Introduction
For more than a decade, one part of the entertainment industry has dominated all others. However, 2023 has seen a surprising change in what British people are doing in their leisure time. Even EA Sports FC 24 didn't raise gaming's success.
The Popularity of Gaming
Video games have long led the entertainment industry in the UK, generating almost £5 billion in revenue. Many believe that TV or film has always been more popular than gaming, with video games seen as more of a niche hobby. But for the past decade, people in the UK have chosen to spend a lot more money on the interactive hobby.
The Investment Cost
Part of this is the investment cost. Gaming requires a console or high-end gaming PC to start, both of which are expensive. Individual games can cost up to £100 for new releases, which is a lot more than the price of a cinema ticket.
The Surprising Shift
2023 has been different for the gaming industry in the UK, thanks in part to the small growth in video game revenue of just 2.9%. According to a report by GameIndustry.biz, video services have finally taken over from the gaming giants. With growth of 10% last year, movies and TV made £4.9 billion, compared to gaming's £4.74 billion.
The Rise of Streaming Services
This gain is mostly due to the rise in streaming services such as Netflix, Disney Plus, and Apple TV. Previously, Netflix dominated streaming, but now popular TV shows and movies are split across multiple services. Now consumers often subscribe to more than one service, increasing spending and improving industry profits.
The Role of Music
Music still trails far behind the other two generating £2.2 billion in revenue last year.
The Impact of Gaming Releases
The change is surprising given that 2023 was one of the best years ever in video games, with a record number of incredible titles released last year. The Legend of Zelda: Tears of the Kingdom, Baldur's Gate 3, and Alan Wake 2 were all some of the most critically acclaimed releases of last year. However, it wasn't these games that sold the most copies in the UK in 2023. Popular yearly releases like EA Sports FC 24 and Call of Duty: Modern Warfare 3 placed first and third, respectively. Hogwarts Legacy, set in Harry Potter's Wizarding World, became the second-best-selling game in the UK last year.
Conclusion
The entertainment landscape in the UK is shifting, with movies and TV taking the lead over gaming. The rise of streaming services and the investment cost of gaming are key factors in this surprising change. It remains to be seen how this trend will continue in the future.
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