The global market grew to almost $200bn in recent years, but such massive growth isn’t sustainable. But the industry has a few things on the horizon to console themselves
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During the pandemic, video games have had an unprecedented boom while pretty much every other cultural sector – from music and nightlife to theatre and cinema – have tanked. With everyone stuck inside looking for ways to alleviate their boredom and socialise safety, it is no wonder that the global games market grew from $150bn in 2019 to $180bn in 2020 (£). Millions of people bought consoles (the Nintendo Switch especially saw a huge surge); and some of us who already had consoles felt like a shiny new PlayStation 5, say, might alleviate the pandemic blues for a while. Every facet of gaming, from mobile to consoles, Twitch viewership to concurrent Steam player numbers, was given a boost.
It’s also hardly surprising, then, that the games industry is now facing a contraction. Growth continued throughout 2021, up to around $190bn, but is now predicted by market analysts to decline by a few billion. The games industry’s revenue is expected to start climbing again from 2023, however, past its pandemic peak. Continue reading...
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