Video games have been our favourite source of entertainment for decades, but they have drastically evolved from the early consoles and computer games we used to know and love.
The video game industry is now among the largest sectors in the world that only continues to evolve as new technologies, innovations, and trends hit the market. Due to its current popularity and potential for profitability, investing in a video game startup seems like a brilliant idea at the moment.
If you are thinking of starting a successful video game business, here are some video game trends and statistics to keep an eye on today:
1. Video game streaming
Video streaming is not a new concept in the gaming industry, as watching our favourite streamers play games on platforms like Twitch and YouTube is one of the most well-liked pastimes.
However, video streaming has taken on a new meaning in recent years, as many industry giants want to introduce the typical streaming model into the industry, allowing users to play games in the form of subscriptions instead of purchasing and downloading them.
For this reason, Microsoft has introduced a project named xCloud that enables users to stream games to other devices, while Google aims to provide a cloud-based gaming service that allows users to stream high-quality games directly on their devices. It currently seems like streaming is the future of gaming.
2. Progressive innovations
New technologies are taking the gaming industry by storm, and virtual reality (VR) is one of the most notable innovations. As this technology quickly hit the mainstream and became available and affordable to most, gaming was nearly instantly integrated into VR, including VR-specific games, virtual experiences, and gaming headsets.
But companies like Meta are now taking VR a step further by integrating video games into their virtual world called metaverse as well. Apart from VR, other innovative technologies such as advanced touch screens and voice control are expected to have a significant impact on gaming in the near future as well.
3. The gaming culture
Even the gaming culture itself has seen a massive spike in popularity, becoming a notable sub-category in popular culture. Aspects of gaming have now entered the mainstream, from branded merchandise to movie versions of famous games, both of which bring plenty of revenue to the industry.
Another aspect of this culture is a healthy gaming energy drink, a trend that is also on the rise. Formulated with a wonderful blend of natural ingredients, this drink can help to lift the mood, raise energy levels, improve focus and attention, and boost stamina as well. Offering a number of great benefits, no wonder it is popular among gamers and investors in the industry alike.
4. Modernized classics
Many gamers are nostalgic about their childhoods and the first games they ever played. As a result, there was a rise in demand for some of the most classic retro games, and companies quickly followed suit.
Nintendo, for instance, released remakes of some of their most famous classics and even brought out consoles in an effort to revive their retro games.
On the other hand, modernized versions of Tetris, arcade games, and even slot games managed to maintain their popularity over the years, with new solutions such as handheld mini-game machines suddenly appearing. At the moment, creating contemporary and updated versions of some of the most beloved retro games seems like a great business idea.
5. New gaming business models
With new market trends in the gaming industry comes new business models as well. Games as a service (GaaS) and free-to-play games seem to be the most prominent game business models at the moment.
Primarily an on-demand, subscription-based streaming service, GaaS allows users to play games on the hosting servers of video game publishers. Combined with additional opportunities for monetization, GaaS can help to expand the lifetime of a game in the long run.
Free-to-play game business models, however, enable users to play games for no charge at first. Monetization options are then introduced throughout the game and typically work on a voluntary basis, such as purchasing skins and characters, buying credits for removing ads, paying for unobstructed play, etc.
The video game industry is continuously evolving, with new technologies, features, and gaming business models appearing each year. As long as you follow the latest market trends and statistics, a successful and profitable business in the gaming industry can nearly be guaranteed.
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Lilly Miller is a Sydney-based graphic designer and a passionate writer. Loves everything about home decor, art history, and baking. She shares a home with two loving dogs and a gecko named Rodney.