Your Objective: Understanding the Video Games Business: Intro to the Industry

Google “video game industry” and the first page of results will give you stats, trends, and forecasts about the industry 📈

Through my own research, I found Newzoo’s Global Games Market Report 2021 which said that the video games industry is estimated to have a worth of over $300 billion globally by 2025. It’s estimated at about ~$200 billion globally in 2021.

Okay, stop. Let’s start this session right here. What does this mean?

📚 THE LEARNING: 
It means the video games industry is growing in terms of the money it makes. People are buying more and playing more games which means companies are earning more money from sales. The increase of people buying and playing more is coming from having increased popularity across all age groups, is a form of entertainment and socialization, and can be accessed through various platforms including consoles, PCs, mobile devices, and online. The development of new technology in the space is also growing which can impact these consumer behaviors and motivations.

Due to the pandemic, there was a significant impact on the industry as many people turned to gaming as another form of entertainment while at home, in addition to watching movies, TV, and listening to music. There have been statistics that have proven video games to be resilient during the pandemic and are also growing at a much faster rate and outpacing growth in the film and music industries.

Overall, the revenue growth in the video games industry is due to the simple business model of supply and demand. The advances made increase demand and the industry is adapting to apply to meet that demand.

🎮 THE APPLICATION:
“So how does this help me with my job search?”

It's important to understand the value games bring to the global economy. It’s important to understand the market, trends, challenges, and opportunities of the industry as a business. When it comes to particular companies, understand that company’s place within the industry, what are their goals, how they strategically place their products in the market, how they make money, understand what they are trying to achieve, and apply your own knowledge and demonstrate your skills and experience to contribute to their success. Essentially, what skills, ideas, and experience do you bring that will continue to positively impact these trends?

And RIP Lance Reddick 🙏🏼 This post was ready to publish before the news and I’m heartbroken 😢 He's contributed a lot to the gaming community.