Video game market may see decline in 2022

A report is suggesting that the games market may see a slight decline in 2022, indicating that gaming may not be recession-proof.

The art of video gaming has always been popular, but the pandemic skyrocketed the entire industry to the next level.

Video game consoles and gaming PCs sold out around the world, with gaming companies recording record yearly profits.
Esports viewership also improved significantly with the number of esports enthusiasts increasing in tandem.

A report from Ampere Analytics has suggested that the gaming market may see a decline this year.

Sales of games, consoles, and subscription services will dip from 2021's combined global total of $191 billion to $188 billion.
Factors attributed to this slight decline are supply chain issues as well as the retraction of the Russian market, which could improve in 2023.

It might be a misconception that gaming is "recession-proof", similar to other forms of entertainment such as movies.

Gaming only saw a slight dip of 7% in the 2008-2009 financial crisis, a much less-severe decline than other industries.
This time however, macroeconomic recession-like factors of rising inflation seem to be the main catalysts of declining gaming sales.

With society gradually returning to normal, such growth couldn't last forever as alternate forms of entertainment start opening up again.

However, with gaming having its hooks in more people due to the pandemic, we won't see it dying out anytime.

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