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Infotainment April 4, 2024

PC, console growth to lag pre-pandemic levels as gamers clock in fewer hours: report

Research firm Newzoo predicts that revenue growth in personal computing and console gaming will remain below pre-pandemic levels until 2026, with an expected growth rate of 2.7 percent from 2023 to 2026, compared to the 7.2 percent growth rate seen from 2015 to 2021. This decline is attributed to gamers spending fewer hours playing, with average quarterly playtime dropping by 26 percent from 2021 to 2023. Weaker gaming release schedules are anticipated to contribute to this trend, with playtime projected to decrease by around 10 percent in January. Major players like Sony Group have adjusted their strategies accordingly, announcing a lack of new major franchise titles for the upcoming fiscal year and reducing sales forecasts for PlayStation 5 consoles due to weaker-than-expected holiday sales. Industry giants, including Sony, Tencent Holdings’ Riot Games, and Electronic Arts, have downsized their operations and laid off hundreds of employees. Gaming industry consolidation is evident, with fewer publishers dominating player engagement, while a small group of popular titles such as Fortnite, Roblox, League of Legends, Minecraft, and Grand Theft Auto V capture a significant portion of playtime. Fortnite and Roblox are highlighted for their games-as-a-platform model, allowing continual content updates and enabling them to maintain high engagement levels.

Source – CGTN

Photo Credit – Reuters

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