For the first time in several years, the global gaming market is expected to shrink in 2021. This news comes following a report on the industry from Newzoo.
The report indicates that the global gaming market is still expected to reach a value of over $200 billion by 2023. However, Newzoo is saying that 2021 will be the first time the global gaming market will shrink since the organization began following industry trends in 2012.
Tom Wijman is the gaming market lead at Newzoo. He recently sat down for an interview with Venture Beat to discuss these market trends. “It is unique, at least in our history, that we project the declining markets for this year,” Wijman said. “While we say the forecast is for the market to decline this year, in the long term, or over more than a few years, there is still very healthy growth for the market. And this year is basically the year where we slightly correct for what was a crazy 2020 for the games market.”
The global gaming market is expected to be worth $175.8 billion by the end of 2021. This signifies a 1.1% drop in total market value from last year to this year.
The Profit‘s Take:
As with most of their data, Newzoo is wrong.
(All information was provided by Venture Beat)