According to data from SafeBettingSites.com, the global gaming industry will hit a new high of US$159.3 billion in 2020 in terms of revenue. This makes it almost three times bigger than the $57 billion music industry and four times bigger than the $43 billion box office industry.
For the period between 2018 and 2022, the report estimates a compound annual growth rate of 9%, placing its worth at $196 billion by 2022. The gaming industry has enjoyed explosive growth this year as it was only worth $138.7 billion in 2019. SafeBettingSites says that part of the reason for this is the evolution of its business model. Rather than focusing on single purchases, game providers are creating recurring revenue streams. Among the primary in-game monetization opportunities are expansion packs, loot boxes, character and tools.
Another factor behind the growth is increased accessibility of games on mobile platforms. 48% of all revenue in the gaming industry is from mobile gaming, which could be worth a whopping $77.2 billion in 2020. Considering that it was worth $68.5 billion in 2019, this would mark a 13.3% growth rate year-over-year.
In 2019, mobile games accounted for 33% of all app downloads. They contributed 74% of all app-related spending. Noteworthy too is the fact that mobile users are spending more time on their devices. According to an eMarketer report, 2019 saw U.S. mobile users spend eight more minutes on mobile devices than on television. By 2021, it is predicted that this will increase to 30 minutes.