Growth returning to global games market
Growth is slowly returning to the global games market despite that global average playtime has been dropping since the first quarter of 2021 when so many were forced to stay at home because of the covid pandemic, a report from gaming data firm Newzoo shows. In 2024, the global games market will generate $187.7 billion, representing +2.1% year-on year growth. The total market will grow with a CAGR (2022-2027) of +3.1% and is expected to reach $213.3 billion in 2027.
“2024 proved that nostalgia is a powerful force in gaming. From live-service games offering “vanilla” (plain old) versions to the rise of remasters and remakes, players are revisiting the experiences they love. This trend speaks to a broader desire for familiar worlds and stories before diving into new ones”, Newzoo says.
“Global paying gamers will rise by +5.0% to 1.50 billion in 2024 and reach 1.67 billion by 2027. More players are spending on gaming software every year.”
The number of players globally will reach 3.42 billion in 2024, a +4.5% year-on-year increase. PC player growth will drive this increase substantially.
PC revenues, up +4.0% year on year to $43.2 billion, will outgrow mobile and console revenues 2024 before the roles are expected to reverse from 2025 onward. Cross-platform releases, evergreen titles, and a lack of console content will drive growth, the report says.
“The console gaming market will be relatively dormant this year. It’s expected to decline by -1.0% year on year. After two slower years for console, growth is expected to return with a bang in 2025.”
By growing +3.0% year on year to $92.6 billion, mobile gaming represents 48% of this year’s global revenues.
“Revenue growth is driven by improving economic conditions, the continuous performance of existing games, and a few recent heavy hitters.”
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