Video gaming industry in the US

Abstract

Generations after generations, the entertainment industry evolved multiple folds, be it music, be it movies, be it sports, be it video games. Each industry doesn’t only set trends each decade but also changes peoples’ lifestyle. Video games are something which is involved almost in every person’s life. Some people play them when they’re young, some play in their teens, some play after they come home from office and some play after they retire. The video games were simply designed simulations that was started in 1950’s and 1960’s by computer scientists on the early computers. In 1952, British professor A.S. Douglas created OXO, also known as noughts and crosses or tic-tac-toe, as part of his doctoral dissertation at the University of Cambridge. In 1958, physicist William Higinbotham developed “Tennis for Two” on a large analog computer and connected oscilloscope screen. In 1962, Steve Russell at the Massachusetts Institute of Technology (MIT) invented Spacewar! a computer-based space combat video game. It ran on the Programmed Data Processor-1 (PDP-1), a cutting-edge computer primarily found at universities. Spacewar! was the first video game that could be played on multiple computer installations. In 1967, Ralph Baer and his team at Sanders Associates, Inc., created a prototype multiplayer, multi-program video game system that could be played on a television. Known as “The Brown Box,” this invention led to the release of the Magnavox Odyssey in 1972, the first video game home console. In 1977, Atari launched the Atari 2600 (also known as the Video Computer System). This home console featured joysticks and interchangeable game cartridges, marking the beginning of the second generation of video game consoles. In 2023, the gaming industry reportedly earns more than film industry and music industry combined which is around $249.60 billion. According to a report by SuperData Research, the global gaming market was valued at $159.3 billion in 2020 and is estimated to reach $268.8 billion by 2025. This is already over three times the revenue of music industry and film industry combined. [2] The 2024 global video game market's projected value of $179.1 billion, with a healthy 6.4% CAGR, bodes well for the US industry. As a key player, the US drives this growth through successful titles like Call of Duty and Grand Theft Auto. A mobile gaming market experiencing significant growth and innovation, led by companies like Zynga, strengthens its longstanding dominance in the international arena. This success attracts international investment and talent, promoting innovation and pushing the industry forward.