Big Profits in Gaming During Covid-19
The global outbreak of COVID-19 pandemic which began in late 2019 brought the whole world to a grinding halt. In over a hundred years the human race had not witnessed anything like this.
As the virus spread leaving healthcare facilities struggling the world over, the UK government and other global leaders had no choice but to order country-wide lockdowns forcing people into isolation. Schools, offices, shops, malls, factories all closing to help halt the virus. This resulted in huge losses for many industries.
But there were a few exceptions; the gaming industry, for example, saw a demand in sales and profits skyrocketed. People stranded at home have found respite in their gaming consoles, people who could afford new units with the latest games. Many who could not afford new machines reconnected with gaming by buying second-hand units; internet marketplaces were full of such listings.
These game consoles the XBOX 1S, Play Station 4 Pro, Nintendo Switch and gaming PCs were the best source of entertainment when limitations on access to other recreation facilities were in force. Most could play with their friends online from the comfort of their own homes, staying connected and interacting with one another.
Luckily for the manufacturers of consoles like Sony and Microsoft, who had been developing their next generation of advanced high graphic capable consoles for over four years, enjoyed rich dividends. Sony’s PlayStation 5 and Microsoft’s XBOX Series X and S were launched in late 2020, just in time for the Thanksgiving in the US and the global Christmas sales season. There was unprecedented demand with people locked at home ordering, causing retail servers to crash. Manufacturers saw their stock disappear within seconds, rationing into weekly drops with selected retailers.
As the pandemic continues to hold much of the world in its grip, the closure of factories has impacted the availability of semi-conductors used in manufacturing of micro-chips and other components. This has further helped in sustaining the demand.
Sony and Microsoft are to announce their financial reports soon, but it is evident that the pandemic has gifted them one of their most remarkable and momentous years.