How the Gaming Industry may be Experiencing Rapid Growth During the Pandemic
T
he world-wide pandemic and its accompanying quarantine have presented an opportunity for dedicated console and computer gamers to spend more time with new games in store, which is increasing the number of users and driving more revenues into the market.
The console games market consists of sales of console games. The console games market is segmented into digital, online/micro-transaction and physical console games. A recent report from ResearchAndMarkets predicts that the global console games market is expected to grow from $40.6 billion in 2019 to about $57.9 billion in 2020. It also noted that the increasing penetration of smartphones has increased the demand for mobile gaming as compared to that of console games. The market is expected to stabilize and reach $67.1 billion at a CAGR of 13.4% through 2023. Mentioned in today's commentary includes Versus Systems Inc. (CSE VS) (OTCQB VRSSF) and HP, Inc. (NYSE HPQ).
The report said that the console video game developers are adopting to subscription-based gaming and that the major driving force for the console games market is the rapid increase in the number of active gamers across the world. In 2017, there were 2.21 billion gamers worldwide and the number is expected to reach 2.73 billion by 2021. According to Nielsen, 64% of the general population in the USA are gamers. Esports viewers would also significantly contribute to the growth of console games market as it is estimated that approximately 557 million people will watch Esports by 2021. The overall picture shows that the global gaming industry itself is rapidly expanding. Another report, from MarketsAndMarkets says that the global gaming industry is expected to register a CAGR of 12% during the forecast period 2020-2025.
Versus Systems Inc. (CSE VS) (OTCQB VRSSF) BREAKING NEWS U.S. Patent Office Grants New Patent Claims for Versus Systems' In-Game Rewards Platform - Versus announces that, pursuant to a Versus filing made in 2015, the U.S. Patent and Trademark Office (USPTO) has allowed 20 new claims associated with a patent filing titled PROMOTING COMPETITIVE BALANCE IN MULTIPLAYER GAMING.
The patented claims protect a number of proprietary systems and methods for architecting multiplayer matches and competitions in such a way that they maximize the level of skill required to win, rather than relying on elements of chance. Promoting competitive balance using these methods will allow content companies - including major game publishers, video platforms, and fitness apps - to offer real-world prizes in more states, territories, and countries than they could previously - dramatically increasing the potential number of participants in a sweepstakes, tournament, or reward-based competition. Versus will be using these patented technologies in Versus-enabled systems like HP OMEN, Animoca games, and Kast video streams going forward - allowing players to play for real-world prizes inside their favorite games, and allowing viewers to earn rewards as well.
Developers and publishers that partner with Versus will have access to the full suite of protected claims and patents that Versus has been granted, addressing legal and regulatory compliance dynamically across federal, state, and local law - allowing content partners to place prizes in-game, or in-app for their players to earn as they play.
In addition to these new claims granted by the USPTO, as well as their other issued patents, Versus has filed a number of other claims related to their platform that are currently pending in the United States, and in other Patent Cooperation Treaty countries. Versus actively develops new technologies for prizing and rewards inside interactive media and files for intellectual property protection accordingly. Read this and more news for Versus Systems at https//www.financialnewsmedia.com/news-vs/
✔️ How the Gaming Industry may be Experiencing Rapid Growth During the Pandemic
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