The video game industry has taken on a life all its own.
At current pace, analysts at Newzoo say the industry could be worth up to $175.8 billion this year. By 2023, they say it could be worth up to $204.6 billion. “If current trends continue, gaming could draw more audiences away from streaming TV and movie consumption,” reports Fortune.
“Traditional media and entertainment companies may want to ask themselves: Are we prepared for a possible future shaped by gaming-happy Generation Z,” which could also help reshape news shared on Enthusiast Gaming Holdings Inc. (TSX:EGLX)(NASDAQ:EGLX), Alphabet Inc. (NASDAQ:GOOG), Facebook Inc. (NASDAQ:FB), Fox Corporation (NASDAQ:FOXA), and CBS Corporation (NASDAQ:VIAC).
“With growing competition from gaming, media and entertainment companies can foster more enduring relationships by mixing the right blend of content, advertising, and social influence across video, music, and gaming, provided they understand the nuances across channels, genres, and demographics,” added Fortune. “Leading media and entertainment companies will likely remain at the center of our entertainment lives, provided they understand the growing reach and influence of video gaming.”