Video game industry bigger than sports, movies combined: report
The video game industry has grown to be bigger than the sports and movie industry combined, MarketWatch reported Tuesday.
The news outlet reported that global video game revenue is expected to increase 20 percent in 2020, making $179.7 billion, according to data from IDC.
The biggest gain is expected to come from mobile gaming, according to the news outlet, which is expected to surge 24 percent to $87.7 billion. Part of this is due to China recently lifting a ban on gaming consoles.
Game console revenue is expected to soar to $52.5 billion this year, while PC and Mac games are expected to make $39.5 billion. The news outlet notes that revenue for PC-gaming took a hit due to the closure of popular iCafes in China due to the coronavirus pandemic.
The growth in the video game industry follows single-digit growth in the previous two years. Experts told the news outlet that the growth will continue into 2021 after Sony and Microsoft introduced new gaming consoles.
Meanwhile, the global film industry, which has taken a hit due to the coronavirus pandemic, brought in $100 billion in revenue in 2019 for the first time, Variety reported in March.
And MarketWatch notes that the global sports industry, which has also experienced hardship due to the pandemic, is estimated to bring in more than $75 billion this year.