A new study from Parks Associates, a market research and consulting company, shows that 36% of American heads of households (with broadband) subscribe to or are trialing at least one free or paid gaming service. The same study found that 75% of heads of households reported playing video games for at least one hour per week. Additionally, 91% of console users play games on at least one other platform, with 37% also playing on a PC, mobile device, or connected TV device.
“While nearly two-thirds of households are not yet engaged with any gaming services, cloud gaming can become a staple within the subscription entertainment options available to consumers,” said Paul Erickson, Senior Analyst at Parks Associates. “Netflix’s recent entry into the industry brings more attention and awareness to online subscription gaming and broadens the potential consumer base for these services – particularly since they will provide access to games for free to their subscribers.”
COVID-19 has resulted in an unprecedented number of people spending a record amount of time at home, consuming multiple subscriptions worth of streamed entertainment. These increases have created a greater need for high-speed connections since video games, a key part of in-home entertainment, require a lot of bandwidth.
Parks Associates estimates the potential market opportunity for U.S. cloud gaming services will be $3.6 billion by 2024.
(All information was provided by The Tyler Morning Telegraph)