Video games displayed strong current value growth in 2020, with COVID-19 contributing to a higher rate of increase than in the previous year. With more time spent at home for work, schooling and entertainment to avoid the risk of contracting the virus, especially when the pandemic began, consumers wanted ways to pass the time in a pleasurable way, and many turned to video games.
Online and mobile games also presented above-average current value growth in 2020, even though these were already by far the largest categories within video games. Most sales of such products were through in-game purchases rather than game sales.
E-commerce was already by far the largest distribution channel for video games in 2020, but it gained a slightly stronger presence during the pandemic. Fear of contracting the virus led even fewer consumers to visit store-based retailers.
Over the course of the forecast period, video games is set to see a strong slowdown in its rates of growth, although notable increases are still expected. 2021 is forecast to continue to see a double-digit current value increase, as COVID-19 was still present in the country in the first half of the year, therefore limiting the amount of time that consumers spent outside of the home, and driving demand for home entertainment.
South Korea has limited gaming hours for teenagers since 2011, with those under 16 prohibited from playing online and console games from midnight until 06.00hrs.
E-commerce will continue to expand its presence in video games in the forecast period. In particular, major console manufacturers will continue to develop sales of digital console software for their hardware and increase the online and mobile games market, driving the growth of e-commerce based on a customising service in the future.
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This report originates from Passport, our Video Games research and analysis database.
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