It seems like 2022 was initially off to a great start for the game industry, but things have taken a turn for the worse, and it looks like 2023 is going to be the year when things get back on track.
The game development industry has seen a lot of ups and downs this year, with many delays and cancellations. However, there is hope that things will pick back up again in 2023:
The Return of ESA
The Entertainment Software Association has announced that it is not giving up on E3. E3 is a video game show that was once arguably the most culturally important video game show in the industry, but it has diminished in relevance in recent years.
The ESA has announced that E3 will return in 2023 as an in-person event. This is after the event's cancellation in 2020 due to COVID-19, followed by an all-virtual attempt in 2021 and another outright cancellation in 2022.
The ESA is partnering with ReedPop to bring PAX West and NYCC back this fall. ReedPop is responsible for events such as PAX and NYCC and was able to bring back PAX East earlier this year.
ReedPop is a company that is known for running successful events and also owning several well-known gaming media organizations. In the past, they even have unsuccessfully tried to take over E3 from the ESA.
Other event organizers are also looking to bring back long-standing industry gatherings in the next few years. Mike Ybarra, head of Blizzard, said in an interview with the Los Angeles Times last week that they are planning on bringing back BlizzCon in 2023. Twitch is also bringing back their TwitchCon event in October.
A Big Year Ahead After Delayed Releases Left and Right
2023 is shaping up to be a big year for video game releases, with several major titles that were originally scheduled for release in 2021 being pushed back to 2023. This includes FromSoftware's Elden Ring and Guerrilla Games' Horizon Forbidden West. While game developers are hoping to avoid a similar situation in 2024, it looks like 2023 is going to be a big year for video game releases.
Sony's Santa Monica Studio announced before that its upcoming release, God of War: Ragnarok, would be released in 2022. However, Square Enix and Luminous Productions' Forspoken will now release in January instead of the supposed October launch.
Microsoft has a lot of big games coming out in the next few years, including Bethesda's Starfield and Arkane's Redfall. Nintendo is also planning to release a long-awaited sequel to The Legend of Zelda: Breath of the Wild.
The Economic Downturn Is Looming
The game industry is expected to see a decline in 2023 after two years of growth. This is due to a combination of factors, including the launch of new console hardware, which could lead to lower consumer spending on games.
The games industry is predicted to decline by 1.2% this coming year to $188 billion globally. This is according to market research firm Ampere Analysis.
The firm is saying that there are a lot of things that are preventing mobile gaming growth right now, including "heavy inflation" as well as "increasing cost of living squeeze" but that the outlook for the future is still positive.
There is a predicted decline in U.S. consumer spending on gaming of 8.7% this year, according to The NPD Group's analyst Mat Piscatella.
The video game market is not as affected by the economy as other markets, but there are some factors that are starting to impact it. People are spending less on experiences and more on everyday items, which is affecting the market. There are also manufacturing challenges with consoles and controllers, and there are fewer new releases.
Conclusion
Overall, the video game industry is still doing well despite delays and other adversities. It is expected to continue growing in 2023. Despite the current pandemic, the industry has more than doubled since 2015 and is only expected to continue growing in the coming year. So if you're hoping for the best mobile video games next year, you most likely will be happy with the new releases.
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