The gaming industry will be the backbone of the digital economy
With global revenue in 2022 being 2 times higher than the film industry and 7 times higher than the music industry, games are expected to create a boom for the economy no less than oil.
The “Vietnam GameMaker Conference 2023” conference is taking place within the framework of the Vietnam International Innovation Exhibition, gathering leading businesses in the industry, international investment funds and game developers to discuss Development opportunities for the domestic gaming industry.
At the event, Mr. Vu Quoc Huy – Director of the National Innovation Center emphasized: “Vietnam’s socio-economic development strategy for the period 2021-2030 has determined rapid and sustainable development based on On the basis of science, technology and innovation, we identify digital transformation and the gaming industry as one of eight key areas that will help Vietnam have breakthrough developments, contributing to the model of innovation. innovation”.
In 2022, the world will have nearly 3.2 billion game players and gaming industry revenue will reach 182.9 billion USD, nearly 7 times higher than the global music industry (26.2 billion USD) and twice as high as the global music industry (26.2 billion USD). film industry (77 billion USD). By the end of 2023, revenue is estimated to reach 187.7 billion USD; Of which mobile games account for 50% with 92.6 billion USD (According to Newzoo).
Even in a country with a strong wave of K-pop culture like Korea, the game industry’s revenue will reach 7.4 billion USD in 2022, 6 times more than the movie industry and 46 times more than the music industry.
An interesting thing is that the MENA-3 region (including Saudi Arabia, UAE and Egypt) is also predicting that games can create a huge source of profit that can replace oil in the future. Game revenue in this market reaches 1.76 billion USD in 2022 and is expected to increase by 1 billion USD in the next 4 years, according to Niko Partners. In April this year, Savvy Games – a company owned by Saudi Arabia’s public investment fund, agreed to buy the popular mobile game production company Scopely (USA) for up to 4.9 billion USD. This is one of the largest gaming industry acquisitions in history.
Asia-Pacific is currently the key region for the development of the gaming industry with 85.8 billion USD in revenue and nearly 1.8 billion game players. “49% of investment deals in the gaming industry are in Asia, corresponding to 50% of global deal value, and this number is constantly increasing” – Mr. Jin Oh, Representative of BITKRAFT investment fund Ventures commented.
In particular, Southeast Asia with the advantage of a young, dynamic population, high technology adaptation, reasonable human resources costs, and stable internet infrastructure is having the top 2 growth rate in the mobile gaming industry in the world. forecast to reach 7.4% in the period 2022-2025, compared to the global average of 3%. In Vietnam alone, the 2022 gaming industry revenue has exceeded the 500 million USD mark, with more than 28,000 employees working in this industry.