COVID-19 is impacting almost every aspect of life. Last year, the global gaming market value was estimated to be $159.3 billion and is anticipated to almost double within the upcoming 5 years. Let’s discuss the scene behind the eGaming industry growth and see who can help you with an exceptional gaming merchant account.
eGaming Is Thriving: Gaming Merchant Account
The U.S. is among the biggest 5 eGaming markets together with China (the top), Japan, South Korea, and Germany.
The COVID-19-related measures such as social distancing have dropped consumer and business activity, thus making people locked at homes get addicted to gaming offers more than ever before. The recent data in the field already reveals a vivid rise in playing time and sales since the lockdowns began.
Now, the video game industry is experiencing its best month in terms of sales. Specifically, the sales have grown by 35% in the last year with March featuring nearly $1.6 billion, as data by The NPD Group shows.
The recent developments and changes in our work and life make it more critical than ever to keep one’s finger on the pulse and follow the latest trends in payments. As a merchant, you should use the most advanced payment processing services, including a gaming merchant account, if you’re in the gaming industry. Only this way you can offer the best to your customers and be sure to succeed.
Gaming Industry Growth
The gaming traffic during peak hours rose by 75% for Verizon. The digital video traffic grew by 12% and the web traffic by 20%. As Streamlabs notes, platforms like Twitch, YouTube Gaming, and Facebook Gaming have grown exponentially. Specifically, there’s been almost a 20% rise in usage hours reported across services.
Q1 of 2020 has resulted in over 25% of sales increase for the PlayStation 4 and Xbox One, thus enabling the companies to earn $773 million. March saw a 34% increase in the sales of video game software, thus making the spending for downloadable digital games reach $739 million.
So, because of the COVID-19-related lockdowns, users got much more reliant on video games and esports. As a result, lots of companies and platforms in the gaming industry have already experienced a vivid rise in sales.
Author Bio: Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest rated high risk merchant account processor in the country offering the safest and cheapest gaming merchant account in the space. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.