When it comes to Geek-worthy entertainment, nothing quite tops video gaming. Over the decades, gaming has emerged as a cultural powerhouse, reshaping not just how we interact with digital technology but also influencing pop culture on a global scale. Since Y2K, the gaming industry has undergone unprecedented growth and evolution, driven by a combination of technological advancements and rapidly shifting consumer preferences.
Here in 2024, the impact of gaming as a Big Tech industry has even rippled throughout other sectors and markets. Given just how much of a pop culture institution gaming has become, in this article, we’ll dive into the growth of this $184 billion market (Newzoo) from the early 2000s to the present day.
2000s: Gaming Goes Online
By the time the new millennium rolled around, video gaming was already pretty well-established as an entertainment behemoth. However, the year 2000 marked a pivotal moment for its growth, particularly as a global proliferation of internet connectivity facilitated the dawn of online gaming.
Online multiplayer gaming was the defining trend of the decade — it’s genuinely hard to imagine what the industry would be today if the online component didn’t exist. Titles like World of Warcraft introduced gamers across the world to the MMORPG genre, immersing them into high quality online gameplay, the likes of which hadn’t been experienced before.
At the same time, classic games consoles such as the PlayStation 2, Xbox, and Nintendo GameCube began pushing the boundaries of immersive gameplay and high fidelity graphics. Ask any millennial gamer today what their all-time favourite titles are, and you’re sure to hear Grand Theft Auto: San Andreas, Fallout 3 and Call of Duty: Modern Warfare making the cut.
2010s: Competitive and Mobile Gaming
Even compared to the advances made in the decade prior, the 2010s initiated a seismic shift in the gaming landscape. From the widespread adoption of smartphones to surging popularity of professional competitive gaming tournaments, this was the decade that saw the industry transition from being a niche hobby to a universally-popular digital entertainment industry that even held the potential for professional career paths.
Candy Crush Saga, Angry Birds and what are all titles that are all synonymous with gaming in the 2010s. Mobile gaming captured the imagination — and commutes — of millions of consumers worldwide, even those that had no prior interest in playing console games or participating in PC battles. In 2016, the mobile segment actually overtook console and PC gaming for the first time, generating around $38 billion in revenues, and it’s remained in first place ever since. Even now, mobile gaming accounts for over 50% of the total global gaming industry.
Interestingly, on the opposite end of the spectrum, the 2010s also helped to grow the careers of numerous pro gamers thanks to streaming platforms like Twitch and YouTube Gaming. These digital platforms genuinely revolutionised gaming culture, providing fans and players with an accessible platform to share their gameplay and build thriving online communities. eSports may be a thriving market in its own right, but it too owes a debt of gratitude to the rise of streaming
This was also the decade in which the iGaming sector experienced a surge in growth and consumer engagement. Encompassing a range of genres and segments, ranging from sports betting markets to the immensely popular online slots vertical, iGaming is a sector underpinned by real money gaming. While online casino platforms and their ilk have been in existence in some form or another since the early days of online gaming, thanks to innovations like virtual reality and live dealer gaming, they really came into their own during the 2010s.
A major milestone in the acceleration of iGaming this decade occurred during the tail end, when the US Supreme Court reversed the Professional and Amateur Sports Protection Act of 1992 (PASPA) in 2017 and handed iGaming legislation to each individual state. As a result, numerous real money wagering platforms launched in states including Pennsylvania, kicking off what was dubbed the “iGaming Gold Rush”.
The 2020s: Gaming’s Biggest Decade Yet
We may only be four years into the 2020s, but this has undoubtedly been gaming’s biggest decade yet. 2020 saw the popularity of gaming hit unprecedented levels, with lockdowns and social distancing measures during increased demand for digital entertainment. Everything from iGaming to eSports experienced a surge in interest, while innovations in technology meant that games such as Fortnite could host virtual concerts.
Tech developments haven’t slowed down either, in fact, the progress that’s been made in the past four years alone is staggering. Cross platform play, in which Xbox players can interact and play with PC users in the same game, is now par for the course, while budget-friendly VR headsets make gaming in the Metaverse a reality.
