Analytical company Newzoo has published a forecast for the global gaming market in 2024. It expects the market to earn $189.3 billion next year – up 2.8% from 2023. Newzoo believes the market’s revenue will only increase in the coming years. It estimates that the average annual growth rate between 2021 and 2026 should be 1.3%.
In particular, Newzoo predicts that the console and PC game segments will show good growth in 2024. One of the most profitable and, at the same time, highly competitive models will still be game services, but the “gold rush” around them will begin to come to an end. Because of this, according to analysts, many developers will return to developing traditional premium titles.
High competition (19 games account for 60% of the total playing time of users), forcing them to return from service games to traditional ones. 45% of industry representatives agree with the trend.
Newzoo also expects the mobile games segment to recover after a two-year decline. Nevertheless, mobile developers will continue to experience difficulties in attracting and retaining users. To cope with these difficulties, studios will become more active in releasing games on consoles and PCs. Newzoo analysts believe that the problems with UA on mobile devices are forcing developers to go to new platforms. 36% of the surveyed people from the game industry agree with this.
At the same time, Newzoo believes 2024 will be a “bad year” for game companies. With the industry’s recession, it will become more difficult for them to attract investment, and many will decide to save money seriously. Also, companies will take fewer risks: developers prefer developing existing franchises rather than investing in new IP. At the same time, they will be actively interested in generative AI.
Many Souls-like open-world games will be released in 2024. Among those already announced are Another Crab’s Treasure, Rise of the Ronin, Black Myth: Waking, Enotria: The Last Song, and Flintlock: The Siege of Dawn. And that’s all – not counting the Elden Ring add-on.
Read the full report here