A Global Entertainment & Media Outlook Perspectives Report, by consulting firm PriceWaterhouseCoopers, reports a large increase in revenue from video games in the entertainment sector and shows strong growth indicators for the coming years. Total and global revenue from video games (excluding eSports) reached $ 214.2 billion over the course of 2021. PwC expert estimates say this sector will expand over the next few years to reach $ 321.1 billion. dollars in 2026. In 2017, video games accounted for just 6.1% of total entertainment and media (E&M) spending, while by 2026 they will account for 10.9%. The expansion is driven by social and casual games thanks to millions of people who approached video games during the pandemic to escape boredom.
As for future opportunities, enormous expectations are placed in the metaverse. An obvious starting point is the virtual reality market, which is one of the segments monitored by PwC’s Outlook. Supported in particular by the success of Meta’s Quest VR system, global spending on virtual reality increased by 36.5% in 2021 to $ 2.6 billion and is projected to increase by 24.1% between 2021 and 2026 to reach the figure of 7.6 billion dollars. The global active installed base of standalone and connected VR headsets is expected to increase from 21.6 million in 2021 to 65.9 million in 2026.
Since the metaverse is an evolution that can profoundly change the way companies and consumers interact with products, services and with each other, its potential financial and economic value goes far beyond virtual reality. Over time, many or all of the revenues associated with video games, live music performances, advertising, and even e-commerce could migrate to the metaverse. Citibank has announced that the metaverse could represent an opportunity of between $ 8 trillion and $ 13 trillion until 2030.
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