Far be it from me to tell you about the current state of the video game industry. Layoffs and studio shutdowns are just one part (big though it may be) of the problem. On top of that, it’s also been speculated that consumer spending could drop this year, so it may be up to the likes of GTA 6 to perk things up a bit.
That’s according to an interview with Circana analyst Mat Piscatella over on Gamesindustry.biz. According to him, spending on video games in the US could come down by 2% on the more optimistic side. In a worst-case scenario, it could go as low as 10% or even more.
There are likely a number of factors that could contribute to this, such as the ongoing cost-of-living crisis. However, the report believes that the lack of blockbusters coming in 2024 could also be a reason. For example, we’re not going to see GTA 6 or the new Nintendo Switch until 2025, all being well.
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Piscatella ends by saying that it’s “going to be a tough year,” but we may see a boost providing things like interest rates come down. He also believes that the eventual (and long-awaited) release of GTA 6 could give the industry a “renewed batch of interest.”
The analyst suggests the anticipated follow-up to Grand Theft Auto 5 is vital to the gaming market, saying that there’s “probably never been a more important thing to ever release in the industry.” He then adds “so no pressure.”
This is a rather pessimistic view of the future of video games, but some might say these are rather pessimistic times. Consumer spending in the US could come down by a fair amount, but we should hopefully see a boost. It seems a lot may be riding on the success of GTA 6.
Published: Mar 14, 2024 08:40 am