The video game industry saw massive revenue growth in the second quarter of 2020, and there are signs that earnings will continue to rise for the foreseeable future.
American consumers spent $11.6 billion on video game hardware, software and accessories in the second quarter, up 30% from the same period last year, market researcher NPD reported on Monday (August 10th). Spending also exceeded 10.9 billion.
NPD did not disclose unit sales data in its report, but stated that Animal Crossing: New Horizons, Call of Duty: Modern Warfare, Call of Duty: Warzone and Candy Crush Saga were among the bestsellers this quarter. It managed to enter the list of best-selling games in The Last of Us: Part II, which was released in the last weeks of June.
While the video game industry has grown steadily over the years, the pandemic was the primary reason for its second-quarter performance. As a matter of fact, NPD said that the industry expanded last quarter with the help of both experienced players who play more games and new players who are just starting to play.
NPD also expects similarly impressive sales figures in the third quarter and beyond. With the epidemic showing no signs of abating, people turning to games more and more, and just a few months from now, the future of a new console generation looks bright for the industry.