It’s easy to see how Electronic Arts could handle a year or even a quarter. After all, Battlefield 2042 isn’t going too well. Not to mention that the video game industry, as a whole, is posting net negatives after last year’s record highs. But, it looks like EA is going against the trends.
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According to the publisher First Quarter FY23 Earnings Call, EA’s net bookings for the first quarter exceeded its expectations at $1.3 billion. In total, first quarter net revenue was $1.77 billion. EA points out that this strong performance is due to the strength of the “FIFA franchise and the launch of F1 22”. More interestingly, EA CEO Andrew Wilson also shared how he thinks “gaming is the social media of the future.”
Here’s an excerpt from Wilson’s statement as he praised EA’s strong IP address performance in the first quarter of FY23:
Delivering games that fuel creativity – where players can connect, compete and interact with each other, through social and immersive experiences – is an exciting growth driver for Electronic Arts as we continue to expand and diversify our intellectual property portfolio and build global online communities. covering more geographical areas.
Overall, video games have seen massive growth over the past couple of years as decades of effort and technological improvements have come to a head. Faster internet speeds, free games, cloud computing and everyone wearing a mini console means more people than ever before have access to great gaming content. At the start of the COVID-19 pandemic, when people were physically distancing themselves from each other, the gaming industry brought everyone together. Video games have given everyone the opportunity to connect, have fun and engage with each other. That won’t change any time soon. The basic human need to connect with others means that gaming will become even more of a social network.
In a way, we can go back to Wilson’s words and consider them prophetic.
Speaking of EA, the publisher also shed some light on its upcoming slate. Details are still in limbo, but EA has effectively confirmed that the next Need for Speed will hit stores just in time for the holiday season. Plus, it’s almost guaranteed that Star Wars Jedi: Survivor and Skate will be released no later than March.