XBox, PS5 Drive Videogame Market Recovery

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NewZoo research predicts a faster rebound in the global video-game market this year, driven by robust sales of Microsoft's Xbox and Sony's PlayStation 5 consoles

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The market is expected to grow 2.8% to $189.3 billion in 2024, bouncing back from a 0.6% increase in 2023 and reversing post-Covid industry decline

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Following two years of pandemic-fueled growth, the gaming market contracted by 4.3% in 2022, impacted by high interest rates, persistent inflation, and title shortages

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The recovery in 2023 was driven by the release of several big titles, including 'Star Wars Jedi: Survivor' and 'FC 24' soccer title, as well as 'Hogwarts Legacy'

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Despite a less impressive release catalog in 2024 compared to 2023, console sales are projected to grow due to live-service games and back catalog sales

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Sony anticipates selling 25 million PlayStation 5 units by March, buoyed by a sleeker device version, aligning with market predictions

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Live-service games like 'Fortnite' by Epic Games fuel gaming revenue, drawing users with a free-to-play model and consistent content updates

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Indications suggest the model faced pressure, with 2023 user engagement data revealing a shift away from live-service games towards premium ones

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The report mentioned an anticipated slowdown in the expansion of gaming subscription services, such as PlayStation Plus and Xbox Game Pass

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Experts anticipates a relatively stable 2024, devoid of significant disruptions, maintaining continuity with recent observed trends

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