New zoo, a specialized game market data company, estimates that the electronic game industry will have a 4.3% revenue drop compared to 2021, with a total revenue US $184.4 billion. This is also the first that New zoo has a decline in game industry revenues since the beginning of the company’s historical series.
Earlier this year, New zoo projected that the electronic game market would earn approximately $196.8 billion in 2022, but the forecast was dramatically reduced due to a below-expected year to the console market, such as the Xbox Series, PlayStation 5 and Nintendo Switch, among other factors.
Still, the game industry revenues was above what New zoo projected before the Covid-19 pandemic, which spread around the world in early 2020 due to social distancing measures and with people spending more time at home, The gaming market was one of the few in the world that has been growing even in the advancement of coronavirus in the world and amid the difficulties the studios themselves faced to finish projects. Between 2020 and 2022, the electronic gaming market earned $43 billion more than New zoo projected before pandemic.
Our long-term prospects for the game market are still positive, the company said in a report. Although this may seem a setback to the game market, we observed that the sum of revenues generated from 2020 to 2022 is almost 43 billion dollars higher than we originally foresaw before the pandemic.
Regarding the PC market game market, the revenue foreseen by New zoo is US $40.5 billion, which points to a small growth of 0.5% compared to 2021. The mobile game market should fall 6, 4% this year, with a total revenue of US $92.2 billion. Earlier this year, New zoo predicted a growth in the 5%mobile game market, a projection that was not realized.
According to New zoo, the main explanation for the fall of the market is not due to a reduction in the number of players, but to the fact that people have spent less money on mobile games than expected.
Also, according to the company’s survey, the virtual reality game market is the only one that should have significant growth, with a collection of US $1.8 billion and a 26.4% increase compared to 2021.