Newzoo (which is part of Leaders Group, the portfolio of which includes The Esports Observer) has updated its 2020 Global Games Market numbers to reflect changes in gaming revenue and engagement associated with novel coronavirus (COVID-19) lockdown measures. According to the gaming market insights and analytics company, the 2020 Global Games Market will generate revenue around $159.3B USD–a year-on-year growth of 9.3%.
Each of the three gaming segments (console, mobile, PC) will see half of its consumer spending come from China and the United States. In 2020, these gaming segments will see an increase in engagement and revenues as a result of the COVID-19 lockdown measures. However, mobile gaming looks to see the biggest increase at 13.3% year-on-year growth coming in at $77.2B.
As lockdowns and other measures have forced people away from other entertainment choices such as sports and concerts, video games and esports have picked up significantly with the Global Games Market looking as if it will continue to grow in the coming years, exceeding $200B by the end of 2023.
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