Most of us have heard the phrase, “it’s more than just a game.” Often, this is deployed to try to convey how sports are important to people, and how a match, game or sporting contest has more to it than just being something played out on a field, pitch, rink, or in an arena. If you’ll let me take that in another direction, though, it can mean something different in the world of consoles and iGaming. As with many industries, where technological advancements and innovations emerge, so the industry changes and the commercial potential augments. In the world of games and consoles, that is more evident than ever.

In terms of playing computer games, we have come a long, long way from the days of handheld Frogger games and even the arcade classics like Space Invaders and PacMan. Games and consoles are now so much more than they were before. They are big business. Making the best game, creating the best immersive gameplay experience, and delivering the best gaming console 2024, or any other year - these ongoing quests are unrelenting for all those involved in this truly global industry.

So, how has this once humble world of handheld consoles and big machines down at the local arcade or pizza house become a worldwide behemoth that has febrile competition and a fan and player base that is so devoted? Not only this, but how has it grown to a multi-billion dollar industry that has eclipsed many other forms of online entertainment and made a financial fortune for the sector itself? Well, there is no one simple answer, nor is there just one person or professional group that has done this, but perhaps we can at least try to give some answers.

Console Competition: Global Names Driving Constant Innovation for Players and Financial Growth for Companies

If we take a look at the pure statistics, it is clear that the financial success of game console creating companies is always growing. Let’s take a snapshot of this. According to their official reports, as of the end of the first quarter of 2024, Sony had sold over 158 million units of its PlayStation consoles worldwide. When it comes to the latest iteration, the PlayStation 5 console, the numbers are impressive. Sony stated that it has sold around 54.7 million units as of the end of 2023. This constant drive to innovate and create the next best console is telling, and it continues to deliver more for game-loving consumers and financial success for creators and producers.

This competition is also reflected in the success of Nintendo's Switch.  As one of the five best-selling consoles of all time, it has sold over 137.7 million units worldwide. In financial terms, and even before we factor in the value of accessories and games, this is worth billions. When we look at this in terms of the overall financial marketplace, it shows that the fiscally sound side of games and consoles is not just established but growing. Beyond the money, this console competition is great for those who love the gameplay, as it drives and inspires companies to create better consoles and greater hardware to ensure this financial growth continues apace.

When it comes to gaming, one thing is clear: the global audience is not only devoted to their love of games and consoles; it is also a demanding one. What do I mean by this? Well, as someone who loves to play on a Playstation, Xbox, Nintendo. and more, I am always expecting consoles to get better with each iteration and software update. For companies, meeting this expectation is important, as it not only improves their product; it nurtures loyalty from consumers, which translates into greater sales and marketplace shares for their consoles and related paraphernalia. Even a fraction more in such a market can be worth billions, so it is so much more than a game for players like Sony, Nintendo, Microsoft, and all the others.

Growing Gaming Market Creating Financial Future Security for Creators

Businesses with a global presence are always looking to capture more of the market share and deliver the next best thing. Whether it is a product or service, corporate competition is always bubbling under the surface, with companies looking to secure the brightest and best to help their quest for global domination. In terms of online or technology-based entertainment, few industries reflect this position more thoroughly than the console and gaming sector. In such a febrile marketplace as the games and consoles landscape, achieving financial success and security is key.

This last point is especially true as the amount of money gamers are willing to spend on consoles and accessories continues to rise, as evidenced by the sales figures for new releases and the next edition consoles. As companies such as Sony see record console sales figures, their competitors are also selling more consoles and, for the creators of these, that means financial security for the company as well as prosperity. Put simply, the console market around the world is a money-making machine, driven by innovation, fuelled by fan loyalty, and growing due to both of these combined.

Returning to the original thesis, it is clear that the worldwide console sector is financially stable and secure. From Sony to Nintendo, Microsoft to Sega, game consoles are big business and the growing gaming market is one that creators have harnessed. Naturally, the bottom line is what matters, but that cannot be grown without consumer satisfaction and a continued drive to excel. By maintaining this constant quest to deliver more, console companies are serving both their fiscal interests, and those of their devoted fans.