The gaming industry has already reached a high level, so only in the US did revenues reach 60 million dollars, although in 2017 the amount was 25 million. It is predicted that annual revenue growth will continue by 5-10% for the next 5 years. Increased demand provoked large investments in this niche and it has changed a lot. Augmented reality, cloud solutions, 3D, and much more are the result of developments over the past 10 years. Although some technologies originated an order of magnitude earlier, they became viable only recently. Indeed, this burgeoning industry could be set to grow even further as consumer power shifts towards increased user participation in game construction and promotion. The future looks bright for this exciting industry which promises to offer a greater variety of gaming experiences than ever before.
What are the major changes in the gaming industry?
To understand how has gaming changed in the last 10 years, it is worth learning more about technology. It was their implementation that made it possible to achieve visible changes in the entire industry.
#1: High share of mobile games
Mobile phones have revolutionized the gaming landscape. For starters, they’ve expanded the market to new demographics: millennials, Gen Z and even older generations are now able to game on their smartphones. Additionally, mobile games are typically more accessible than console titles due to their availability on the App Store and Play Store, as well as often requiring simpler controls. These two factors – exposure and accessibility – can account for the meteoric expansion of revenues facilitated by mobile technologies. According to Statista, the mobile gaming segment was the most profitable compared to consoles and PC. With this in mind, it’s clear that smartphones have completely altered how people game and what kind of money is being made within the industry.
#2: F2P & P2E
10 years ago, the changed video game landscape seemed impossible as F2P games only had a small audience while P2E games were unheard of. That changed when Metacritic released its 100 highest-rated games for 2011, with the first F2P game, World of Tanks making it onto the list. Ever since then, F2P games like PUBG and Fortnite have become extremely popular and it opened up a path for P2E games to exist. The mass adoption of blockchains, cryptocurrencies, and NFTs made it possible for gamers to buy digital collectibles in exchange for real money – something that was considered to be revolutionary. We have gotten used to playing these two types of games thanks to their success over the last decade and it is clear that they are here to stay.
#3: Consoles are more powerful than PCs
Consoles have always followed their own path but usually lagged behind PCs in terms of performance. If you think about what are the recent changes in gaming technology, then I want to mention consoles. Xbox Series X and PS5 proved to be incredibly productive. Yes, you can assemble a PC from the same components, but its price will be many times higher. Why such a difference? The thing is that Sony and Microsoft sell their consoles at cost, and according to some information, even at a loss, but they already earn money from games.
Another big innovation for consoles is online gaming. On devices of the first generations, there was no access to online matches. While there is a downside, it is often necessary to use VPN for Xbox Series X and PS5. It’s all about regional restrictions that do not allow you to play in other regions. VPN for Xbox is useful not only for this but also because it protects against blocking access to servers by IP.
Good VPN apps also act as protection against DDOS and tracking, and can also optimize the Internet channel. For those looking for a free VPN on Xbox, VeePN is a great service. When in doubt, look here for real user reviews. In general, a VPN has become as necessary for a comfortable game as it is for anonymity on the Internet.
#4: Cloud gaming
Cloud gaming is an immersive experience for many players. Although Google’s Stadia was unsuccessful in making it a mainstream activity, other prominent tech companies like Nvidia and Microsoft have continued success with their cloud-based streaming platforms. Geforce Now has been around since 2015, creating a home for players that want to maximize their gaming experience. Meanwhile, Microsoft launched Xbox Cloud Gaming more recently and is also seeing gradual growth in its user base. As cloud gaming grows in popularity, we can expect to see even more innovation around this exciting technology.
#5: AR & VR
AR and VR technologies are revolutionizing the gaming industry and pushing the market to its highest potential. Game designers can now create interactive virtual worlds with lifelike 3D graphics, realistic soundtracks, and even haptic sensory feedback, allowing players to experience the game with their entire bodies. This groundbreaking innovation is expected to generate over $11 billion in sales by 2026, with an impressive 18.5% annual rate of growth. With this cutting-edge technology paving the way for future generations, there’s no telling where virtual reality may take us next.
Within 10 years, Twitch has managed to become the most popular live streaming platform – and it truly revolutionized the way we consume video game content. The fact that Twitch and YouTube can even compete with longstanding TV networks in terms of viewership is something that nobody could have predicted when Twitch was first created. We only have to look at the sheer number of Twitch users (2.5 million!) watching channels every day – more than monumental broadcasters like AMC or TNT for example – and it’s pretty clear how far Twitch has come.
This remarkable growth in eSports popularity and success is no surprise given the nature of the games. With expansive maps and universes to explore, along with sophisticated graphics built for an immersive experience, these video games offer something special compared to other forms of entertainment. As a result of this unique draw, public interest has surged, paving the way for professional players to amass fame and fortune as they compete in global tournaments. What’s more, these events have become major social occasions as thousands come together to spectate and cheer on their favorite teams and players.
The gaming industry is constantly evolving, as developers strive to create the most immersive and engaging experiences for their players. From cloud streaming to eSports tournaments, gamers now have access to a plethora of cutting-edge technologies and platforms that are constantly pushing the boundaries of what’s possible.