ADDISON, Texas—New research from Parks Associates highlights the importance of gaming in the competition for consumer leisure time with 75% of the heads of U.S. broadband households saying they play video games for at least one hour per week.
The report also found that 36% of broadband homes subscribe to or are trialing at least one free or paid gaming service and that the market for U.S. cloud gaming services continues to grow, with forecasted revenue of $3.6 billion in 2024.
“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, 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.”
The new report, “Quantified Consumer: Next-Generation Gaming: Consoles and Cloud and Evolution of Gaming: The State of Cloud Gaming” examines industry developments, consumer interest and demand for cloud gaming services, and business models and implementation strategies among leading services.
The research also reports 91% of console gamers play games on at least one other platform, with 37% playing on a PC, mobile device, and a connected TV device (either a smart TV or streaming media player) in addition to their console.
“Console owners who also play on a mobile device and a PC or who play on every platform category makeup half of all console gamers. Simply put, console gamers are multiplatform gamers,” Erickson said. “Subscription and cloud gaming services require a multiplatform approach so that providers can appeal to both dedicated gamers and the remaining market of casual or convenience gamers.”
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 across multiple devices.
At the same time, the growing popularity of online gaming is having ripple effects throughout the connected home ecosystem, driving broadband upgrades, improvements in home networking and Wi-Fi management, and more subscription stacking, the report noted.
The latest product and technology information
Future US's leading brands bring the most important, up-to-date information right to your inbox
George Winslow is the senior content producer for TV Tech. He has written about the television, media and technology industries for nearly 30 years for such publications as Broadcasting & Cable, Multichannel News and TV Tech. Over the years, he has edited a number of magazines, including Multichannel News International and World Screen, and moderated panels at such major industry events as NAB and MIP TV. He has published two books and dozens of encyclopedia articles on such subjects as the media, New York City history and economics.
Thank you for signing up to TV Tech. You will receive a verification email shortly.
There was a problem. Please refresh the page and try again.