After Slumping In 2022, Global Video Game Industry Poised For Rebound In 2023 – Report

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.

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Source: Gamespot