Gaming industry expected to grow strongly in 2023

According to Gadget360 , game market research firm Newzoo recently said that the global video game industry will grow again in 2023.

The company said it expects industry revenue to grow 2.6% to $187.7 billion in 2023, driven by a 7.4% increase in console sales this year. 2022 saw gaming revenue decline by 5%, according to the company's data.

Gaming industry revenue expected to reach $187.7 billion thanks to console sales

"Many highly anticipated delayed titles are launching in 2023, alongside large-scale releases in the second half of the year, notably as new console supply catches up with consumer demand after a period of supply shortages," said Newzoo analyst Tom Wijman.

In July, Sony said it expected to sell 25 million PlayStation 5 consoles this year as supply chain issues eased, a record number for Sony's popular console.

Market research firm Circana also said that US consumer spending on video game hardware increased by 23% in the first half of 2023. However, spending on gaming content remained flat, as gamers remained enamored with major franchises, notably Activision Blizzard's Call of Duty.

Earlier this month, EA forecast a decline in net pre-orders for the September quarter as consumers cut back on in-game purchases. However, the company maintained its pre-order forecast for 2024, as its highly anticipated EA Sports FC soccer game is set to launch in September.

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