The videogame market has seen strong sales growth over the past few years, thanks to lockdowns resulting from the global pandemic. However, this year’s sales are expected to be lower. Ampere Analysis market researchers predict that the sales of games and services will fall by 1.2 per cent.
After 26% plus now 1.2% minus
The video games industry has seen its revenues rise since at least 2015. New mobile business models have significantly increased revenues. S game consoles from Sony and Microsoft have also boosted demand and sales, even though both were scarce or often still available. Sales grew 26 percent from 2019 to 2021 to $191 billion annually. On the other hand, this year’s turnover is expected to be 188 billion.
Russian market collapses
It’s not surprising that the record-breaking sales in the last two years can’t be sustained. However, the current economic trends across the globe don’t stop at this industry. Many companies, including Sony and Microsoft, have also closed down operations in Russia, which has resulted in a decline in global sales. According to Ampere Russia is the 10th largest market for video games in the world. However, it is expected to drop to at least 14th place this year. Russia’s market is expected to shrink by $1.2 billion.
It should rise again in 2023.
The video game market is still at levels that are well above those of pre-pandemic sales. However, the future outlook remains bright. In 2023, there will be growth and a turnover of 195billion dollars annually.