Newzoo: Forecasts and Gaming Trends for 2024
Newzoo is optimistic about the future; we can expect market growth; more PC/Console Premium games; a new mobile store from Microsoft & much more.
Trend 1. The gaming market has recovered and will continue its growth.
Newzoo notes that the gaming market reached $184 billion in 2023. By 2026, the company expects a cumulative annual growth rate of 1.3%, reaching $205.4 billion.
Trend 2. Companies will take fewer risks in 2024.
64% of representatives in the gaming industry agree with Newzoo's forecast.
Trend 3. Growth in subscribers to subscription services will slow down.
82% of surveyed gaming industry employees agree with this trend.
This trend began earlier in my view. For example, Sony removed information about the number of PS Plus subscribers from its quarterly reports because the service's audience stopped growing. This happened a little over a year ago.
Trend 4. Gaming companies are returning to the development of Premium (buy-to-play) games.
High competition (19 games accounting for 60% of total user gaming time) is prompting a return from service games to traditional ones. 45% of industry representatives agree with this trend.
Trend 5. Mobile developers are moving towards developing for PC and consoles.
Newzoo analysts believe that issues with user acquisition on mobile devices are driving developers toward new platforms. 36% of surveyed individuals from the gaming industry agree with this.
Trend? Forecast? 6. Nintendo will release its new console alongside 3D Mario.
Trend 7. Xbox will launch its mobile gaming store on Android. 73% of the gaming industry agrees with this.
Trend 8. Nostalgia will become a key factor in the success of service games.
Fortnite OG and World of Warcraft Classic are prime examples. 82% of the industry agrees with this. But what about mobile games?
Trend 9. Generative AI will accelerate game development.
64% of the industry concurs that this will happen.
Trend 10. In 2024, many Souls-like games with open worlds will be released.
Among the already announced are Another Crab’s Treasure; Rise of the Ronin; Black Myth: Waking; Enotria: The Last Song; Flintlock: The Siege of Dawn. And this is not counting the additions to Elden Ring.
Great job, Newzoo. Haven’t seen this trend anywhere - better to have a closer look.