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The video game industry is the tertiary and quaternary sectors of the entertainment industry that specialize in the development, marketing, distribution, monetization and consumer feedback of video games. The industry encompasses dozens of job disciplines and thousands of jobs worldwide. [1] The video game industry has grown from niche to ...
And after rocketing in 2020, console game spending stalled out in 2021, with growth sitting at 0.7%, before revenue declined 3.4% in 2022. It did, however, return to growth in 2023.
On April 16, 2024, Take-Two Interactive announced plans to lay off 5% of its workforce and cancel several video game projects. The company cited a cost-reduction plan, anticipating total charges of $160 million to $200 million. These measures are expected to be largely implemented by December 31, 2024. [ 128]
The video game industry in general was boosted by the pandemic, since people under pandemic lockdowns were forced to stay home, with video games becoming a popular pastime. Total spending in video games grew to US$33.7 billion in the United States during the first nine months of 2020 compared to US$27.9 billion for the same period in 2019. [87]
In 2023, the state of the video game market is, “big and getting bigger.” So why, from a player perspective, does it feel like the industry is… shrinking? Consolidation, game delays and ...
And after rocketing in 2020, console game spending stalled out in 2021, with growth sitting at 0.7%, before declining 3.4% in 2022 and returning to growth at 5.9% in 2023.
The video game industry is dominated by a handful of major players, including Microsoft, Sony, Nintendo, Electronic Arts, and Activision Blizzard. These companies have grown through a combination of organic growth and strategic acquisitions, and they continue to invest heavily in the development of new games and technologies. [185]
And with video game revenue coming off of a down year in 2022 — revenue was off 5.2% compared to 2021 — the 2023 holiday season will be incredibly important for the games industry as it seeks ...