Despite the decrease in the average time players spend playing games, the industry continues to grow. The gaming market is expected to grow by 2.1% this year compared to 2023 and generate $187.7 billion in revenue, according to a new report from Newzoo.
By 2024, an estimated 3.4 billion people will play games worldwide, and the industry’s influence will expand through media and entertainment coverage.
The increase in revenue from PC games this year will be the largest – 4%, but this area will bring the least money – $43.2 billion. The console market will fall by 1% and bring in $51.9 billion. Mobile games, on the other hand, will grow by 3% and generate $92.6 billion in revenue. In total, consoles and PCs account for 51% of the total market, and mobile games account for 49%.
The PC gaming market will have the largest growth only in 2024, and in 2025 the roles will change, with consoles and mobile games again being in the lead. This year’s growth is caused, among other things, by a rather small amount of content and new projects for consoles, but this will change with the release of Grand Theft Auto VI.
The gaming industry will receive the largest revenue from the Asia-Pacific region, which will be responsible for 46%, or $85.9 billion in 2024. China will be responsible for half of it, with the country’s revenue estimated at $45 billion. North America is in second place, responsible for 27% of the revenue and will bring in $50.2 billion, of which $47 billion will come from the United States.
Latin America, the Middle East, and Africa will account for 9% of revenue, or $16.8 billion. Europe will generate $34.8 billion and account for 18% of total industry revenue in 2024. Although Latin America and the Middle East and Africa together are responsible for only 9%, they have the largest growth this year – 6.2% and 8.9%, respectively.
The Newzoo report also identifies the most important issues that developers and publishers will face in 2024. These issues include the feasibility of investing in smaller games instead of large projects, the use of artificial intelligence in development, as well as the question of how free-to-play games will perform and what balance should be maintained between existing franchises and creating something new.
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