After what the video game industry considers a disappointing 2022, reports show it will rebound in 2023 due to PS5 availability and strong IP releases.
In 2022, the video game industry experienced many delays that pushed titles from 2022 into 2023, and with fewer titles available, sales were set to suffer as well. But now, as the industry prepares to enter Q4 of 2023, many quality titles are set to be released, and the PS5 has started to become more available, leading market research website Newzoo to predict a positive return to form for the industry.
“A number of highly anticipated delayed titles will launch in 2023, with more scheduled for release in H2 [the second half of the year], and the supply of new consoles is finally catching up with demand,” Newzoo analyst Tom Wijman said of the big second half of 2023. Newzoo’s bullish forecast also expects industry revenue to rise 2.6% to $187.7 billion in 2023, driven by a 7.4% increase in console sales for the year after a dismal 5% revenue decline in 2022.
The number of delayed titles in 2022 was staggering. Fans saw Starfield, Skull and Bones, and Hogwarts Legacy delayed to 2023 from previously expected release windows in 2022, hurting video game industry revenue in 2022. High-profile releases such as Marvel’s Spider-Man 2, Forza Motorsport, and Starfield, which will be released in the second half of the year, will also boost sales, resulting in a favourable forecast for the industry.
It’s also worth noting that as PS5 supply issues ease, a new limited edition Spider-Man 2 PS5 console has been announced and a new Xbox Series S with a 1TB SDD, which could also help get more consoles into homes. As the video game industry heads into a busy release season in the second half of 2023, the predictions carry weight, but it’s important to note that they are just that, predictions and unforeseen issues can happen to derail the favourable forecast. Fans can read the full report on the Newzoo website.