consumption from fans.
- Entertainment sectors are reaching out to the gaming industry due to their increased consumer spending. Live music concerts have attracted nearly 30 million viewers on gaming channels.
By working together, everyone is getting the best that they can out of a very tricky economic situation.
So, you see, there’s some light at the end of the tunnel.