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Gamescom, Europe's largest video games trade show, opened Tuesday in Cologne, Germany, as the industry hopes the upcoming release of "Grand Theft Auto VI" can provide a boost amid job cuts and intense competition.
A sold-out opening ceremony beginning at 8:00 pm (1800 GMT) will give fans and professionals a first look at dozens of new titles over roughly two hours.
"GTA VI" itself will not be featured, as its U.S. developer, Rockstar Games, has separate plans for what could be one of the largest game launches to date, but the title is expected to dominate conversation throughout the event.
Nearly 360,000 people attended Gamescom last year, close to the pre-pandemic level of about 370,000. Starting Wednesday, visitors, many dressed as characters from their favorite games, will be able to try new releases across hundreds of stations. Organizers say more than 1,600 exhibitors will showcase over 800 games.
Japan's Nintendo will present "Nintendo Switch Sports Resort," while Microsoft's Xbox division will show "Call of Duty: Modern Warfare 4" and "Gears of War: E-Day." Japan's Sony, maker of the PlayStation 5, will again be absent from the show.
Rockstar has scheduled a Netflix preview of "GTA VI" for Thursday, ahead of its November 19 launch, a move expected to draw some attention away from Gamescom.
Some rival studios have moved their release dates forward to avoid clashing with "GTA VI," resulting in an unusually crowded release calendar. 'It's a very crowded market.
There's just too much for people to play,' said Joost van Dreunen, a professor at New York University's Stern School of Business who specializes in video game economics.
Rising memory chip prices, driven by demand from the AI industry, have also pushed up console costs. Overall spending in the US video game market dropped 21 percent in June.
Heavy competition and pressure on profit margins have led many studios to cut costs.
Nearly 10,000 people have lost their jobs in the gaming sector since January, and the industry is on track for 15,000 layoffs this year, according to the ASGC Games Industry Layoffs Tracker.
If reached, that figure would approach the 2024 record, which followed a hiring surge during the pandemic.
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