Key Note estimates that, in 2015, the combined value of the video gaming software, hardware and accessories market increased by 6.5% over the previous year, representing an increase of 20.2% from 2011 overall.
For the most part, the rise in the value of the industry can be attributed to the sales attributed to the new generation of video gaming consoles: the Wii U, PlayStation 4 (PS4) and Xbox One, from Nintendo, Sony and Microsoft, respectively, with the latter two consoles being released in November 2013.
Another major driver of growth in the video gaming market is the ascent of casual gaming. These games typically tend to be simple in nature and extremely cost-effective for manufacturers. They also tend to be aimed primarily at mobile devices such as smartphones and tablet computers. As opposed to games consoles, which are considered to be relatively expensive are therefore more ordinarily used by ‘serious gamers’, casual gaming offers the chance for games to be sold to the mass market, and have proven to be noticeably popular among demographics which perhaps have never previously been associated with video gaming.
One of the exciting developments in the industry is the March 2014 decision by the European Commission to approve a tax break for the industry from the UK Government, providing a tax credit worth up to 25% of qualifying production costs and forecast to be worth in the region of £35m annually to the industry. Internationally, in early 2014, the People’s Republic of China (PRC)...