After Slumping In 2022, Global Video Game Industry Poised For Rebound In 2023 - Report
Total spending on video games in 2023 should exceed $187 billion in 2023, a new report says.
By Eddie Makuch on
Video game industry revenues are projected to grow in 2023, thanks in part to the success of the PlayStation 5, according to market research company Newzoo. This would be a welcome improvement for the global games business, as revenues sunk 5% in 2022.
Reuters reports that global spending on games in 2023 should rise by 2.6% to $187.7 billion, fueled in part by a 7.4% surge in console sales. The PS5 is much easier to find these days, and the wider availability has helped improve overall sales, Newzoo said. Another contributing factor in 2023's projected uptick in global revenue was the fact that games set for 2022 were delayed into 2023, Newzoo said.
«Many highly anticipated delayed titles launched in 2023, with more scheduled for release in H2 (second half), and the supply of new consoles has finally caught up to demand,» Newzoo analyst Tom Wijman said.
About 50% of total global gaming revenue for 2023, or more than $90 billion, is expected to come from the mobile game market, putting a spotlight on just how massive and lucrative the mobile market is.
Supply chain issues impacted the availability of the PS5, in particular, but those issues are largely over now and the PS5 is much easier to find these days. The PS5 has benefited greatly, becoming the best-selling console in the US in 2023 so far, outpacing the Switch and the Xbox.
We are only halfway through 2023, so Newzoo's report should be taken only as an projection of what could happen this year. Final figures won't be available until the new year.
There are a number of high-profile new releases still to come in 2023, including Starfield, Assassin's Creed
Read more on gamespot.com
