Video game revenues are set to rise by a fifth this year as lockdown restrictions across the globe drive unprecedented growth.
According to new figures from Newzoo, video game industry revenues are set to jump 20 per cent year-on-year to $174.9 billion, far outpacing earlier forecasts.
While the huge increase in the amount of time spent indoors is a major factor in expected growth this year, alongside the upcoming release of next-gen consoles, growth is expected to extend well beyond this year.
Newzoo forecasts mobile, console and PC game sales will rise around 9.4 per cent every year between 2018 and 2023 when revenues will top $217 million, significantly more than previous forecasts of $200 billion.
While console games are set to receive a boost thanks to the release of Sony’s PlayStation 5 and Microsoft’s Xbox Series later this month, mobile gaming is set to see the largest growth this year, increasing more than 25 per cent.