Do you want to know what’s next for the gaming industry? Join gaming executives to discuss emerging areas of the industry at GamesBeat Summit Next in October. Register today.
Newzoo released a modified Global Games Market report today, with a slightly less optimistic forecast of the industry’s revenue in 2022. However, the report praises the industry overall, going so far as to say (to some extent) ” recession proof’.
The previous version of the report, released in early May, predicted the market would break $200 billion in revenue for the first time. However, Newzoo says it has adjusted the numbers in response to factors such as delivery restrictions and game delays. That said, the report claims that player engagement will remain high.
However, the amended report estimates projected revenues at $196.8 billion. This will still represent an annualized growth of 2.1%. The report also says the range of monetization options means “there are ways to play regardless of how much disposable income a player has.”
The resilience of the gaming industry
The delivery issues and delays will impact the console and PC markets. PC revenues will remain flat ($40.4 billion, up 1.6%) and console revenues will decline ($52.9 billion, down -2.2%). But the report predicts that this year’s slight decline is temporary, reaching $225.7 billion by 2025.
Newzoo says that “Triple-A gaming is no longer as popular and seasonal as it once was.” Players are heavily engaged in live service games such as Fortnite and League of Legends. The number of global players will also rise to 3.2 billion by 2022, it predicts. Latin America, Africa and the Middle East will drive much of the growth.
Overall, the report expresses confidence that the games industry is still doing well, even as it comes to stabilization after the boom in 2020. The mobile market will drive most of the growth, with a projected growth of 5.1 % and revenue of $103.5 billion.
The GamesBeat credo when talking about the game industry, is ‘where passion and business meet’. What does this mean? We want to tell you how important news is to you — not just as a decision maker in a game studio, but also as a game fan. Whether you’re reading our articles, listening to our podcasts, or watching our videos, GamesBeat helps you learn and have fun with the industry. Learn more about membership.