An Overview of the Digital or Video Gaming Industry

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An Overview of the Digital or Video Gaming Industry
A Walk Down the History Lane
Not only the words games and gaming are self-explanatory, the practice of using games both as a source of entertainment as well as learning is almost inherent to humans and the practice dates back to ancient civilizations as old as 3200 BC. Although, games have been used for gambling and learning strategies of war and concepts of ruling for thousands of years, the use of video games as a source of entertainment as well as learning is much more recent and has evolved with the evolution of personal computers.
The onset of computer and digital era saw the usage of video games as more accessible and lead to the rise of gaming industries in late seventies and early eighties. While the market for console gaming industry was already blooming in the 1980ies, educators, technologist, and investors saw an opportunity for a new market; an opportunity of using video games not only as a source of entertainment, but also as a powerful medium of education and learning. With all the variables in place, the market saw the arrival of Edutainment and Serious Games industry that flourished for more than a decade before giving in due to market dynamics. While the gaming industry as a whole has flourished and has reported a revenue of more than $80 billion as revenue in 2014 (newzoo games market research, 2014), the edutainment industry is yet to see its past days of glory when it was more than a billion dollar industry in late nineties (Shuler, C., 2012).
The Know-hows of Digital Gaming Business
In spite of being continuously questioned and criticized because of the business models, practices, and customer acquisition and profit making strategies, video gaming industry has blossomed since its inception and its revenue, which was once more than one billion dollar in early 1980ies, is expected to grow past the $100 billion mark by 2015 (Gartner, 2013). Based on the four pillars of entertainment,



References: Shuler, C. 2012. What in the World Happened to Carmen Sandiego? The Edutainment Era: Debunking Myths and Sharing Lessons Learned: The Joan Ganz Cooney Center at Sesame Workshop. Essential Facts About the Computer and Video Game Industry. 2011. Entertainment Software Association. Jensen, C. 2000. Value Maximization and Stakeholder Theory: Harvard Business School Lawrence, A., Weber, J. & Post, J. 2011. Business and Society: Stakeholders, Ethics, Public Policy, 13th International Edition McGraw Hill: Chapter 1 The Corporation and Its Stakeholders Stewart, J & Misuraca, G. 2013. The Industry and Policy Context for Digital Games for Empowerment and Inclusion: Market Analysis, Future Prospects and Key Challenges in Videogames, Serious Games and Gamification. vol. JRC77656: Joint Research Centre of the European Commission (JRC). Zackariasson, P. & Wilson, L. 2012. The Video Game Industry: Formation, Present State, and Future: Routledge $80 billion revenue.2014. <http://www.newzoo.com/insights/top-100-countries-represent-99-6-81-5bn-global-games-market/>. viewed 28 September 2014. $100 billion mark.2015. <http://www.gartner.com/newsroom/id/2614915>. viewed 28 September 2014.

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