Recent years have witnessed a surge in the global video games industry, both in terms of revenue and the number of users. However, with millions of people spending more time indoors and online amid COVID-19 lockdown, the profits of the leading gaming markets have boomed since the beginning of the year.
According to a recent report, the revenue of the world’s five largest gaming markets jumped by $10.04bn (£c.£8bn) in the last three years.
Video games revenue surged by $6.11bn between 2019 and 2020
In 2017, the world’s largest gaming industry, China, generated $20.8bn profit, revealed Statista Digital Market Outlook. With $17.6bn in revenue, the United States ranked as the second-largest gaming market that year. Japan, the United Kingdom, and Germany followed with $11.8bn, $3.1bn and $1.5bn profit, respectively. Statistics show the combined revenue of the world’s five largest video games markets amounted to $54.8bn in 2017.
In the next twelve months, this figure rose to $56.44bn, a $1.45bn increase year-on-year. The upward trend continued in 2019, with the revenue of the five largest gaming markets growing by $2.29bn and reaching a total of $58.73bn.
However, with millions of people turning to video games amid coronavirus lockdown, the last few months have witnessed the most significant rise in the gaming revenues in years. Statistics show the five largest video games industries are set to reach $64.84bn profit in 2020, a $6.11bn jump year-on-year.
The increasing trend is expected to continue in the following years, with the cumulative revenue of the top five gaming markets reaching $68.50bn by 2024.
Mobile games are the largest revenue stream
Analysed by segment, mobile games represent the most significant revenue stream of the global video games industry. Statistics show the mobile games segment of the top five gaming industries generated $29.34bn profit in 2017.
In the last three years, this figure rose to $34.11bn. The increasing trend is expected to continue in the following years, with the mobile game profits of the largest gaming markets reaching $36.56bn by 2024.
The world’s leading gaming industry, China, has witnessed the most significant increase in mobile games revenue, growing from $13.20bn in 2017 to $19.58bn in 2024.
As the second-largest revenue stream of the top five gaming markets, online games are set to generate $11.16bn in revenue in 2020. In the next four years, this figure is expected to rise to $11.3bn.