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Newzoo raises its annual games industry forecast for 2020 once again

COVID-19's impact on the market expected to bring industry revenue to $174.9 billion this year

Newzoo has revised its global games market forecast once again, raising its projections for 2020 from $159.3 billion to $174.9 billion, up nearly 20% year-over-year.

In an updated report released today, Newzoo says the increased projection comes as a result of analysis of gaming companies' financial reports for the first half of the year, revealing an acceleration of previously-reported gaming trends -- rather than a sudden shift in the market.

The firm also notes that while the initial spike in engagement has slowed, consumers are still engaging with games more than they did pre-pandemic, even in areas where lockdown measures have ceased.

Newzoo goes on to share that its adjusted forecast impacts all revenue streams, bringing PC gaming up to $37.4 billion from $36.9 billion, mobile to $86.3 billion from $77.2 billion, and console to $51.2 billion from $45.2 billion.

Console saw the most significant impact, with its 21% year-over-year growth now more than double the original forecast due to larger-than-expected console revenues in the first half of the year -- traditionally, console revenue is down in the year leading up to new console launches.

Newzoo last revised its report midway through the year, also due to the unforeseen impacts of COVID-19 on the market.

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Rebekah Valentine

Senior Staff Writer

Rebekah arrived at GamesIndustry in 2018 after four years of freelance writing and editing across multiple gaming and tech sites. When she's not recreating video game foods in a real life kitchen, she's happily imagining herself as an Animal Crossing character.