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Robust sales of PlayStation 5 devices increase game console market in 2023
(MENAFN) The game console market has experienced a notable resurgence this year, buoyed by Sony's robust sales of its PlayStation 5 devices coupled with a compelling lineup of successful game titles. Sony's recent announcement of 50 million PlayStation 5 units sold underscores its rapid market penetration, achieving sales trajectories akin to its predecessor. This feat becomes even more commendable considering Sony's adept navigation through persistent supply chain challenges, outpacing rival Microsoft's Xbox device sales by an impressive margin of nearly three to one in 2023.
According to data compiled by the research firm Ampire Analysis, the broader gaming ecosystem encompassing hardware, software, and services is poised for a rejuvenated growth trajectory, anticipating a 7.2% uptick this year to culminate at USD60.9 billion. This rebound signifies a remarkable turnaround from the 7.3% contraction witnessed in 2022, essentially bringing the market's valuation on par with its zenith during the pandemic-induced boom year of 2021. Contributing significantly to this resurgence is the enhanced availability of PlayStation 5 consoles, complemented by a stellar assortment of games, including Sony's "Spider-Man 2," Microsoft's "Starfield," and Nintendo's "The Legend of Zelda: Kingdom Tears."
Sony's journey with the PlayStation 5, initiated in late 2020, encountered formidable headwinds characterized by component shortages and a demand-supply imbalance that persisted into the subsequent year. However, Eric Lambel, President of Global Business at Sony Interactive Entertainment, exuded optimism regarding the company's trajectory, expressing confidence in surpassing the sales benchmarks set by its predecessor, the PlayStation 4, which amassed sales exceeding 117 million units since its 2013 debut. Lambel articulated this optimism in a statement to the Financial Times, affirming, "The demand for PlayStation 5 at the beginning of the year was enormous... and the momentum is strong now and continuing."
According to data compiled by the research firm Ampire Analysis, the broader gaming ecosystem encompassing hardware, software, and services is poised for a rejuvenated growth trajectory, anticipating a 7.2% uptick this year to culminate at USD60.9 billion. This rebound signifies a remarkable turnaround from the 7.3% contraction witnessed in 2022, essentially bringing the market's valuation on par with its zenith during the pandemic-induced boom year of 2021. Contributing significantly to this resurgence is the enhanced availability of PlayStation 5 consoles, complemented by a stellar assortment of games, including Sony's "Spider-Man 2," Microsoft's "Starfield," and Nintendo's "The Legend of Zelda: Kingdom Tears."
Sony's journey with the PlayStation 5, initiated in late 2020, encountered formidable headwinds characterized by component shortages and a demand-supply imbalance that persisted into the subsequent year. However, Eric Lambel, President of Global Business at Sony Interactive Entertainment, exuded optimism regarding the company's trajectory, expressing confidence in surpassing the sales benchmarks set by its predecessor, the PlayStation 4, which amassed sales exceeding 117 million units since its 2013 debut. Lambel articulated this optimism in a statement to the Financial Times, affirming, "The demand for PlayStation 5 at the beginning of the year was enormous... and the momentum is strong now and continuing."
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