Though the global pandemic had its role, it intensified the upward trajectory rather than starting it. With the implementation of global lockdown and cancellation of events, marketers looked frantically for venues and audience.
Music festivals got canceled worldwide but not on Animal Crossing where millions attended the virtual concert. Politicians took to video games to reach a young audience rather attending a pop concert. AOC streamed herself playing Among Us to reach young audience of millions. Video games got preferred over mainstream music industry; the triumph of video games over music is real.
The global gaming industry had made a whopping $180 billion in 2020 which was a 20% increase year over year. Games have surpassed the earnings of NBA, NFL, MLB, and NHL combined. More and more people are watching games being played and the day isn’t far when it’s going to surpass the Oscars and Super Bowl audience count.
In 2020, we saw people going crazy over Nintendo Switch and the PS5, even the top tier celebrities got hell-bent excited and posed with their PS5. The PS5 frenzy caused the demand to rise drastically which led to problems in the supply chain. The music and fashion fraternity also took notice of the surging gaming industry and started producing cultural products inspired by the ecosystem of the gaming industry.
Low royalties on streaming platforms, exorbitant rents of venues, and no live performances are adding to the miseries of the music industry. Gone are the days when music was the most popular culture among the youth. The ultra-realistic and eye-pleasing graphics of next-gen video games with top-notch music scores have made video games the most important youth culture of the 21st century.