The Global Gaming Industry Is Now Worth P14.3 Trillion
A new study by global professional services company Accenture has revealed that the gaming industry is now worth $300 billion (approximately P14.3 trillion).
With the coronavirus pandemic, more and more gamers were added to the indsutry. According to the report, the increase was due to the adoption of mobile gaming as well as the desire for social experiences that helped push gaming to its growth.
In order to understand gamer's needs and habits, researchers analyzed over 4,000 gamers across the world's largest markets: China, Japan, the U.K., and the U.S. The data helped the study's authors figure out the drivers behind the industry's growth in the past year.
"The emergence of new gaming platforms and changing demographics are pushing gaming businesses away from being product-centric to becoming experience-oriented platforms," said Seth Schuler, managing director with Accenture's Software & Platforms industry group. "The industry must balance the needs of its newest adopters, who care more deeply about their online interactions, with the expectations of gaming loyalists who remain the industry's most lucrative customers."
In the past three years, the industry gained half a billion players for a total of 2.7 billion all over the world.
"Beyond its already tremendous size, the gaming industry has had a significant global impact on entertainment and culture, spanning successful movie franchises, arena-based competitions, toys and more," said Robin Murdoch, global Software & Platform lead at Accenture. "As we watch this influence expand, we're seeing the emergence of gaming as an ecosystem of superplatforms where players can meet, communicate, watch live-streamed concerts, shop or listen to music."
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