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Newzoo released a modified report on the global gaming market today, with a slightly less optimistic forecast for industry revenue in 2022. However, the report generally praises the industry, even going so far as to call it (to some extent) “recession-resistant”.
The previous version of the report, released in early May, predicted the market would top $200 billion in revenue for the first time. However, Newzoo says it has changed the numbers in response to factors including supply constraints and game delays. That said, the report says player engagement will remain high.
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However, the amended report puts the projected revenue at $196.8 billion. This will still represent growth of 2.1% year over year. The report also says the range of monetization options means “there are avenues to play, regardless of a player’s disposable income.”
The resilience of the video game industry
Supply issues and delays will affect the console and PC markets. PC revenue will remain flat ($40.4 billion, 1.6% growth) and console revenue will decline ($52.9 billion, -2.2% decline). But the report predicts that this year’s slight dip is temporary and will hit $225.7 billion by 2025.
Newzoo says that “Triple-A gaming isn’t as achievement-driven and seasonal as it once was.” Players engage heavily in live service games such as Fortnite and League of Legends. The number of global players will also reach 3.2 billion in 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 taking into account the stabilization following the boom of 2020. The mobile market will be the main driver of growth, with a expected growth of 5.1% and revenue of $103.5 billion.
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