The decade has been a turbulent one for the US video game industry. It began with the surge in players, engagement and dollars from people wanting to stay connected to family and friends through the pandemic. This was followed by similar declines across all measures with the return to spending on experiences, which happened to come along with new hardware console supply constraints and numerous game delays thrown in for good measure.
After Slumping In 2022, Global Video Game Industry Poised For Rebound In 2023 - Report
08.08.2023 - 16:41 / gamespot.com / Eddie Makuch
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 Mirage, Spider-Man 2, and Forza Motorsport. There is new hardware on the way, too, including a 1 TB Xbox Series S.
The products discussed here were independently chosen by our editors. GameSpot may get a share of the revenue if you buy anything featured on our site.
Got a news tip or want to contact us directly? Email [email protected]
The website gametalkz.com is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.
Top Authors
Popular Topics
tech.hindustantimes.com
27.08.2023 / 08:13
AI revolution in video games has industry players treading warily
From generating storylines to coding entire games to turning ideas into animation, artificial intelligence is front and centre at Gamescom, one of the video game industry's biggest fairs.
videogameschronicle.com
25.08.2023 / 16:11
Starfield leaker arrested after allegedly stealing copies of the game
A man whose leaked Starfield gameplay went viral has been arrested for allegedly stealing and attempting to sell copies of the game online, among other charges.
hardcoregamer.com
23.08.2023 / 23:31
New Gameplay Trailer Drops For RoboCop: Rogue City - Hardcore Gamer
When discussing the top action films of the ’80s it would nothing short of a criminal act to omit RoboCop. The combination of satirical humor mixed with impressive (for the time) robot special effects and some gratuitous violent scenes led for an incredibly memorable film that still holds up today. The idea of a cyborg super cop violently enforcing the law endless legions of scumbags lends itself well to a video game setting. The upcoming RoboCop: Rogue City pays tribute to the 1987 cinematic triumph.
gamesindustry.biz
23.08.2023 / 13:21
3,400 industry professionals attend Devcom 2023
This year's Devcom Developer Conference saw 3,400 participants attend the event in Cologne, Germany.
gamesindustry.biz
21.08.2023 / 15:15
Is the October video game release schedule really overcrowded? | Opinion
What do the following games have in common?
gamingbolt.com
18.08.2023 / 16:59
Call of Duty: Modern Warfare 3 Gameplay Reveal Set for Gamescom Opening Night Live
With Call of Duty: Modern Warfare 3’s recent global unveiling, Activision lifted the lid on some of the biggest headlining features in this year’s game, from its single player campaign to its multiplayer component to its redefined Zombies experience. Pretty soon, more details and footage on the shooter will also be showcased.
gamingbolt.com
17.08.2023 / 14:21
Street Fighter 6, Resident Evil 4 Remake VR Mode, and More Confirmed for TGS 2023
Capcom has announced its line-up for Tokyo Game Show 2023, with titles like Exoprimal, Monster Hunter Now, Resident Evil 4 Remake’s free VR Mode, Street Fighter 6 and Apollo Justice: Ace Attorney Trilogy playable.
gamespot.com
15.08.2023 / 14:29
How To Donate To Hawaii Wildfire Relief By Playing Xbox Games
Anyone in the Microsoft Rewards program can convert their points into donations to the American Red Cross.
gamesradar.com
14.08.2023 / 23:37
After 13 years, a lost Yakuza game finally has an English translation thanks to fans
The 2010 PSP game Kurohyou: Ryu Ga Gotoku Shinshou, a spinoff of the Yakuza series, is now available to play with English subtitles thanks to a newly released fan project.
ign.com
09.08.2023 / 16:15
PlayStation Plus Games Catalogue Additions for August 2023 Revealed
Sony has revealed the PlayStation Plus Games Catalogue line-up for August 2023, which includes Destiny 2: The Witch Queen, Sea of Stars, Lost Judgement, and more.
techcrunch.com
08.08.2023 / 17:15
Netflix launches a game controller app for playing games on your TV
After last fall signaling its intentions to expand into cloud gaming, Netflix today launched a new app that will soon allow subscribers to play games on their TV. The app, dubbed “Netflix Game Controller,” lets you use your phone as a controller after pairing it with your TV in order to play the games available through Netflix’s service.