Summer Game Fest 2023 and the stagnant state of the industry
The video game industry is larger than it’s ever been. The biggest companies are worth trillions of dollars and dozens more operate in the billions. In terms of social impact, video games are an established, powerful segment of the art and entertainment landscape. In 2023, the state of the video game market is, “big and getting bigger.” So why, from a player perspective, does it feel like the industry is shrinking?
It’s been four years since the last big video game showcase in the US. E3 2019 marked the last time the industry met in Los Angeles for a week of game and hardware announcements, and it’s finally happening again this year, just under new management. Summer Game Fest kicks off today, June 8th, and it’s organized by the team behind The Game Awards, rather than the Entertainment Software Association. There’s going to be a main live show at 3PM ET and multiple follow-up streams focused on indie games, plus events from Xbox, Ubisoft and Capcom running through June 12th.
The format of Summer Game Fest certainly looks familiar, but the industry itself has changed drastically since the last big summer showcase. The Xbox Series X and PlayStation 5 have been on the market for more than two years, subscription-based cloud services are actually viable, and the indie and AA space has found its footing again. Meanwhile, the largest companies in the room have been on an acquisition spree, with Microsoft and Sony buying talented studios in a bid to pad their new platforms with exclusive games.
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