49% of 2024 gaming revenue to come from mobile devices, per new report

The global gaming market is on track to generating revenues of $187.7 billion in 2024 according to a report from Newzoo, marking a 2.1% increase year-on-year. This growth trend has been observed in the previous few years, too and it underscores the vast potential of the industry. The value is projected to reach $213.3 billion by 2027.

Mobile games are the leading segment, generating $92.6 billion and accounting for 49% of total market revenue, and depicting a 3% increase in revenue in comparison to 2023. In contrast, console games make up 28% of the market, or $51.9 billion, and are expected to suffer a 1% decline in revenue. The report notes that “after two slower years for consoles, growth is expected to return with a bang in 2025”.

The PC gaming segment is also on the rise, anticipated to grow by 4% and represent 23% of total market revenues by 2025. The analysis highlights that

Popular titles released recently on console and PC are driving anticipated growth, while changes in mobile’s privacy policies have presented obstacles for genres normally dependent on advertising for acquiring users.

According to Newzoo, the top three games by cumulative revenue in the third quarter of 2024 are all console titles: EA Sports College Football 25, EA Sports FC 25, and Fortnite.

This growth in revenue aligns with the increases in number of players worldwide, which is projected to reach 3.42 billion in 2024, a 4.5% overall increase year-on-year, largely driven by a surge in PC gaming.