We all know that esports and video games have been on the rise during the coronavirus pandemic as people turn to virtual worlds to escape COVID-19.
And we got earnings from Activision Blizzard and Take-Two Interactive this week.
Take-Two reported a 54% increase in revenue to $831.3 million as the company saw a 52% increase in add-on content and in-game revenue that accounted for 58% of its total revenue. Net bookings, which includes in-game purchases, totaled $915.2 million, while net income for the period rose 91% to $88.5 million, or 77 cents per share.
And Activision Blizzard, which is behind games such as Call of Duty, World of Warcraft and Candy Crush, reported earnings of 81 cents per share on revenue of $1.93 billion. Analysts were expecting the company to report earnings of 59 cents per share on revenue of $1.7 billion.
David Dierking, who writes on ETF's for TheStreet's ETF Focus, wrote about the trends surrounding video games and esports.
"The global games market is expected to grow around 9% per year through 2022. That includes games played on a traditional console, such as the Microsoft XBox or Sony Playstation, as well as mobile games played on a phone," he wrote.
You can follow Katherine Ross on Twitter at @byKatherineRoss.
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