Video Game Market Trends for 2024
As we move into 2024, the video game market is proving to be vibrant and expanding, showing growth in both revenue and player numbers. However, developing high-budget AAA games remains a lengthy and complex process, often making it challenging to pivot business strategies quickly. As such, many in the industry rely on expert forecasts to navigate the market’s evolving landscape. Here’s a snapshot of what to expect this year:
Market Revenue: Newzoo projects that gaming revenue will hit $189.3 billion in 2024, up from $184 billion in 2023. Growth is expected to continue, with revenue reaching $197.1 billion in 2025 and $205.7 billion in 2026.
PC and Consoles: After a dip in 2022, revenue for PC and consoles is on the rise again. Expect more multiplayer games and content created by players. Industry experts anticipate a stable year with new opportunities despite ongoing challenges.
Nostalgia Trends: Game companies are likely to focus on reviving familiar franchises and reimagining classics rather than risking new IPs. This trend includes remakes and sequels that tap into fan nostalgia. Subscription Services: While subscription services will see more users, growth is expected to slow. The focus may shift as indie developers weigh the benefits of direct sales over subscriptions.
New Nintendo Console: A new Nintendo console and a 3D Mario game are anticipated in 2024. Analysts predict that players will be able to use their existing Switch accounts on the new device.
Game Genres: Look out for a rise in open-world “soulslike” games and extraction shooters. Titles in these genres are gaining traction, driven by recent successes and evolving player preferences.
Mobile Games: Mobile developers might expand into PC and consoles, using their expertise to explore new platforms and diversify income streams. Privacy Policies: Upcoming privacy changes and new app store regulations could impact the mobile gaming market, with Microsoft planning to launch its own mobile app store.
VR Games: The AR and VR market is set to grow, with VR technologies advancing and new titles on the horizon, despite a slight post-pandemic dip in interest.
Neural Networks: Expect continued use of neural networks in game development, focusing on proven applications and secondary content creation.
Overall, the gaming industry remains dynamic, with technological advancements and shifting trends shaping its future.
