Video game industry faces sluggish 2024 sales growth, Newzoo says [Video]

The global video game market is set for sluggish annual growth this year amid weak sales of gaming consoles, according to a new report from market research firm Newzoo.

In a blog post published Tuesday, Newzoo said the games industry is set to grow 2.1% year over year to an estimated $187.7 billion.

That is slightly down from an earlier January forecast in which the firm said it expects the video game industry to grow 2.8% to $189.3 billion in 2024.

Almost half of all consumer spending on games in 2024 is expected to come from the U.S. and China, Newzoo said, with the U.S. generating $47 billion of sales and China accounting for $45 billion.

Though it’s a step up from last year’s growth rate …