Business

Gaming is set to grow 10.3% in Latin America this year

Research firm Newzoo estimates the industry will generate $6 billion in the region, 4% of worldwide revenues

  • The region is expected to have the second highest growth rate in 2020;
  • Latin America will reach 266 million people who play on any of the platforms in 2020.

Because of the social distancing measures to prevent COVID-19, the Latin American games sector is expected to grow 10.3% this year in the annual comparison, generating $6 billion in revenue, according to research firm Newzoo. The report forecasts that the region’s market may reach $8 billion in revenue by 2023.

Source: Newzoo

The region is expected to have the second highest growth forecast for this year, after the Middle East and Africa (+14.5%). However, Latin America represents only 4% of the total expected revenue of $159 billion worldwide (9.3% growth from 2019, according to the report).

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The region will reach 266 million people who play on any of the platforms this year, which represents about 10% of the total players in the world. It exceeds the 210 million expected for North America, but it indicates that players from Latin America spend much less, since the North American continent is expected to generate $40 billion in revenue this year, up 8.5% before 2019.

Source: Newzoo