Steam Continues To Post Record-Breaking Numbers; The Gaming Industry Will Profit Immensely From COVID-19

Steam Continues To Post Record-Breaking Numbers; The Gaming Industry Will Profit Immensely From COVID-19
Credit: Steam via Twitter

Another day has passed, and Steam has posted yet again record-breaking numbers of online users, having now surpassed an impressive twenty-two million concurrent users. We were all impressed when they surpassed twenty million, yet the numbers continue to climb as more and more users across the globe are looking for something to occupy the wild amount of free time that they suddenly have as restaurants, bars, and retail outlets all shutter until the pandemic has passed.

Yet Steam posting an ever-growing population isn’t news in and of itself.

COVID-19 has caused stocks to tumble into a free fall across the world markets, reaching new lows that would previously be thought of as implausible.  As the stock markets collapse (while elected officials profit from everyone else’s misery), there is one industry that is primed to gain a similarly unprecedented level of popularity; the videogame industry.

In the past ten days, Steam has reported ever-growing levels of users and game purchases as millions of citizens look for a way to idly pass the time, or for a new medium to connect on.  Gaming is one of the very few industries that can capitalize on both of these desires while still adhering to the physical distancing recommended by the World Health Organization (WHO).  With a wild variety of genres that embrace everything from casual clicking while watching your favorite media streams, to hardcore competitive titles that encourage your heart to leap out of your chest in stressful environments, Steam (and gaming platforms in general) has a little something for everyone.

There is one mega-corporation in particular that stands to benefit immensely; Tencent Games.  The company has been making headlines in the past year or three, as it scoops up titles ranging from the ever-popular adventure-RPG Path of Exile to full ownership of Riot Games, which includes League of Legends.  They’ve even invested into a 40% share of Epic Games, and 5% ownership of Ubisoft.

The fact that Tencent is one of China’s strongest arms in regards to influence and financial strategy is an interesting aspect to consider in light of the alleged origin of the virus that has since spread around the world.

Yet in a time where investors are frantically looking for anything that could possibly continue to turn a dollar, the gaming industry is one of the few shining beacons for turning money into more money, and its growth has likely only just begun to boom.  If development studios can quickly get a grasp of the new resurgence in the market, while their developers are all working remotely, this can turn into something monumental for gamers and investors alike.