It is estimated that the global gaming market in 2020 was worth $159 billion (132 billion), according to Reuters a growth of 9.3 per cent on the revenues it generated in 2019. Last year, it is estimated that there were 2.7 billion gamers globally, or 34 per cent of the worlds population, and a bigger audience than Gen Z or Millennials. And gamers are playing for longer, on average spending over seven hours per week gaming.
This is a big, big market. It is highly lucrative, with an engaged and hard-to-reach audience. In media terms, this would normally make it a high-value channel.
Many recent research surveys show that marketers are generally neophiles. Up to date with the latest fads, trends, and tech. They are more likely to have several social media accounts and be subscribed to multiple streaming services. They are already jumping from WhatsApp to Signal. Moreover, what they want most at the moment is their Clubhouse invitation.
They are also professionals. Most decisions that they make are backed by numbers and experience.
On this week's Inside Marketing podcast, Ian McGrath, media & marketing consultant from EGtH, joins us as we ask why, despite huge audiences,more marketers don't really get gaming. Listen now:
So, how has the potential of the gaming market remained untapped by marketers for so long? It is down to a combination of bias within marketing teams and agencies, an under developed advertising product from developers and media owners, and a lack of evidence.
Even the most open minded creative marketers are swayed by bias. They know that about themselves. They know that there is always evidence to support any theory or fact that a person chooses to believe. So, even when marketers are looking at the numbers, some gut instinct is turning many of them off gaming.
Gamers have traditionally been stereotyped as young to middle-aged, slightly unhealthy, male nerds. This was the image we were sold in movie