2023-11-20 07:09:55
Global Game Market Forecasted to Grow by Market Research Agency Newzoo
Market research agency newzoo has released its latest forecast report for the global game market in 2023 asserting that the overall game market will continue to grow.
The report estimates that the global gaming market will be worth US$184 billion in 2023, with an annual growth rate of 0.6%. While this growth is lower compared to previous years, newzoo anticipates the market will continue to grow, reaching $205.7 billion by 2026 at an overall market growth of +1.3% per year.
Mobile games continue to dominate the market, accounting for 49% of overall game revenue in 2023. However, console games are set to reach US$53.2 billion, marking an annual increase of 1.9%, while PC games are forecasted to reach US$40.4 billion, reflecting a 3.9% annual increase – making them the highlight of the industry this year.
Additionally, the report notes that the top 10 publishers account for 30% of the entire market, with Tencent, Sony, and Apple accounting for 16.4% of the global game market.
Notably, Sony’s game revenue has increased by 8.7% year-on-year to US$8 billion, attributed to the stable supply of the PS5 driving increased game sales. However, with Microsoft’s acquisition of Activision Blizzard, newzoo expects that Microsoft will overtake Sony in game revenue in the future.
Tencent, the leading global game publisher, continues to thrive, competing directly with Riot Games and Activision Blizzard. The report also highlights Tencent’s ownership of 40% of Epic Games and its positive growth in games such as “Heroes” and “League of Legends”. Meanwhile, Nintendo has sustained a small positive growth despite reaching the final stage of the Switch ecosystem, largely due to the success of “The Legend of Zelda Kingdom Tears” and “Super Mario Bros. The Movie”.
Overall, the newzoo report paints a positive picture for the game market, with continued growth and success for major publishers in 2023.
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