Europe's gaming bash kicks off as industry eyes 'Grand Theft' boost

Europe's premier video games convention, Gamescom, kicked off in Cologne on August 25, with industry insiders hoping that the upcoming blockbuster Grand Theft Auto VI can provide a much-needed boost amid fierce competition and job cuts. Fans and professionals gathered for the sold-out opening ceremony starting at 8pm (2am Malaysian time), which will showcase scores of new titles, though Grand Theft Auto VI will not be among them.

Last year, nearly 360,000 people attended Gamescom, nearing pre-Covid levels of around 370,000. Over 1,600 exhibitors will display more than 800 games, with Nintendo presenting Nintendo Switch Sports Resort and Microsoft showcasing Call of Duty: Modern Warfare 4 and Gears of War: E-day. Notably, Sony, the maker of the PlayStation 5 console, will not be present at this year's event.

Rockstar Games has scheduled a Netflix preview of GTA VI for Thursday before its November 19 launch, potentially overshadowing Gamescom. Industry experts warn that the market is "too crowded," with too many new games to attract players' attention. Rising console prices, driven by increased demand for memory chips in the AI industry, have also put pressure on margins.

The gaming sector has seen a 21 percent drop in spending in the US market alone, leading to job losses and a projected 15,000 layoffs this year, nearing the 2024 record.