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Video Game Industry Braces for Sluggish Growth in 2024 Amid Weak Console Sales

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Video Game Industry Braces for Sluggish Growth in 2024 Amid Weak Console Sales

The global video game market is expected to see modest growth in 2024, as weak console sales continue to impact the industry, according to a new report by market research firm Newzoo. The firm predicts the industry will grow by 2.1% year-over-year, reaching an estimated $187.7 billion.

This figure marks a slight downgrade from an earlier forecast in January, where Newzoo anticipated a 2.8% growth, with the industry reaching $189.3 billion in 2024. The revised outlook reflects ongoing challenges in the console market, which is expected to see a 1% decline in revenue this year.

Despite the sluggish growth, the U.S. and China remain dominant players in the global gaming landscape. Together, these two markets are projected to account for nearly half of all consumer spending on video games in 2024, with the U.S. generating $47 billion in sales and China close behind at $45 billion.

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While the anticipated 2.1% growth rate is an improvement from last year’s 0.6% increase, it pales in comparison to the rapid expansion seen during the height of the COVID-19 pandemic, when gaming saw a significant surge in popularity.

Michiel Buijsman, Newzoo’s principal games market analyst, noted that despite the expected sluggish performance in 2024, the industry is poised for a significant rebound in 2025. Buijsman predicts that the console market, in particular, will “return with a bang” next year, suggesting that the current downturn may be a temporary setback.

This outlook comes in the wake of Sony’s recent announcement that it sold 2.4 million units of its PlayStation 5 console in the first fiscal quarter, down from 3.3 million units sold during the same period last year. This decline in console sales has been a key factor in the tempered growth projections for the gaming industry in 2024.

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PayPal Outage Disrupts Services for Thousands Worldwide

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PayPal Outage Disrupts Services for Thousands Worldwide

Thousands of PayPal users were unable to access their accounts or process payments on Thursday due to a brief global outage, the company confirmed.

PayPal acknowledged the issue on its service status page, describing it as “a system issue” that impacted multiple products, including account withdrawals and express checkout. Cryptocurrency services and its peer-to-peer payment app, Venmo, were also affected.

The outage, which began at 10:53 UTC, was resolved swiftly, according to PayPal. Despite the brief duration, the disruption caused significant inconvenience, with users reporting difficulties logging into their accounts and completing transactions.

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Downdetector, a platform outage tracker, registered over 7,000 complaints from users by 12:12 GMT. Many customers shared their frustration on social media, posting screenshots of error messages such as “please check your entries and try again” when attempting to log in.

PayPal apologized for the disruption, assuring users that its systems were back to normal.

Founded in 1998, PayPal has grown into a leading global financial institution. The company reported a record 432 million active accounts as of the end of September, cementing its role in the digital payments ecosystem.

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DOJ Proposes Chrome Sale to Curb Google’s Search Monopoly

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DOJ Proposes Chrome Sale to Curb Google's Search Monopoly

The U.S. Department of Justice (DOJ) has proposed that Google sell its Chrome browser as part of measures to break its dominance in online search. The proposal, included in a court filing on Wednesday, aims to restore competition following a landmark anti-trust ruling in August that found Google illegally suppressed its competitors.

Key Proposals by DOJ

  1. Chrome Divestiture: The DOJ suggests Google sell Chrome, the world’s leading web browser, to limit its ability to funnel users to its search engine.
  2. End Default Search Agreements: The government seeks to ban Google from contracts with companies like Apple and Samsung that make Google Search the default on their devices.
  3. Five-Year Browser Market Ban: Google would be prohibited from re-entering the browser market for five years to allow competition to flourish.

The filing, supported by several U.S. states, argues these steps are necessary to counteract Google’s alleged stifling of competition in general search and search advertising markets.

Google’s Response

Google criticized the DOJ’s proposal as a “radical interventionist agenda,” claiming it would harm both consumers and the broader U.S. technology sector.

  • Kent Walker, Google’s president of global affairs, said the plan would “break a range of Google products… that people love and find helpful.”
  • Google plans to submit its counter-proposals by December 20.

Impact and Timeline

Judge Amit Mehta is expected to make a final decision by mid-2025. The DOJ’s filing follows revelations that Google controls 90% of global online searches, leveraging its ownership of Chrome and the Android operating system to maintain its dominance.

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Geeksvillage Marks 11th Anniversary

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Geeksvillage Marks 11th Anniversary
Geeksvillage Marks 11th Anniversary

In a remarkable celebration of innovation and dedication, Geeksvillage has proudly announced its 11th anniversary, marking over a decade of transformative impact in the business world.

Founded with a mission to empower SMEs and help them reach international standards, Geeksvillage has consistently provided businesses with tools and solutions that have enabled them to thrive. From affordable web design services to innovative digital strategies, the company has established itself as a trusted partner for growth and success.

Geeksvillage Marks 11th Anniversary Statement

In a statement shared online, Geeksvillage expressed gratitude to its clients and supporters:

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“Today, we celebrate not just a milestone but 11 years of passion, innovation, and relentless dedication. For the past 11 years, we have helped SMEs grow into international standards and given businesses the wings to soar. This achievement belongs to everyone who has been part of our story.”

The statement particularly acknowledged the role of its clients, whose patronage has been the cornerstone of the company’s journey.

Geeksvillage also took the opportunity to thank its supportive community for standing by them through the years, underscoring the collective effort that has driven their success.

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Reflecting on its journey, the company highlighted the challenges that shaped its evolution and the accomplishments that fueled its growth. As Geeksvillage looks to the future, it remains committed to delivering excellence and empowering businesses on a larger scale.

With 11 years in the bag and countless possibilities ahead, Geeksvillage invites everyone to celebrate this milestone and join them in building an even brighter future.

Here’s to Geeksvillage – 11 years of transforming businesses and counting!

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