Console

The video gaming industry breaks records in 2023 with US$187.7 billion in revenue

According to gaming industry research firm Newzoo, the global video games business will resume development in 2023 due to high sales of consoles such as Sony's PlayStation 5.

According to Newzoo, industry revenue would increase by 2.6% to US$187.7 billion (approximately Rs. 15,54,231 crore) in 2023, powered by a 7.4% increase in console sales this year. According to the research firm's projections, gaming income will fall 5% in 2022.

"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," according to Newzoo analyst Tom Wijman.

Sony announced in July that it expects to sell 25 million PS5 systems this year, a record for any PlayStation device, as supply chain concerns alleviated.

According to market research firm Circana, US consumer expenditure on video game hardware increased by 23% in the first half of 2023. However, spending on video game content remained unchanged, as players stayed with tried-and-true titles like Activision Blizzard's "Call of Duty."

Earlier this month, "Apex Legends" producer Electronic Arts predicted decreased net bookings for the September quarter owing to fewer in-game spending on products like character skins. However, the firm maintained its 2024 bookings prediction, citing the September release of "EA Sports FC," its football franchise game.

According to Newzoo, mobile games will account for over half of worldwide gaming sales in 2023, despite Apple and Google's privacy regulations impeding their profitability.

Cloud gaming, which allows players to stream titles directly on devices regardless of technological limitations, has the potential to attract 43.1 million paying consumers by the end of the year, according to Newzoo.