Video Game Fever: Gaming Revenue to Surpass TV in 2020, Study Says | Charts
Gaming is on the verge of becoming the biggest entertainment sector in the world. That was one of the key takeaways from IDG Consulting CEO Yoshio Osaki’s opening presentation on Tuesday at TheWrap’s GamingGrill at Herringbone in Santa Monica. Gaming, according to IDG’s research, already brings in more revenue globally than the music business, movie ticket sales and home entertainment combined. Overall, the gaming industry is on pace to bring in nearly $180 billion in revenue this year — marking a 24% jump in revenue from only two years ago. By the end of 2020, IDG projects gaming to surpass television as the most lucrative form of entertainment, with annual revenue rising to $195 billion. Also Read: Quibi Adds Video Gaming and Culture News Show From Polygon and Vox Media (Courtesy of IDG Consulting) It’s probably best to think of major video game releases in the same way we think of blockbuster movies, Osaki said. And in many cases, the biggest video games trump the latest comic book epic coming out of Hollywood. For example, “Avengers: Infinity War” brought in $640 million globally during its opening weekend last year — or about $85 million less than “Red Dead Redemption 2,”...
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