Video game sales have gone through the roof as Covid-19 forces self-isolation on hundreds of millions of the world’s population.
While much of the entertainment industry, including casinos, cinemas, and theatres have had to close their doors to prevent the spreading of the virus, home entertainment industry revenues have increased dramatically.
According to statistics by Statista.com, global spending on digital games hit 10 billion USD in March 2020 making it the highest monthly figure ever seen. Although this news should not come as a surprise given it was expected that people would turn to home entertainment during their self-isolation periods, it comes as a complete reversal to February 2020 which saw spending dip with the month being described as a “slow month.”
The longer the lockdown period continues to be enforced, the greater the number of money people will be spending on digital video game downloads. Online companies within the entertainment and retail industry, which were already generating a larger amount of profits then land-based companies, are reaping the benefits of the huge amount of people that have to stay indoors. Online retailer Amazon has already declared its first-quarter revenues which showcased them as one of the big winners of the pandemic.
Media service providers such as Netflix have also gained substantial revenues due to a greater number of users signing up for their products. Parts of the casino gambling industry have also profited from the lockdown as gamblers switch to online casinos. Admiral casinos in the UK, as well as Megaways casinos, are two casino sites that have seen an increase in the number of players. On the other hand, a large part of the gambling industry has seen profits slump. The biggest sports betting websites, with no professional sports odds to offer punters have been forced to furlough their workers whilst the smallest sports bettors have been forced out of business.
As an increasing number of countries are preparing to ease lockdown restrictions, it remains to be seen what will happen to video game spending in the months after lockdown ends. It should be expected that sales decrease dramatically as huge amounts of the population leave their houses to celebrate. For now, though, let’s hope that the increase in profits will be invested in some awesome new video games for the future.