In this article, we talk about how much is the gaming industry worth in 2024.
For many of us, playing games is part of our everyday lives.
Many are fascinated by this type of entertainment for many reasons, particularly to cure boredom and to bond with friends.
This comes as games could also be avenues for socialization and sharing the same hobby with people in your circle.
Today, games have become highly accessible. We can play them whenever, wherever, and at whatever circumstance.
They are pre-installed on our phones and require just a minimal number of instructions to follow.
In this day and age where playing games is important to keep our sanity, how much of the gaming industry is worth in 2024? Let’s dive right in.
How Much is the Gaming Industry Worth in 2024?
With the growing popularity of games, ever wondered how much is the gaming industry worth in 2022.
The answer is $196 billion!
The biggest contributor to this amount is mobile gaming, which accounts for close to $70 billion or more than 40% of the total.
In 2019, the overall industry’s worth was only $152 billion.
It has significantly grown during the pandemic as people became confined within the comforts of their homes with nothing else to do but tinker with their gadgets.
Gaming Industry’s Worth by Sector
Different gaming sectors contribute differently to the overall gaming industry. Here is every sector’s market share in percentage and dollar terms in 2024.
- Mobile gaming – this sector accounts for the largest share in the overall industry at $68 billion or 45% of the total
- Console gaming – this sector trails close to mobile gaming, with the likes of Nintendo and Sony leading the market. It is worth $47 billion or 32% of the overall market
- PC gaming – lastly, the PC gaming sector retains a significant percentage of 23% which translates to $35 billion, in dollar terms
Global Video Games Market
The global video games market has always enjoyed a huge amount of revenue margin throughout the years.
Take a look at the history of the industry’s value from a decade ago to the present.
- 2012 – $52.80 billion in total value
- 2013 – $61.00 billion in total value
- 2014 – $71.25 billion in total value
- 2015 – $81.50 billion in total value
- 2016 – $93.50 billion in total value
- 2017 – $104.50 billion in total value
- 2018 – $115.50 billion in total value
- 2019 – $123.50 billion in total value
- 2020 – $131.50 billion in total value
- 2021 – $138.50 billion in total value
- 2022 – $196.00 billion in total value
Highest Grossing Mobile Games in 2021
We have truly come a long way from the early years of commercial gaming when people needed to go to arcades to play.
Well and good, games can now be accessed and played in many forms.
This is why their popularity has also exploded over the past years, raking billions of dollars in revenue year after year.
Take a look at the highest-grossing mobile games of all time, and their respective annual revenues in 2021.
- PUBG Mobile – $2 billion in annual revenue
- Honor of Kings – $1.64 billion in annual revenue
- Genshin Impact – $1.33 billion in annual revenue
- Roblox – $1 billion in annual revenue
- Pokemon Go – $904 billion in annual revenue
- Candy Crush – $856 billion in annual revenue
- Garena – $836 billion in annual revenue
The four highest-grossing mobile games all reported at least a billion dollars in revenue last year.
Similarly, even games released many years ago namely Candy Crush and Garena still rake a good amount of cash annually.
Highest Grossing Global Video Game Franchises
Credits: unsplash.com
Before the arrival of mobile games, we had the good ol’ video games every person in middle school talks about.
From Pokemon to Super Mario, these games all had their own fair share in many people’s childhood (and adulthood, if you must).
Here are the highest-grossing video game franchises globally and their collective revenues from their release date to the present.
- Pokemon – occupies the top spot in the list of the highest-grossing video game franchises worldwide. Pokemon boasts a revenue of $90 billion since its release date in 1996
- Mario Series – Nintendo’s Mario Series came next, with $30 billion in revenue. The game was released in 1981 and is considered one of the staple series on video game consoles
- Call of Duty – active since 2003, Call of Duty is a pioneer in the first-shooter game genre. It has raked $17 billion in revenue over the last 19 years
- Wii – another from Nintendo, Wii is one of the earliest games to leverage the use of the internet and digital sensors in playing games. It has $14 billion in revenue under its belt since entering the market in 2006
- Pac-Man – who would ever forget its maze and obstacles? No one! Pac-Man is another staple game for people of all ages. The game managed to hit $14 billion in revenue from the day of its release in 1980
The majority of these games are household favorites from the 1990s until the early 200s.
This is before the arrival of smartphones that have an internet connection feature, contributing to the rise of mobile games.
Global Gaming Market Has a Bright Future Ahead
Despite achieving exponential growth over the past years, the global gaming market still has wide room for improvement.
The industry is expected to hit a market value of $340 billion in the next five years, recording a compounding annual growth rate of 8.94% from this year until 2027.
Conclusion
Global Gaming is undeniably one of the fastest-growing industries worldwide.
People of all genders, ages, sizes, and ethnicity are drawn to this form of entertainment, given its ease of use, accessibility, and a lot of other advantages.
While losing much of its competitive edge to mobile games, the good old video games remain plausible in their own accord.
The highest-grossing games in the 1980s, 1990s, and early 2000s are many childhoods, and they remain attractive for players, even in this highly-advanced digital age.
We hope you enjoyed reading our article about how much is the gaming industry worth in 2024.
Sources
| Go News India | TechJury | Mordor Intelligence |
| Statista | Statista | BusinessofApps |
| Titlemax |
