The Gaming Industry and Entrepreneurship
India's richest man Mukesh Ambani suggests, "Gaming Will Be bigger than Music, Movies, TV." But what made him believe strongly in the Gaming Industry? It is emerging with a healthy year-on-year growth rate of +9.3%. The industry expects to grow at a Compound Annual Growth Rate (CAGR) of 12.9% from 2020 to 2027, according to sources from grandviewresearch.com. And the COVID-19 has driven enormous traffic to the emerging gaming industry and made it more robust than before.
Would you believe that the Finnish-based gaming studio “Supercell” has generated 27 million USD in a week? Yes, absolutely! With their game Clash of Clans, they made 727 million USD for FY19. They generated all this revenue with just in-game purchases. No physical accessories, only with virtual in-game items! Quite shocking, right?
There are numerous innovations in the Gaming Industry. Let me tell you about a few of them one:
1. A.I. (Artificial Intelligence): A.I. has been growing significantly in every industry. When it comes to the gaming industry, A.I. plays a vital role in video games. From generating game assets to creating game levels, A.I. performs procedural tasks without any hassle. Especially for newly launched games, it creates bot players to play against real players to keep them engaged until the game gains more real players. Hence, it is evolving as an integral part of the games. The more powerful it is, the better the user experience.
2. Virtual Reality Gaming (VR gaming): What’s so unique about VR gaming? The immersive gameplay allows gamers to play video games in a virtual simulation of the world. The tech giant Facebook announced a VR gaming console series named OCULUS, which boosted the VR gaming market. This demonstrates Facebook’s interest in the gaming industry. Also, VR gaming alone valued at USD 11.5 Billion for FY19, which is expected to reach USD 14.55 billion in 2020.
3. Realistic Graphics: Graphics cards were engineered to be best in real-time ray tracing to gain more realistic graphics and to make video games look more natural. Nvidia, the popular graphic card brand, released GeForce RTX 3090 graphic card at a shocking price of USD 1499$. Who on earth will spend $1499 for a graphics card? Yes, Graphics card has big market than you imagine. In 2019, the global graphics processing unit (GPU) market was valued at 19.75 billion U.S. dollars.
Opportunities for Teen Entrepreneurs:
How does the gaming industry-relevant for you? Yes! The gaming industry is very much connected to young entrepreneurs. The gaming industry is the best arena to start your entrepreneurial journey. Yes! The gaming industry is looking for innovations, and this matters to you! You can build more robust hardware, such as headsets, consoles, and gamepads. Consider that Facebook bought Oculus VR years ago, which showed how Big Tech was serious about improving the user experience in digital environments. That sale created a surge of momentum in AI/AR, which has not let up since. Ideate a new product, showcase it to the gaming lovers, and hit the market.
We are creating a new interconnected world for teenage entrepreneurs to network with fellow members, cultivate innovations, apply for funding, access entrepreneurship education, join local chapters, share expertise, and solve challenges, and more. We are super excited about young entrepreneurs who are applying solutions to real-world problems, producing thriving businesses, and pivoting the world to the future.