Games market research group Newzoo has published its latest report which forecasts a year-on-year decline of 4.3% for the global games market in 2022, following two years of “exceptional” growth during the COVID-19 pandemic.
In the report (thanks, GamesIndustryBiz), the firm estimates that the entire video game market will generate $184.4 billion in 2022, a reduction on the $196.8 billion forecast Newzoo made earlier in the year.
This figure includes all branches of gaming (PC, browser, mobile, consoles), and the console gaming sector specifically is looking at a 4.2% decline. A “slow year” in release schedule terms is given as one contributing factor, alongside the current economic climate and the explosive pandemic-influenced growth of 2020/21.
Despite the lower-than-expected forecast, global revenue is still tracking higher than pre-pandemic times, with Newzoo labelling 2022 a “corrective year” following the unprecedented lockdown growth when people turned more than ever to gaming. “Our long-term outlook for the games market remains positive,” the report states, predicting 2022 to be the only corrective year before growth returns in 2023 and the numbers go up once more.
Despite this minor downturn — and let’s not forget that $184.4 billion ain’t exactly bad — the firm ends things on an optimistic note, calling the future “bright” and forecasting growth going from $179.1 billion in 2020 to a whopping $211.2 billion by 2025.
So yes, video games are doing all right and will more than likely survive this corrective blip on the spreadsheet. Numbers going up will almost certainly resume next year. Carry on!
