- The gaming market is expected to reach $307 billion by 2027, a significant increase from $184 billion in 2023.
- The 13-17 age group is a major player in this expansion, spending significantly more free time playing video games.
- Smartphone usage drives the mobile gaming market, which already accounts for over 40% of industry earnings.
The gaming industry is rapidly transforming into a colossal economic powerhouse. Global gaming revenue is projected to reach more than $300 billion by 2027, according to a recent analysis by Bain & Company.
The gaming world is changing fast. Free games with microtransactions and more money spent on the industry are reshaping how we play.
Why it matters: In the coming years, this industry is set to cement its place as the biggest market for entertainment. Not even Hollywood comes close.
The global gaming market is expected to see huge growth in revenue by 2027. Bain & Company predicts that by 2027, revenue will jump from $184 billion in 2023 to a whopping $307 billion.
This growth represents a 9% annual increase. Young gamers aged 13-17 are playing an important role in driving this surge, dedicating 40% more of their free time to gaming rather than committing to other leisure activities.
The COVID-19 pandemic greatly boosted the industry, speeding its growth as people sought entertainment and social connection during lockdowns. This surge is likely here to stay, as many new players enjoy games even as pandemic restrictions ease.
In-game purchases and subscription services are becoming more and more common, providing developers with diverse revenue streams. Games like Genshin Impact and Apex Legends owe their success to the free-to-play model, while subscriptions, though not loved by everyone, continue to gain traction.
Mobile gaming continues to lead the market, thanks to more people using smartphones than ever. In 2022, mobile gaming made up over 40% of the industry’s earnings, and this share is predicted to keep growing.
The ease of access, convenience, and high-profile titles coming to smartphones are drawing in a growing group of players.
Moreover, the excitement over new game launches is boosting the industry’s strong financial outlook. Big-name releases such as GTA 6 are projected to rake in billions, breaking records in gaming revenue.
GTA 6 is expected to introduce a new audience to gaming, which will generate more revenue.
Overall, with its ongoing popularity, the gaming industry is on track to outpace traditional entertainment sectors such as movies, music, and television in both earnings and impact.
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