Global Gaming Market Projected to Reach $545 Billion In 2028 as Tech Companies Race to Introduce New Games

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Nov 01, 2022, 08:30 ET

FinancialNewsMedia.com News Commentary -

PALM BEACH, Fla., Nov. 1, 2022 /PRNewswire/ -- The preventive measures taken by a majority of the global population from the coronavirus fostered a large number of people to spend most of their time in their homes. The gloomy situation resulted in stress and anxiety, and fear amongst people… most were not able to participate in outdoor activities or social gatherings. All these factors cumulatively acted as a propelling force driving the consumption of different online games leading to coping with various mental issues. A large number of people worldwide are inclined toward gaming as one of their major sources of entertainment. Playing video games offers stress relief. Besides, it gives the experience of working in a team and helps to provide a sense of achievement to players. Thus, such a feeling of self-satisfaction and joy is expected to generate more traction. Additionally, it acts as a significant tool for calming down playful kids and entertaining older adults with more free time. Besides, the escalating expenditure on home entertainment systems worldwide acts as the driving factor for the market growth. A report from Fortune Business Insights projected that the global gaming market is projected to grow from USD 229.16 billion in 2021 to USD 545.98 billion in 2028 at a CAGR of 13.20% during the 2021-2028 period. Today, young people are increasingly using video games as one of the major tools for occupying their free time. It has played a vital role in boosting the market growth. Active Gaming Companies in the markets today include: Good Gaming, Inc. (OTCQB: GMER), Roblox Corporation (NYSE: RBLX), Take-Two Interactive Software, Inc. (NASDAQ: TTWO), Activision Blizzard, Inc. (NASDAQ: ATVI), Nintendo Co., Ltd. (OTCPK: NTDOY).

The report said: "Various championships increasingly entice video game players across the globe. Different games, such as PUBG, Overwatch, Call of Duty, League of Legends, and others, are popular among gamers. These championships gain a sizable viewership, which directly or indirectly influences more consumers to become professional gamers. Hence, this led to increased spending on updating or purchasing new video game systems. Mobile gaming is progressively gaining users across the globe owing to the rising incorporation of 4G technology in smartphones has led to a surge in the production of attractive online interactive games. Hence, these games attract players of multiple demographics worldwide and act as a driving factor for their growth. The mobile phone segment is anticipated to remain dominant due to the increasing number of people owning smartphones. A large number of game developers are shifting their focus to increased production of games, particularly design for mobile phones. The PC/MMO, Tablet, and TV/Console market segments are also witnessing positive traction. Most of these devices are often chosen by serious gamers as they are more capable of handling high-definition games requiring powerful processors, graphic cards, and RAM."

Good Gaming, Inc. (OTCQB: GMER) BREAKING NEWS: Good Gaming Inc. To Relaunch MicroBuddies™ World Experience in Roblox with Substantial Upgrades and Additions - Good Gaming, Inc. (OTCQB: GMER) (the "Company"), an innovative brand creating unique interactive entertainment experiences across the gaming segment since 2008, today announced the completion of several substantial additions and upgrades to its original version of MicroBuddies™ World Experience and is ready to relaunch its game onto the Roblox platform on November 04, 2022.

Players of the new version of MicroBuddies™ World Experience will be introduced to an upgraded central lobby space with transporter portals that will function as gateways to forthcoming games. Players will also experience a completely new user interface (UI), redesigned map adventures, plus exciting new features, items, and functionality that will be continuously unveiled over the coming months. Players will also experience enhanced gaming arcades where people can win items to enhance gameplay and upgrade their Roblox avatars. The game will also offer new MicroBuddies™ companions to create a greater sense of immersion and enhance gameplay.

The MicroBuddies™ in-experience store will still allow players to purchase unique upgrades, boosters, and rare items as they move up the player leaderboards. The top 10 players for each world will be available in-game on worldwide leaderboards, giving players the constant recognition they deserve. Players will be able to mine coins and GOO™ (MicroBuddies™ unique in-game currency) to enhance their abilities within the games while adding personal style and visual flair.

David Sterling, COO of Good Gaming stated, "Our reimagined concept will enable the execution of our long-term roadmap for our MicroBuddies™ World experience within Roblox. As our MicroBuddies™ "Buddyverse" continues to expand, our experiences will feature narrative-focused storylines, diverse gameplay experiences, and enhanced cross-platform integrations." He also stated, "This new upgraded version promises to address feedback we received since launch while rewarding new and existing players with an even more unique MicroBuddies™-themed virtual world experience. Its design will capture and challenge our player's imagination through engaging quests, uniquely themed environments, and highly competitive gameplay. We will continue to expand our presence on the Roblox and Minecraft platforms with even more challenging, connected experiences over the next several months and into the new year."

Roblox is one of the world's most popular platforms for shared immersive experiences, with over 50 million daily active users amassing 30.6 billion hours of gameplay and over $1 Billion spent on virtual goods spanning over 180 countries since its inception in 2008. You can play Roblox virtually anywhere, from an Xbox to a cell phone, laptop, tablet, or PC. Users can also dip in and out of different virtual worlds as they share experiences with their friends. Roblox is a free user-generated content platform that spans a myriad of genres and titles, all created by its community of over 10.5 million active creators and developers. CONTINUED… Read this full release for Good Gaming at: https://www.financialnewsmedia.com/news-gmer/

Other recent developments in the gaming industry include:

Roblox Corporation (NYSE: RBLX) recently announced that it will report the company's third quarter 2022 financial results, as well as its key metrics for the month of October 2022, before the opening of the U.S. markets on Wednesday, Nov 9, 2022. Roblox will host a conference call to answer questions regarding its financial results on the same date.

The conference call will begin at 5:30 AM PT / 8:30 AM ET on Wednesday, Nov. 9, 2022. The live webcast of the conference call can be accessed from the Roblox Investor Relations website at ir.roblox.com.

An online replay and transcript of the conference call will be available on the Investor Relations website shortly following the conference call and will remain available for at least 12 months.

Take-Two Interactive Software, Inc. (NASDAQ: TTWO) recently announced that it plans to report financial results for the second quarter of its fiscal year 2023, ended September 30, 2022, after the market close on Monday, November 7, 2022. The Company plans to hold a conference call to discuss its results at 4:30 p.m. Eastern Time, which can be accessed by dialing (877) 407-0984 or (201) 689-8577. A live, listen-only webcast and a replay of the call will be available at http://take2games.com/ir.

Headquartered in New York City, Take-Two Interactive Software, Inc. is a leading developer, publisher, and marketer of interactive entertainment for consumers around the globe. The Company develops and publishes products principally through Rockstar Games, 2K, Private Division, and Zynga. Our products are currently designed for console gaming systems, PC, and Mobile, including smartphones and tablets, and are delivered through physical retail, digital download, online platforms, and cloud streaming services.

Activision Blizzard, Inc. (NASDAQ: ATVI) recently announced that it intends to release its third quarter 2022 results after the close of the market on Monday, November 7, 2022.

As announced on January 18, 2022, Microsoft plans to acquire Activision Blizzard for $95.00 per share in an all-cash transaction. The transaction is subject to customary closing conditions and completion of regulatory review. The transaction, which is expected to close in Microsoft's fiscal year ending June 30, 2023, has been approved by the boards of directors of both Activision Blizzard and Microsoft and by Activision Blizzard's stockholders.

Nintendo Co., Ltd. (OTCPK: NTDOY) gave a master class in fan service recently revealing launch details on its most anticipated title as well as a remaster of a fan favorite that's celebrating its 25^th birthday.

The Legend of Zelda: Tears of the Kingdom, sequel to The Legend of Zelda: Breath of the Wild, will launch on May 12, 2023. And a remastered version of GoldenEye 007, a legendary title from the Nintendo 64, is on its way to the Switch, as well as the Xbox.

GoldenEye was one of the first acclaimed first-person shooters on a console. It sold 8 million copies. Rare, the developer of the game, was purchased by Microsoft from Nintendo in 2002, which is why the game will appear on competing consoles.

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