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2020 has not been a great year for most people, nor has it been a great year for most industries.
The coronavirus pandemic has killed more than 1.7 million people around the world, according to the latest figures from the World Health Organization, and countries around the world remain in various forms of lockdown.
But for video game makers like Nintendo, Sony and Microsoft, 2020 has been a record sales year, as millions of people headed indoors for extended periods amid coronavirus lockdowns.
Video game industry revenue is on track to outperform sports and movies combined, according to a new report from market intelligence firm IDC on Marketplace. IDC estimates that video game industry revenue will reach $ 179.7 billion during the year.
Both the sports and film industries have seen major declines in 2020 as stadiums and theaters closed amid lockdowns due to coronavirus.
The growth of the video game industry was largely driven by the impacts of the pandemic: Four-fifths of all American consumers “played a video game in the last six months,” according to the latest NPD Group report.
Although the growth in playtime spread across all demographics, it was most pronounced in a surprising demographic: people ages 35 to 54. Among the groups measured, older people made the biggest gains, with a nearly 60% increase in gambling among those aged 45 to 54.
read more: Video Game Salaries Revealed: Here’s What Executives Atop US Gaming Giants Like Nvidia, Electronic Arts, And More Earned In 2019
That increase in playtime also led to an increase in spending: the same group of people aged 45-54 increased spending on video games by 76%, with equally large gains in older demographics.
More specifically, prominent releases like “Animal Crossing: New Horizons” on the Nintendo Switch helped generate revenue. Between the game’s release on March 20 and September 30, more than 26 million copies of the new “Animal Crossing” were sold, making it the second best-selling game on Nintendo’s popular console.
Additionally, the launch of new video game consoles from Sony’s PlayStation and Microsoft’s Xbox generated massive interest in games during the holiday season. Weeks after launch, both the PlayStation 5 and Xbox Series X are still sold out pretty much everywhere.
Do you have a tip? Contact Business Insider Senior Correspondent Ben Gilbert by email ([email protected]), or Twitter DM (@realbengilbert). We can keep the sources anonymous. Use a non-work device to communicate. Email-only public relations presentations, please.
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