Video Game Spending Hitting Record Highs

With the pandemic starting to fade, there are concerns video game demand could slow.  However, those concerns may be overblown.

In fact, according to Take-Two CEO Strauss Zelnick, the overall addressable market for gamers “will be notably larger going forward than it was pre-pandemic,” as quoted by The Wall Street Journal.  That’s great news for gaming companies including Enthusiast Gaming Holdings Inc. (TSX:EGLX) (OTCQB:ENGMF), Activision Blizzard (NASDAQ:ATVI), Electronic Arts Inc. (NASDAQ:EA), Take-Two Interactive Software Inc. (NASDAQ:TTWO), and Roblox Corp. (NYSE:RBLX).

Better, a new report from the NPD Group says that video game sales are up 30% in the first quarter of the year rising to $14.92 billion.  “Video game content (which includes new games, expansions, and DLC) went up by 25% to a total of 12.8 billion, while video game accessories (including microtransactions) went up 42%,” reports The Gamer.