Tech

The $120 billion gaming industry is going through more change than it ever has before, and everyone is trying to cash in

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Video games are more than just a booming entertainment business — they're reshaping the way we interact with the world.

The gaming industry inspires innovation by constantly pushing the boundaries of what's possible, driving companies like Google and Microsoft to create new technology to serve the billions of gamers around the world.

In fact, according to Microsoft, there are more than two billion gamers around the world. This number includes everyone from those playing free games on their phone to those using a state-of-the-art computer fitted with the latest hardware. And the gaming market is only growing.

By 2022, experts forecast the gaming industry will produce $196 billion in revenue. It's no wonder then that tech giants like Apple and Google are trying to cash in by launching gaming streaming services. 

But it's not just giant companies looking to make money off of gaming. As the global culture around video games continues to change, it has given rise to a new way for people to make money. 

Gamers broadcasting from their basements draw huge audiences that make us question what it means to be a professional. Tyler "Ninja" Blevins has redefined pro gaming, earning as much as $500,000 a month during the height of his popularity.

Video games have even challenged the definition of sports, as we watch teenage competitors become more popular than professional athletes. Esports revenue is expected to surpass $1 billion for the first time this year, according to NewZoo.

Gaming is also transforming pop culture and redefining the ways that young people consume entertainment. 

In fact, vintage video games now command the sort of cultural currency and influence once reserved for classic films, perhaps the clearest sign that video games are now an essential form of entertainment.

Business Insider explored how the booming gaming industry is evolving and how it's shaping the way we see the world in a new series of stories called Game Changers. 

Read more stories here: 

Apple and Google are going to war over the future of gaming as the entire industry goes through a radical transformation

Professional gamers reveal the worst things about their profession

Professional gamers reveal the best things about their profession

Jessica Blevins, the 27-year-old manager and wife of the most popular video game player in the world, reveals the inside story of Ninja's move to Microsoft's Mixer

A glimpse into the subculture of e-girls and e-boys, the teen gamers who are the radical antithesis of the Instagram influencer

Why Microsoft paid untold millions to bring the world's most well-known gamer, Ninja, to its own streaming platform

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Kevin Webb was a former gaming reporter at Business Insider. He graduated from Morehouse College in 2013 and worked as an Assistant Editor with Darien Times and as a member of the Shoryuken content team before joining BI in 2018.Kevin has been a competitive Street Fighter player since 2007 and will still take on all challengers.