Want to Know the Video Game Industry Revenue in 2023?
The Global Video Game Industry Revenue: Growth, and Opportunities
The projected video game industry revenue for 2023 is from $221 Billion to $365 Billion. In this way, the annual growth rate (CAGR) from 2020-2023 will be 9.4%. Other predictions or stats show that by 2027 the industry will grow to up to $482 Billion.
The video game industry has grown really big in the entertainment sector by generating unusual revenue. The video game industry revenue is soaring day by day or we can say year by year. The revenue was $159 Billion in 2020 globally which is up by 9.3% from 2019. The video gaming industry has outclassed the film and music industries combined.
Top 10 Countries by Video Game Revenue Expected in 2023
|1.||United States||56.84 Billion|
|2.||United States||50.78 Billion|
|4.||South Korea||13.37 Billion|
|5.||United Kingdom||6.41 Billion|
|10.||Brazil||1. 63 Billion|
Breaking Down the Revenue of the Video Game Industry by Device
Mobile gaming is the highest revenue-generating segment of the video game industry, as it contributes almost 53% to the gaming industry, while console contributes 24%, and PC contributes 23% to the video gaming revenue industry. In terms of the game’s popularity, you can consider Age of War MOD APK and Age of War 2 MOD APK as top-notch along best strategy games.
Factors Contributing to the Growth of the Video Gaming Industry
- The 1st and foremost factor in the growth of the Video Gaming Industry is COVID-19. Many people losing their jobs and working from home led to the growth. Everybody was out of any social activity, and sitting at home forced them to play video games for their entertainment.
- Technological advancement in the video gaming industry and internet connectivity are other factors contributing to the growth of the video gaming industry.
- There are several tournaments and events that are specifically designed to encourage and promote the video gaming industry. Some of the most notable ones include:
- The Electronic Entertainment Expo (E3): This is an annual trade event for the video game industry where major companies showcase their upcoming games and hardware. E3 is a major event in the gaming industry and attracts a lot of attention from gamers and media alike.
- The International (TI): This is the premier esports tournament for the game Dota 2. It is organized by Valve Corporation and attracts the best Dota 2 teams from around the world to compete for a multi-million dollar prize pool.
- League of Legends World Championship: This is another major esports tournament that focuses on the game League of Legends. It is organized by Riot Games and features the best teams from around the world competing for the title of world champion.
- Gamescom: This is a major gaming trade fair held annually in Cologne, Germany. It is one of the largest gaming events in the world and attracts a wide range of exhibitors and attendees.
Competition Among Companies Across Regions
- North America: This region is home to some of the largest and most well-known gaming companies in the world, such as Microsoft, Sony, and Electronic Arts. The region is also home to a large number of independent game developers and startups.
- Europe: Europe is home to many established gaming companies, such as Ubisoft, CD Projekt Red, and Konami. The region is also known for its independent game development scene, with many smaller studios producing innovative and unique games.
- Asia-Pacific: This region is the largest and fastest-growing video gaming market in the world. It is home to some of the largest gaming companies, such as Tencent, Nintendo, and Sony.
- Latin America: Latin America is an emerging market for the video gaming industry, with a growing number of players and developers. Brazil is the largest mobile gaming market in the region.
Highest Earning Video Games 2022
List of few games that contributed the most to the revenue of the video gaming industry, the result is compiled by different surveys
|Honor of Kings||1.65|
|Candy Crush Saga||1.00|
|Romance of Three Kingdoms||0.50|
|Uma Musume Pretty Derby||0.49|
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The Video Game Industry Revenue is growing at a very fast pace. The video game industry revenue is going to surpass $200 billion in 2023. The Video Game Industry Revenue is increasing by an average of 9% every year. Technology is getting better on daily basis with new inventions. Video gaming is going to change the world’s point of view about taking video gaming as a profession. The encouragement of gaming through different tournaments in itself gives you the idea of how gaming industries are taking their work and business seriously.
The gaming industry is not only thinking about the business but also about entertainment and the easiness of its audience. All the updates and upgrades in the technology and games show their dedication to their passion. A very interesting game that we recommend is Stick War 3 MOD APK unlimited all available on our website to download and play.