2018 was stellar for the video game industry. The market had tremendous sales of both software and hardware. What about 2019? Could you expect the same? Where can you get a reliable and low cost gaming merchant account to grow your business? No worries! Find answers below.
Video Game Industry in the US
The sales associated with the US video game industry increased 18% to make up $43.4 billion in 2018. The previous record was $36.9 billion in 2017. This is what the Entertainment Software Association and the NPD Group report.
Mat Piscatella, an analyst with the NPD Group, notes that2019 is expected to bring about more challenges. Moreover, since a new generation of consoles is forecast to appear in 2020, the revenue of the video game industry is likely to be even higher in the mentioned year, according to Piscatella.
When it comes to the VR gaming values, these are more than double and account for 4.4 billion euros. The video gaming market, as a whole, is anticipated to make up about 89 billion US dollars this year. Overall, the global video game industry is projected to grow at CAGR of 3.6%during 2015-2020.
As for the cross-platform play, it’s likely to be a hot-button topic for every studio’s design agenda this year. On the other hand, be aware that video games are going to meet ore and new regulation focused on kids.
Overall, the growing innovation and competition in the field are going to increase the industry’s offerings and result in increased inclusivity among larger audiences. By the way, cloud gaming is fraught with huge market opportunities nowadays, which go beyond the frames of interactive entertainment.
E.g., Google is one of the companies working on the cloud gaming business. Its cloud operations account for $10 billion per year.
Video Game Businesses: Best Gaming Merchant Account
During the past 5 years, game publishers doubled down on in-game purchases, online multiplayer services, as well as game subscriptions. As a result, they enjoyed a major revenue stream.
Currently, several estimates show that the video game industry might experience its 1strevenue decline since 1995. However, Morgan Stanley remains optimistic about the $138 billion gaming industry for this year.
How are you going to increase the revenue of your video gaming business? Of course, you can’t do this without opening a secure and affordable gaming merchant account. That’s where reputable payment processors step in. A respectable high risk merchant account provider can help you take your business to the next level with ease.
By the way, online distribution for games is currently more competitive as compared to what you could see 18 months ago. What’s more, the rise of video games has made Fortnite become a social phenomenon and turned esports into a rival to the NFL for viewers.
To sum up, the number of time people devote to playing games has gone up at a 4% CAGR over the past 15 years, as the Bureau of Labor Statistics reports. So, you should work only with a reputable payments company to fight the competition in the market successfully.
Author Bio: Electronic payments expert Blair Thomas is the co-founder of high risk payment processing company eMerchantBroker that offers an exceptional gaming merchant account at the cheapest rate. He’s just as passionate about his business as he is with traveling and spending time with his dog Cooper.