Video game sales set to fall for first time in years as industry braces for recession
Summary
Video game sales are set to decline annually for the first time in years, as another industry that boomed in the coronavirus era faces the grim prospect of a recession. The launch of next-generation consoles from Microsoft and Sony that same year also bolstered the industrys fortunes. However, the arrival of Microsofts Xbox Series X and S machines and Sonys PlayStation 5 proved something of a double-edged sword — logistics disruptions and shortages of vital components have meant that shoppers are facing great difficulty finding any of the new consoles on store shelves or online. Russias invasion of Ukraine — along with supply chain bottlenecks and rising inflation — further worsened the outlook for gaming. Numerous game software and hardware makers decided to suspend their operations in Russia, including Microsoft and Sony.