Newzoo is said to be the most trusted source for games and market research analytics. The company has released its 2021 predictions and what the global games market is really in for this year. According to Newzoo, the global games market is to generate approximately $175.8 billion in the year 2021. According to the forecast, there will be decrease of 1.1% in the year over year revenue; the company says that this decline is due to the many effects of the COVID-19 pandemic. The company also says that the market is to experience a decline also due to the worldwide shortage of hardware and consumer electronics, which occurred because of the pandemic.
Even with this loss, the industry will soon level it all out with having to earn more than $200 billion by the year 2023. Many releases that were to occur have been pushed to 2022 due to the pandemic. The market is to hit the $175.8 billion mark in 2021 as compared to the 177.8% it hit in 2020. Newzoo’s games market lead Tom Wijman has also said in an interview that this decline is small but the market will soon be covering this loss by a huge amount. Due to the global semiconductor chip shortage and Apple’s newest privacy update, Newzoo thinks that it will be little challenging to beat last year’s numbers, but this decline will definitely not interrupt the many plans which the games industry is to execute soon. Newzoo in its predictions report has also said that by the year 2023, the games global market will exceed its $204 billion mark.
Out of the $175.8 billion which the games market will earn this year in 2021. $90.7 billion will be through mobile games, $79 billion through smartphone games, $35.9 billion through PC, $33.3 billion through the downloaded games on PC, $11.6 billion through tablet games and around $49.2 billion through console. Wijman says that last year they witnessed a growth in the market due to the lockdown where people from all around the world had gained a lot of interests in games and played those endlessly and this time for the time ever the company will experience a slight decline but they haven’t also been shy to address their declining market as there will be an enormous growth in the coming years.
Newzoo has also reported that since they have begun keeping a track on their revenues in2012, they noticed that the games market had generated a total of $177.8 billion in the year 2020, an increase of 23.1% from 2019. In 2020 Newzoo witnessed the highest growth of the games market.
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Even with this loss, the industry will soon level it all out with having to earn more than $200 billion by the year 2023. Many releases that were to occur have been pushed to 2022 due to the pandemic. The market is to hit the $175.8 billion mark in 2021 as compared to the 177.8% it hit in 2020. Newzoo’s games market lead Tom Wijman has also said in an interview that this decline is small but the market will soon be covering this loss by a huge amount. Due to the global semiconductor chip shortage and Apple’s newest privacy update, Newzoo thinks that it will be little challenging to beat last year’s numbers, but this decline will definitely not interrupt the many plans which the games industry is to execute soon. Newzoo in its predictions report has also said that by the year 2023, the games global market will exceed its $204 billion mark.
Out of the $175.8 billion which the games market will earn this year in 2021. $90.7 billion will be through mobile games, $79 billion through smartphone games, $35.9 billion through PC, $33.3 billion through the downloaded games on PC, $11.6 billion through tablet games and around $49.2 billion through console. Wijman says that last year they witnessed a growth in the market due to the lockdown where people from all around the world had gained a lot of interests in games and played those endlessly and this time for the time ever the company will experience a slight decline but they haven’t also been shy to address their declining market as there will be an enormous growth in the coming years.
Newzoo has also reported that since they have begun keeping a track on their revenues in2012, they noticed that the games market had generated a total of $177.8 billion in the year 2020, an increase of 23.1% from 2019. In 2020 Newzoo witnessed the highest growth of the games market.
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