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AUSTRALIAN financial services firm, Credit Suisse, is predicting a $50 billion drop in Australian revenue and a $40 billion drop for the industry in the next 10 years.
The report comes after the Federal Government announced a series of initiatives aimed at making games more appealing to consumers and creating a stronger gaming industry.
It was also the second time the firm has forecast revenue declines for the sector, with the company last year forecasting a $60 billion drop.
The CSIRO has predicted the Australian gaming industry will suffer a $6 billion drop over the next two years.
But, in a new report from Credit Suisschau, it says the industry has a better chance of recovering in the medium to long term, after the introduction of social games and social networking.
The report predicts the industry will grow by 7.5 per cent over the coming decade.
In a statement, Credit Unions chief economist David Tett said the CSIRO’s analysis showed there was a strong possibility that the industry could return to growth.
“This is a strong signal that social games will be a key driver of the Australian economy in the years ahead,” Mr Tett wrote.
“The CSIR report is further proof that there are significant advantages to making games accessible to more people.”
Social gamesThe report says there will be more social games in the future and that social gaming has “no significant impact on the revenue or profitability of the industry”.
The report suggests the rise of social gaming will be driven by “the rapid proliferation of social platforms such as Facebook, Twitter and Instagram, which allow gamers to engage with one another online and share experiences, news, and gaming news.”
There will be even more opportunities to engage socially in the long term when more games are made available for download,” it said.”
This will be particularly important given the significant increase in social gaming in recent years.
“The report also predicts that in the decade to 2023, social gaming is projected to account for approximately 30 per cent of the gaming revenue.”
Social gaming is expected to become a major player in the Australian game industry, with total revenues exceeding $2.8 billion by 2023,” the report said.
Topics:economics-and-finance,industry,games,industries,government-and -politics,government,business-economics,australia,southport-4215,newcastle-2300,melbourne-3000,sydney-2000,canberra-2600,newport-3168,qld,south Australia,tas,aurnia-4824First posted February 10, 2020 14:50:52Contact Sarah JonesMore stories from New South Wales