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Video Games Made More Money Than Hollywood Movies Last Year And It Will Rise Even More With Time

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Video game revenue has been on the rise for the past few years and it reached a new peak of $43.8 billion. That's 18% up from previous year and has surpassed the projected total global box office number for movies. The numbers were released by the reliable NDP group and Entertainment Software Association. 

In fact, we predicted this over two years ago as games like GTA V, Fortnite, Fifa 19, PUBG and others are literally taking over the world. The increase in Video Games revenue could be attributed to a variety of factors. Free-to-play games such as Fortnite, PUBG Mobile and even AAA games have implemented micro-transactions in their games that may have resulted in an 18% revenue increase. In fact, Fortnite made almost $3 billion in profit last year. The same could be said about PUBG as the game also managed to rake in a $1 billion in revenue in 2018. 

Last year, it was projected that global box office revenue from around the world would hit $41.7 billion, according to comScore data. In fact, Video game revenues also surpass streaming services such as Netflix and Amazon Prime where it is estimated to rake in $28.8 billion. Reed Hastings, CEO of Netflix said in a shareholder letter “We compete with (and lose to) Fortnite more than HBO,”  the company's shareholder letter stated. “When YouTube went down globally for a few minutes in October, our viewing and signups spiked for that time…There are thousands of competitors in this highly fragmented market vying to entertain consumers and low barriers to entry for those with great experiences.”

According to te NPD group analyst Mat Piscatella, revenue in video games comes from a variety of sources i.e. hardware sales, micro-transactions, digital and physical game sales and mobile gaming. 

With keeping trends in mind, the video game revenue will steadily increase in 2019 and 2020 thanks to new consoles launching soon and blockbuster games like Anthem, The Division 2, and Death Stranding are on the horizon. 

Source: TechCrunch, NPD Group, 

 

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