Analytical agency Newzoo has updated its forecast for the growth of the video game industry for 2020. The COVID-19 coronavirus has had a positive impact on this sector of the economy, so video games and equipment for them will bring their creators $ 174.9 billion.
This is an increase of almost 20% over the year.
In an updated report, Newzoo notes that the forecast increase was due to an analysis of the financial statements of gaming companies for the first half of the year. The company has identified an acceleration in previously reported gaming trends. The firm also noted that consumers are still more engaged in entertainment than before the pandemic, although the initial surge in video game engagement has slowed.
PC video games will grow to $ 37.4 billion, mobile to $ 86.3 billion, and console games to $ 51.2 billion. The last sector will grow especially strongly. Its growth forecast has doubled on stronger demand for consoles in the first half of the year. Typically, the demand for them falls towards the beginning of a new generation.
China and the United States remained the largest markets, followed by Europe. The market will reach $ 200 billion in 2023.