In today’s busy world, the challenge to find a good balance between work-life and family time is real. Insufficient family time can leave family members with deep feelings of loneliness and anguish. Therefore, making sure that you are spending quality time with your family should be a top priority. Quality family time shouldn’t only be about watching TV in the living room, it should involve you going out as a family to experience different cuisines, get in touch with nature or even visit a family entertainment centre (FEC).
In recent years, family entertainment centres have appeared more frequently. In the 1980s and 1990s, family entertainment centres offered very little. Historically, the centres would be home to one fast-food establishment, a bowling alley, roller skating or arcade games. However, arcade games started dying by the late 1990s. The reason was that they were no longer feasible, and the revenue generated wasn’t enough to warrant the expenses to operate these games.
Modern family entertainment centres aren’t as reliant on arcade gaming. Although arcade gaming is still existent in FEC’s, most businesses are realizing the true value of diversifying revenue streams. It’s no longer about pizza and video games.
Many FECs have begun featuring bumper cars, rock climbing walls, trampoline parks, go-karts, zip-lining, and rope courses. Other high-tech gaming such as virtual reality has entered the fray too. FECs essentially offer a wider range of entertainment, for people of all ages, than they used to.
According to TechSci Research, in 2018, the revenue generated from FECs was around $18.7 billion and is forecasted to grow at a CAGR of around 10.93% to $36.4 billion by 2024. The FEC market essentially can be segmented into sports, arcades, virtual reality gaming zones and others. Virtual reality gaming particularly is expected to bring the fastest growth in the upcoming years, because it provides an advanced entertainment experience, which results in increased revenue.
Marketing strategies include introducing gift cards and free give-aways. Birthday discounts have also contributed greatly in boosting the revenues for FECs. The food and beverages segment is expected to grow within the global FEC market because people have started to become inclined towards hosting corporate and birthday parties within these structures.
FECs are experiencing expansion within almost all regions including Asia-Pacific, Europe, North America, South America, Africa & the Middle East. North America currently leads the global entertainment centres market due to increasing disposable income and a large middle-class population of the region.
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