Video Game Sales Set To Fall For First Time in Years as Industry Braces For Recession

Video game sales are set to decline annually for the first time in years, as another industry that boomed in the coronavirus era faces the grim prospect of a recession. From a report: The global games and services market is forecast to contract 1.2% year-on-year to $188 billion in 2022, according to research from market data firm Ampere Analysis. The sector expanded 26% from 2019 to 2021, reaching a record $191 billion in size. Sales of video games have consistently grown since at least 2015, Ampere data shows. Gaming got a huge boost from Covid-19 shutdowns in 2020 as people spent more of their time indoors. The launch of next-generation consoles from Microsoft and Sony that same year also bolstered the industry's fortunes. However, the arrival of Microsoft's Xbox Series X and S machines and Sony's PlayStation 5 proved something of a double-edged sword -- logistics disruptions and shortages of vital components have meant that shoppers are facing great difficulty finding any of the new consoles on store shelves or online.

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