Well-recognized market research company Newzoo has presented its latest Global Games Market Report 2024. This document comprises global player and game revenue forecasts until 2027, eight abridged trend analyses, including how cross-platform release strategies impact PC and console, best practices for community management, and where the industry goes from here now that mobile ecosystems are opening up. It also has three condensed special focus topics on the state of virtual reality in gaming, Steam discounting strategies, and how IP and transmedia fit into the broader video games landscape, as well as the top game genres by revenue across PC and console in 2024, and expected growth for this year.
Moreover, the complete 177-page PDF report permits readers to size the market opportunities, prioritize their game’s global rollout, and set realistic growth targets with some market estimates and forecasts included for 100 countries. It also allows access to in-depth investigations and game genre-level data for 35 key markets, as well as on a global and regional scale.
Key data of this study determines that, after last year’s cautious return to growth, the games market will grow by +2.1% year on year to reach an estimated USD 187.7 billion, with North America generating USD 50.2 billion in game revenues in 2024. Gaming will captivate an anticipated 3.4 billion enthusiasts this year, with its influence extending throughout the expansive media and entertainment landscape. As the market steadily grows once again in 2024, the question remains: will this growth last? The short answer is yes. In 2027, the total market is expected to reach revenue figures of USD 213.3 billion with a 2022-2027 CAGR of +3.1%.
The major test for all studios will be to control costs in an overcrowded, increasingly consolidated market. Developers and publishers will likely be asking similar questions, such as: “Will it be smarter to invest in more compact gaming experiences instead of putting all your eggs in a long game basket that few players actually complete?”, “How will free-to-play (F2P) games compete with premium and cross-platform releases across PC and console (and is the F2P model on its way out)?”, “Will generative AI tools finally revolutionize development, marketing, and operations at scale?”, “What is the right balance between sticking with an established IP and taking the innovative path forward with something completely new? “, and “Is the answer simply to figure out the best discounting strategy for your game or franchise?”
DEVICES, REGIONS AND PLAYERS
The text of Newzoo also anticipates that PC revenue growth will outpace the mobile and console segments this year before the roles reverse from 2025 onward. Cross-platform releases and a lack of console content will, among other factors, contribute to PC’s growth leadership. In this sense, PC revenue will be USD 43.2 billion, a 4% increase compared to 2023. The PC market will likely grow at an even pace after 2025 and will be responsible for approximately 23% of the total market by then. The console gaming market will be relatively dormant this year (before Grand Theft Auto VI changes the game entirely). Console game revenues will drop 1.0% year on year to generate USD 51.9 billion (28% of the overall revenue), but growth will likely return with a bang in 2025. Mobile gaming will account for 49% of this year’s global revenue, growing 3.0% year on year to reach USD 92.6 billion.
About regions, nearly half of all consumer spending on games in 2024 will come from the U.S. and China, with the U.S. generating USD 47.0 billion and China contributing USD 45.0 billion to the global total. North America will account for 27% of all market revenues with USD 50.2 billion. While the mobile-first regions Latin America and Middle East & Africa will only account for 9% of global market revenues, they show the most growth. Latin America will grow by +6.2% in 2024, with the Middle East & Africa experiencing +8.9% growth year on year. In contrast, the North American market will only grow by +0.6% year on year, the lowest among the five global markets.
As for players, the data firm forecasts that the global gaming audience will expand to 3.42 billion in 2024, representing a 4.5% increase year-on-year. PC players will continue to grow 3.9% and are estimated to reach over 900 million. Console player rise is estimated to slow to 2.9% compared to last year, while mobile players will ascend by 3.5% to 2.85 billion. Meanwhile, Newzoo predicted that the Asia-Pacific region will see its base grow by 4% to 1.8 billion players, making up 53% of the global total.
