Gaming to earn $187.7 billion in 2024, up 2% over last year

Newzoo's latest market report lays out revenue predictions for 2024, showing that things aren't necessarily dire for the interactive entertainment industry.

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Newzoo has just published its 2024 Global Games Market Report laying out estimates for how much money the games industry will make throughout 2024. According to the data, the analyst firm expects that gaming will generate $187.7 billion in total revenues throughout the year, up 2.1% year-over-year.

This growth is driven primarily by mobile with $92.6 billion (49% of earnings), console with $51.9 billion (28% of earnings), and PC in third place with $43.2 billion (23% of total 2024 revenues). Console gaming is the only segment among the three that is not expected to grow in 2024 and is projected to drop by around 1% from last year.

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It should be noted that the data does not include advertising revenues, hardware and peripheral sales, and earnings from regulating gambling games.

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Newzoo explains the data breakdown in their free market report:

In 2024, the global games market will generate revenues of $187.7 billion, representing +2.1% growth year on year. PC revenues, the smallest segment, will outgrow mobile and console revenues this year before the roles reverse again from 2025 onward. The PC segment will increase by +4.0% year on year to $43.2 billion.

As previously reported, 2023 was a strong year

with revenue growth for both public and private companies. Mobile gaming still needs time to adapt to changes in the mobile market, including continuous adaptation to privacy-related monetization and user-acquisition challenges and a more open ecosystem overall.

Popular live-service titles like League of Legends, Fortnite, and Counter-Strike, which keep players engaged essentially forever, are still immensely popular and attract a growing share of total playtime and subsequent spending. Moreover, games-as-a-platform titles, such as Roblox and Fortnite, are evolving and reinventing themselves, and attracting a growing Gen Z and Alpha audiences.