Some of us started on the Atari consoles while some of us are obsessed with PUBG mobile or Battlefield 1. But there’s no denying that the Video Games industry is a giant in the entertainment sector. And new reports from the UK based Entertainment Retailers Association (ERA) are here to send that message home.
Further detailed insight shows that Music and Video have generated around 1.33bn £ and 2.33bn £ respectively, gaining somewhere around 9-10% increment over last year. Despite having the strongest sales figures in history, there are a few dips in the charts. Physical sales have been on the low side with both music and video experiencing well over 16% drops since last year.
With the advent of streaming services such as Netflix, Amazon Prime, Spotify, Apple Music, and Twitch, it’s no surprise that the market for Retail and Rental services are on the decline. Unsurprisingly, only Video Games have managed to rake in a huge number of P
“The games industry has been incredibly effective in taking advantage of the potential of digital technology to offer new and compelling forms of entertainment,” said ERA chief executive Kim Bayley. “Despite being the youngest of our three sectors, it is now by far the biggest.”
The entertainment industry has been experiencing a paradigm shift for the last 5 years. The youngest industry is taking the lead and is changing the landscape with new methods of sales and promotion.
Video Games as an industry and as a phenomenon is growing faster than anyone can even predict. And the numbers speak for themselves. The full report from ERA can be found right here.
