The gaming industry has been increasing in leaps and bounds over the last few decades. And it isn’t showing any signs of slowing down. In fact, it is picking up pace, if anything. As technology progresses, new opportunities for growth emerge. Companies are eager to exploit these developments. Being the first to adopt a new technology can mean millions, if not billions, of dollars in profits. Even it is for a short time, the position is very lucrative.
More Cryptocurrency and Blockchain in Gaming
Despite the bitcoin crash, cryptocurrencies have managed to come back. Moreover, they have become a significant presence in financial markets. Compared to the traditional ways, they offer some significant advantages that can’t be ignored. First of all, blockchain offers immensely more secure transactions, with almost impenetrable security. By employing a distributed ledger, blockchain is almost impervious to outside tampering. Once the transaction is recorded, it is impossible to erase it from the ledger or erase it. However, its inherent anonymity makes it easy to stay hidden while making payments. The other advantage of blockchain transactions is the cost. It is considerably cheaper to make payments via blockchain that it is through traditional banks. Finally, the speed of transactions is immensely faster with blockchain. It can completely eliminate the need for waiting for your payments.
Increased Competition in the Gaming Industry
The gaming industry is worth millions and continues to increase its value each year. This attracts investors and increases competition. The companies are forced to fight for both existing and new users. Depending on the company, this fight can take different forms. For instance, the iGaming industry has several ways of fighting for players. One of the ways of attracting new users is by offering some of the best casino bonuses on the market. In the end, it is the players who benefit the most from increased competition.
New Devices
Usually, new devices in gaming mean a new console. However, in the future, we will see wearable devices that will revolutionize the way how we play games. With constant Internet access, we will be able to play anytime, anywhere. The lack of a sufficiently powerful platform makes this impossible today, apart from mobile titles. In the future, we will see devices on par with gaming computers that are small enough to be wearable.
New Platforms
The days of Steam monopoly are officially over. Despite protest from gamers, the Epic Games Store is picking up steam (see what we did there?) and has managed to finish its first full year with $680 million in profit. That is an amazing result, considering what an uphill battle they were facing. By offering developers better revenue sharing programs and fewer limitations, they have drawn a significant number of them to their new platform. Players also got plenty of freebies, like weekly free games. While Steam is far from being overtaken, it is certainly challenged. Another popular platform is getting challenged as well. Twitch has been a popular choice for streaming gaming content for years. Now it too has competition in the likes of Mixer. The new company has been offering lucrative deals to twitch superstars to switch sides. Some of them agreed to it, like Shroud and Ninja. They lost a lot of followers in the process, but they hope to gain them back soon.
Independent Developers
For a long time, indie games were a synonym for poorly developed titles. Not anymore. Modern indie games can compete with any title on the market in terms of production. Often, they gain the edge by featuring genres that big developers ignore. This is another piece of great news for players, as they get access to a broader range of titles. This greater variety attracts new players, creating a positive spiral that benefits everyone involved. Unfortunately, not all indie studios will be able to withstand increased competition. Some of them will fold or get incorporated into larger companies. Regardless, there are plenty of them capable of remaining independent.
Transparent Design
In the past, the game design was the domain of developers. Today, with more and more games being financed via Kickstarter and similar platforms, the audience has a greater say. With early access, they get to influence how the final product will look like. Some companies are going one step further. Vlambeer streamed their entire development process. 12,000 people pay a monthly fee to access the stream. Not only are they creating a passive income, but providing essential feedback. By letting them observe the process, the company is consulting its customers in real-time. They have achieved two important objectives by doing this. First, they are getting invaluable advice from their core target demographics. Secondly, they have created 12,000 advocates for their game, once it hit the shelves.
Changing Demographics
The last few years have been marked with the increased presence of female gamers. It has become acceptable to be a girl and play games, even online. In the next period, silver games will become significant demographics. As the original gamer generation grows older, reaching retirement, they will have more time for gaming and many of them will take it up again. This will hugely influence the market. This new demographic will become one of the major targets for game developers. The influx of mature gamers, with developed taste and enough money to spend, will stabilize the industry. Of course, silver gamers will experience massive benefits. One of the biggest ones is helping lonely people coping with their isolation. With plenty of online friends, facing loneliness will be much easier.
Not many industries can claim the speed of development the gaming industry enjoys. However, these new trends threaten to disrupt that growth. Unless the industry doesn’t adapt, it very well may experience a slowdown and even recession. Fortunately, it is also one of the most resilient industries in the world, with massive infrastructure and an enormous consumer base. It should be able to overcome any challenge that comes its way and continue its growth.
