For the first time in years, video game sales are expected to drop annually as another sector that experienced growth during the coronavirus era faces the bleak prospect of a recession.
According to analysis from industry data firm Ampere Analysis, the global market for games and services would shrink 1.2 percent annually to $188 billion in 2022.
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From 2019 to 2021, the industry grew by 26%, growing to a record $191 billion in size.
According to Ampere statistics, video game sales have been steadily increasing since at least 2015.
As individuals spent more time indoors as a result of Covid-19 shutdowns in 2020, gaming saw a significant increase. The industry’s fortunes were further improved by the introduction of next-generation consoles from Sony and Microsoft in that same year.
According to Ampere, Russia had the tenth-largest gaming market in the world in 2021. However, according to the company, it is anticipated to lose $1.2 billion in value this year and fall to No. 14 in the world rankings.
The results, according to Piers Harding-Rolls, research director at Ampere, demonstrate that the games sector isn’t “crisis proof,” with issues brought on by rising costs likely to have an impact on consumption.
According to Harding-Rolls, “after two years of enormous growth, the games market is ready to hand back some of that growth in 2022 as numerous factors combine to undercut performance.”
However, he continued, “the year will still end much ahead of the pre-pandemic performance, and the outlook for the sector as a whole remains good, with growth expected to resume in 2023.
