Global Online Gaming Revenue to Reach $17.8B by 2024
Video gaming has always been a powerful economic sector, starting with Space Invaders back in 1978. As for the 2020s, though, the most growing part of it is online gaming. Even nowadays it’s the second-largest sector of the entire industry. With an expected annual growth of 1%, it may reach impressive $17.8 billion in just five years.
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One of the reasons why online gaming shows such an increase is its essentially multiplayer mode. No matter if these games are played in the browser or they use dedicated applications. No matter if they are desktop-, console-, or mobile-oriented (or cross-platform). This segment motivates players to show progress in front of other players. That’s why they readily use microtransactions in free-to-play games, and this scheme is better protected from piracy and cheating, though this protection isn’t perfect.
Subscription-based games, though, show the same increase. Partly it’s because they turn out even more attractive due to subscription covering all the player’s needs. There are also games that only offer cosmetic paid extras; they are successful too. Fortnite is the most impressive example, but not the only one.
As we have said, the estimated global revenue in 2024 is $17.8 billion. As for 2019, it was $16.9 billion. A significant share of this sum ($4.2 billion) was contributed by Chinese players that form the largest national market. China is followed by the US, where players have spent a total of $3.5 billion. The third position is held by Japan, with $2.8 billion, and then South Korea and the UK. Along with smaller markets, they form a total of 892 million players. With a little math, it’s easy to see that an average player spends $19.54/year on online games. Probably they spend much more on coffee every month. By 2024, there’ll be approximately 1 billion players.
And how much do you spend on online gaming (if ever)? Do you prefer microtransactions, free playing, or subscription? Share your opinion in a comment.