GLOBALDATA PLC The gaming industry is experiencing rapid evolution, driven by increasing demand and technological advancements. Amidst the COVID-19 pandemic, the industry witnessed substantial growth and continues to thrive. Companies are strategically innovating, collaborating, and acquiring to meet the diverse needs of gamers globally. Discussions abound on collaboration, acquisitions, and the development of new games and accessories, reflecting the industry's dynamic growth trajectory, reveals the Company Filings Analytics Database of GlobalData, a leading data and analytics company.
Misa Singh, Business Fundamentals Analyst at GlobalData, comments: "Based on the signals from company filings in the 2023-24 period, the gaming industry continues to be popular, and companies are working towards innovating the gaming experience. Companies are focusing on building licensing relationships in addition to collaborations and acquisitions, to bring new gaming formats and grow their gaming businesses in different geographies."
For instance, HP Inc collaborated with Riot Games to develop future gaming products, technical innovation, and co-branded marketing campaigns. The American multinational company also launched next-gen HyperX Cloud III gaming headsets, which create immersive audio experiences for gamers.
Likewise, Vodafone Idea Ltd revealed in its earning call transcript that the company has entered a strategic partnership with the global eSports major "Team Vitality" to build a strong offering in eSports.
Some companies, as part of their strategy, are also acquiring to grow in the gaming business. For example, Esports Entertainment Group Inc. discussed its strategy to acquire iGaming and traditional sports betting platforms and use them to grow the esports business whereby customers have access to game centers, online tournaments, and player-versus-player wagering.
Aristocrat Leisure Ltd has acquired NeoGames, which is expected to bring technology, distribution, new capabilities, and talent to the company. Microsoft Corp mentioned that through the acquisition of Activision Blizzard, it has added hundreds of millions of gamers to its ecosystem. The company has over 200 million monthly active users in Xbox PC and the streaming hours for cloud gaming have also increased 44% year-over-year.
Gaming companies like Take-Two Interactive Software Inc are building licensing relationships to expand their online gaming presence, especially in China and South Korea. Globant SA mentioned opening a new office in Europe, which will serve as an innovation hub for gaming, fintech, and other areas.
Tencent Holdings Ltd discussed its pipeline of new games in development such as Honour of King World, Valorant Mobile, and Delta Force, mobile games. The Chinese multinational technology company's revenues grew by 5% to RMB32.7 billion ($4.54 billion), driven by the recent launches of Lost Ark and VALORANT.
Advanced Micro Devices Inc (AMD) revealed that its revenue grew both year-over-year and sequentially in the gaming graphics. The company had also launched the AMD Radeon RX7800 XT and Radeon RX7700 XT graphics cards optimized to deliver high-performance and high-refresh 1440p gaming experiences along with AMD FidelityFX.
For handheld PC gaming consoles, AMD introduced the AMD Ryzen Z1 and Z1 Extreme processors featuring RDNA 3 architecture-based graphics, to bring portability and battery life to handle PC gaming consoles.
Singh concludes: "The convergence of innovation and collaboration in the gaming industry heralds a new era of limitless potential. With each advancement and partnership, we move closer to realizing the full spectrum of immersive and transformative gaming experiences. As we navigate this dynamic landscape, the future holds great promise for gamers and industry pioneers alike."
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GlobalData plc published this content on 11 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 March 2024 07:52:06 UTC.
