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Huge surge for video game industry with Covid-19 lockdowns around the world

It makes more money than Hollywood, and Covid-19 lockdowns across the globe have meant a huge surge in video gaming as people spend more time indoors.

With big players Xbox and Playstation releasing new consoles next month, gaming looks likely to cement its place as one of the most popular forms of entertainment in the world.

Global revenues for gaming have leapt from less than $20 billion annually a decade ago, to a projected $200 billion within the next three years, the BBC reports.

The growth is being driven by both smartphones and consoles.

"One of the key technologies for us in the games industry is digital distribution across a global population," says Jason Kingsley, chief executive of Rebellion, a gaming development company in the UK.

"The more people we can connect to with our games, the more people can play them."

It's a way of life for many globally. The biggest growth is in gaming on mobile phones, with an estimated 2.6 billion playing some sort of game on their smartphones.