Massive depreciation of Turkish currency against the dollar leads to 48% decrease in total consumer revenue
Consumer revenue of Turkiye’s games market reached $625 million in 2022, a 48% drop when compared to 2021.
The decline was attributed to the depreciation of the Turkish lira, which lost 42% of its value against the US dollar throughout 2022, according to Google’s historical currency conversion figures.
Here’s what you need to know.
- Total revenue: $625 million, down 47.9% year-on-year
- Mobile: $275 million, down 55.64% year-on-year
- PC: $175 million, down 41.67% year-on-year
- Console: $175 million, down 37.5% year-on-year
Gaming In Turkiye president and CEO Ozan Aydemir explained that while per capita purchasing power has remained stable, the industry yielded a smaller turnover due to the depreciation of Turkiye’s currency against the US dollar.
“The average dollar rate, which was 8.9 TL in 2021, jumped to 16.58 TL in 2022. This has affected the industry. Although the players whose purchasing power does not increase still spend money on games, which are their biggest hobbies,the value of the money they spend on the game decreases,” Aydemir said.
He added that triple AAA titles on PC and consoles would have a price tag of 800-1500 Turkish lira ($41.60 to $78), and consumers have been increasingly relying on discounts and seasonal sales for game purchases.
Additionally, the market report said 2022 saw 23 gaming investment deals totaling $424.7 million. Turkiye also has a total of 606 active gaming start-ups within the sector.