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Overview of the Electronic Games Industry, Business and Industry Trends Analysis

The global video games industry is so vast that it far surpasses the categories of adult and children’s books in terms of total revenues.  Estimates of the total size of the global electronic games market (including hardware, software and subscriptions) vary from one analyst to another.  Games tracking firm Newzoo estimated that this market reached $184.0 billion in 2023.
The advertising industry has jumped into the games, apps and social media (GASM) field in a massive way, as the number of hours spent by consumers accessing GASM daily has become much too large to ignore.  Likewise, media, professional sports and entertainment corporations have entered the field with great enthusiasm.  The fastest-growing advertising media in the world include the largest social media site:  Facebook.
Historically, gaming was largely an industry driven by players on dedicated consoles, such as the PlayStation and Xbox.  Manufacturers of consoles continue to compete fiercely to introduce the best new features and garner market share.  Game console makers have been able to develop massive numbers of fans who pay monthly subscription fees.  Sony’s PlayStation network has more than 104 million monthly active users worldwide.  Once logged in, subscribers can both play their favorite games and control their favorite media and entertainment.  For example, they can log into Netflix to watch streaming movies on their consoles.  However, retail sales of game software designed for specific consoles are slowly becoming of less importance.  Game consoles offer exciting features but may become less relevant to the overall market as many gamers rely on their smartphones and the cloud for play.
While electronic game usage and revenues soared during Coronavirus lockdowns, the industry’s activities returned to more normal levels by 2023.  The biggest tech and game companies remain interested in growth through both internal innovation and acquisitions.  Microsoft’s $75 billion acquisition of Activision Blizzard closed in October 2023.  It represents a major competitive change in the game industry, with the ownership of an extremely successful games creator passing to one of the world’s biggest cloud services and game console companies.

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