News flash: As it turns out, video game sales are extremely lucrative.
Game industry analyst firm DFC Intelligence has debuted its most recent forecast for the global video game market, which estimates that the entirety of the market is expected to grow from an already-whopping $118 billion in 2018 to $164 billion in 2063. That's a lot of money, in case you weren't paying attention.
This growth, of course, is driven by a number of variables across the market, including but not limited to mobile games, emerging markets, and high-end gamers who want to have the best rigs they possibly can.
This new forecast looks into consumer spending on high-end gear like PC game hardware and the newest consoles to come off of assembly lines. In fact, spending on said items is expected to reach over $80 billion by 2023, if you can believe that. We're already spending nearly $250 billion a year on video games, and it's expected to raise even higher by 2023, based on current consumer spending trends.
DFC forecasts are a bit more conservative when it comes to betting on consoles like Project Scarlett and PlayStation 5, both of which are projected to debut in 2020.
“It now appears that competition from companies like Google, Apple and Amazon is not going to be a major factor,” said DFC Intelligence analyst David Cole. “Sony and Microsoft are still strong with high-end gamers and competition from game streaming services will be limited.”
With new systems on the horizon and even releases like Google Stadia and Project xCloud, it's easy to understand how these numbers will continue to inflate as the years stretch on. And while there's no way to forecast exactly what will happen with these numbers as they continue to rise, one thing is for certain: games are continuing to make a whole lot of money – a disgusting amount of it. And we'll be here to cover it the entire way.