The video game industry has become far more popular than ever before. So much so, analysts at Newzoo say the global gaming market could be worth $175.8 billion this year. By 2023, they note, the market could pull in $204.6 billion, adding to the popularity is the social networking.
In fact, according to WARC, “Game developers have taken note, designing games that naturally facilitate social interactions, and players are taking to them like moths to flames. Developers are also transforming what video games offer by incorporating innovative ways to socialize within the game’s virtual environment. With socialization features now part of video game DNA, gaming is positioning itself as a new kind of social network.”
As that happens, some of the top companies to watch include Enthusiast Gaming Holdings Inc. (TSX:EGLX) (NASDAQ:EGLX), Roblox Corp. (NYSE:RBLX), Facebook Inc. (NASDAQ:FB), Snap Inc. (NYSE:SNAP), and Twitter Inc. (NYSE:TWTR).
In addition, as noted by Forbes, “Many people are using video game platforms similar to social media websites. People can communicate, strategize and forge relationships in a much more meaningful way. Some people develop lifelong friendships from video gaming platforms.”