The global video games market is projected to experience a resurgence in 2023, fueled by robust sales of consoles like Sony’s PlayStation 5, as indicated by gaming market research firm Newzoo.
Newzoo anticipates that industry revenue will increase by 2.6 percent to $187.7 billion (approximately Rs. 15,54,231 crore) in 2023, driven by a 7.4 percent surge in console sales. According to data from the research firm, gaming revenue declined by 5 percent in 2022.
“2023 saw the release of highly anticipated delayed titles, with more set to launch in the second half of the year. Additionally, the supply of new consoles has finally caught up with the demand,” stated Newzoo analyst Tom Wijman.
In July, PlayStation manufacturer Sony stated that it expects to sell 25 million units of PS5 consoles this year, setting a record for any PlayStation device, as supply chain challenges ease.
Market research firm Circana reported that US consumer spending on video game hardware increased by 23 percent during the first half of 2023. However, spending on video game content remained stagnant during the same period, as gamers stuck with established franchises like Activision Blizzard’s “Call of Duty”.
Earlier this month, publisher Electronic Arts, known for “Apex Legends”, predicted lower net bookings for the September quarter due to decreased in-game spending on items like character skins. Nevertheless, the company maintains its bookings forecast for 2024, as it plans to launch “EA Sports FC”, its football franchise game, in September.
Despite the privacy policies of Apple and Google impeding their monetization, Newzoo expects mobile games to contribute nearly 50 percent of global gaming revenues in 2023.
Newzoo also revealed that cloud gaming, which enables gamers to stream titles directly on devices regardless of their technical specifications, has the potential to attract 43.1 million paying users by the end of the year.
© Thomson Reuters 2023
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Basant Kasayap is an entertainment aficionado who delves into the glitz and glamour of the entertainment industry. From Hollywood to Bollywood to regional cinema, she offers readers an insider’s perspective on the world of movies, music, and pop culture.
