Online entertainment has recently experienced a spike in popularity, with regulated video games, in particular, gaining traction. In addition, the entertainment industry appears to be changing due to technological advancements. Gaming, for example, has attracted a far greater audience than in previous years.
The expense of developing a game for one of the major consoles has risen in tandem with the increasing complexity of video game development. It was once unthinkable to spend millions on game development. Still, today’s games can cost tens of millions, if not hundreds of millions of dollars. Though it does not receive the same level of attention as the film and music industries, there are over two billion players worldwide. This equates to 26% of the world’s population.
Analysts estimate that the sector will earn more than $260 billion in revenue by 2025. As a result, tech firms are attempting to participate in this revenue stream. So what is changing in the online game industry due to technical advancements? Let’s take a look at how it will alter the face of online gaming around the world.
Back in 2009, Bitcoin grabbed the globe by storm. As its price rises, many people wonder if crypto will become more mainstream. It’s no wonder that cryptocurrency and gaming are rapidly combining because they are two of the most technologically advanced sectors. As a result, we’re starting to see several gaming platforms embrace the capabilities of the blockchain, from online Bitcoin casinos to the debut of Litecoin’s very own role-playing game, Litebringer. If past trends are any indicator, we can expect this link to strengthen even more in the future.
While the typical person may be unaware, augmented reality has long been a part of contemporary culture. As seen in mobile games like Pokémon Go, augmented reality games combine elements of the actual world with virtual ones. Augmented reality games can appeal to a broader market of people who may not be experienced gamers or are just starting to explore gaming by removing the requirement for an expensive console. As a result, the augmented reality gaming industry is a fast-growing segment of the video game industry, with a market value of more than $385 billion predicted by 2023.
Cloud gaming is one of the most talked-about subjects in the gaming business. It’s expected that this gaming trend will result in significant changes over time. Cloud gaming is not a new concept, still, larger software companies are increasingly devoting more effort to providing complex cloud gaming solutions. Gamers love the idea of cloud gaming because it will make gaming more affordable and accessible. The nice part about cloud gaming is that all you need is a solid internet connection to play various games.
Virtual reality has enticed gamers for decades with the promise of a totally immersive experience. However, technological advancements have been slow to deliver on that promise. Compared to the rest of the game business, virtual reality is still a niche market. There are some promising developments that will be seen in the very near future. However, there are a few challenges to conquer first. The cumbersome headsets and expensive pricing, to be specific. However, companies are working to make virtual reality appealing to a broader audience, and hardware costs are falling.
As you may be aware, cell phone usage is increasing, and most people nowadays rely on them for most of their activities. Apart from that, smartphone gaming has become increasingly popular, accounting for more than 51% of the gaming market. Furthermore, mobile gaming is hugely versatile, allowing users to play their favorite games whenever and wherever they choose. As a result, many major video game publishers have begun to target the smartphone market, releasing high-end titles formerly only available on PCs. With such growth, potential, and a vast target audience still to explore, it is no wonder that big tech companies are investing in this section of online gaming.