Video Games No Longer Reign Supreme
For over a decade, video games have dominated the entertainment industry in the UK. However, 2023 has brought about an unexpected change in the leisure activities of British citizens. Even the highly anticipated release of EA Sports FC 24 couldn't boost gaming's success. Despite the perception that TV and film have always been more popular than gaming, the past decade has seen a significant shift in consumer spending habits.
Investment Cost Plays a Role
One reason for the rise of video games as the preferred entertainment choice was the cost involved. Gaming requires an initial investment in a console or high-end gaming PC, both of which can be quite expensive. Additionally, individual games can cost up to £100 for new releases, significantly more than the price of a cinema ticket.
Movies and TV Take the Lead
2023 has marked a turning point for the UK gaming industry, with video services finally surpassing gaming giants. According to a report by GameIndustry.biz, movies and TV generated £4.9 billion in revenue last year, compared to gaming's £4.74 billion, experiencing a growth rate of 10%. This shift can be attributed to the rise in popularity of streaming services such as Netflix, Disney Plus, and Apple TV. With popular TV shows and movies now spread across multiple platforms, consumers are subscribing to more than one service, leading to increased spending and improved industry profits.
Music Lags Behind
In comparison, the music industry still lags behind, generating £2.2 billion in revenue last year. While the gaming industry experienced significant growth in 2023, the rise of movies and TV has overshadowed its success.
Unexpected Best-Selling Games
Despite 2023 being a standout year for video games, with the release of highly acclaimed titles like The Legend of Zelda: Tears of the Kingdom, Baldur's Gate 3, and Alan Wake 2, it was not these games that topped the charts in the UK. Annual releases such as EA Sports FC 24 and Call of Duty: Modern Warfare 3 claimed the first and third spots, respectively. Hogwarts Legacy, set in the beloved Harry Potter's Wizarding World, secured the second spot as the best-selling game in the UK last year.
If you're interested in learning more about upcoming gaming releases, be sure to check out the biggest gaming release dates of 2024.
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