2022: A Year of Resilient Growth in the Video Game Industry

The global economy faced significant disruptions in 2022, including the war in Ukraine and the ongoing pandemic recovery. However, the video game industry demonstrated remarkable resilience, with many publishers experiencing growth despite these headwinds. To understand this phenomenon, we examined the financial statements of 13 major publishers, excluding Microsoft, and found that 8 of them reported revenue increases in 2022 compared to 2021. The total revenue for these publishers grew by 9%, representing an additional $8 billion in consumer spending. The Embracer Group and Take-Two were among the top performers, with revenue increases of over 100% and 42%, respectively. Sony's PlayStation division also saw significant growth, contributing over $3.8 billion to the industry's revenue increase. While some publishers, such as Nintendo and Activision Blizzard, experienced declines, the overall trend suggests that the video game industry has found a sustainable path for growth, even in uncertain economic times. The industry's ability to adapt to changing market conditions, combined with the rise of live services and microtransactions, has helped to drive this growth. As we look to the future, it is clear that the video game industry has weathered the economic storms of 2022 and is poised for continued success.