Video game spending overtakes TV subscriptions in Singapore
Consumers spent $508.7m on video games in the past year.
Singaporeans are turning to video games as seen in the latest report by PwC.
According to the report, the past year marked a tipping point in which consumer spending on video games has overtaken consumer spend on TV in Singapore, which combines TV subscriptions, over-the-top and video on demand.
For the past year, video gaming spends in Singapore reached US$368m and is expected to rise to US$489m in 2021.
"There are many factors that have contributed to this. On the TV side, spending is down as consumers reject traditional large-bundle subscriptions in favour of viewing content online (both paid and pirated) and social media," PwC noted.
It added, "However, it is on the side of video games that we have seen the biggest change. The profile of the typical gamer has changed from being a young male, probably playing to beat a computer, to a casual gamer from all demographic segments. Spend per transaction is low, but in-app purchases add up to form a considerable market. 60.0% of Singapore video game spend comes from casual or social games."