Newzoo reported that the game market increased its revenue over the past year despite the previous forecasts and proving that the game business is no longer seasonal.
According to Newzoo, the games market is about to reach $180.3 billion in 2021. That translates to an increase of 1.4% in consumer spending over the past year. Although earlier this year the firm had forecasted that the game market's revenue would slightly shrink this year, consumers spending stayed resilient to the consequences of the global lockdown due to the mobile games market's performance.
Newzoo Market Lead Tom Wijman reported that the figures show that the gaming market is "no longer the seasonal ... business", and it is "as likely to drive revenues" regardless of new games or hardware released.
The firm declares that despite console and PC seeing a slight decline, the cloud gaming market has increased its revenue more than twice since last year. Esports engagement has also boosted incomes estimated at about $1 billion this year, Newzoo reports.
Newzoo anticipates that the global games market will generate $218 billion in consumer spending in 2024 while the mobile games market will reach $116.4 billion. Concerning the cloud gaming market, the firm forecasts it will accrue $6.5 billion, whereas the esports market will increase its revenue to $1.6.
You can learn more about the games market in 2021 in Newzoo's report. Also, don't forget to join our new Reddit page, our new Telegram channel, follow us on Instagram and Twitter, where we are sharing breakdowns, the latest news, awesome artworks, and more.