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Consumers’ limited outdoor entertainment options during the pandemic enabled the video gaming industry to expand its monthly active user base and generate substantial returns over the past year. The launch of Microsoft (NASDAQ:MSFT) Corporation’s (MSFT) Xbox Series X/S and Sony (NYSE:SONY) Corporation’s (SONY) PlayStation 5 last year, and Netflix (NASDAQ:NFLX), Inc.’s recent announcement of its expansion plans into video games, were major breakthroughs in the industry. These moves have incentivized other companies to develop captivating video games and improved consoles to maintain their customer bases as people return to seeking entertainment outdoors.
The global video games market is expected to grow at 9.3% CAGR to reach $293.20 billion by 2027. So, RBLX and TTWO should both benefit from this highly competitive and growing industry.
