Niko Partners: Southeast Asia Games Market in 2025
The region is growing, yet the active growth it seems coming to an end.
Niko Partners has tracked the region for the past 11 years. The study covers six countries (SEA-6): Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam.
Revenue, audience, monetization
In 2024, the games industry across the SEA-6 generated $5.37 billion, up 5.2% YoY.
For 2025, a more modest increase is expected to $5.47 billion (+1.8% YoY). The slowdown is attributed to economic headwinds and new regulatory practices (e.g., Vietnam now requires licenses).
By 2029, Niko Partners projects SEA-6 revenues to reach $6.47 billion, a 5-year CAGR of 3.8%.
There were 285.82 million players in Southeast Asia in 2024 (+3.1% YoY). In 2025, the number rose to 290 million (+1.5% YoY). Niko Partners expects it to reach 324.4 million by 2029 (CAGR 2.6%).
Annual ARPU in SEA-6 in 2024 was $18.8 (+2% YoY). By 2029, this figure is expected to rise to $19.96 (CAGR 1.2%).
❗️Given that dollar inflation is currently higher, regional revenue in USD terms may effectively decline in real terms.
26.9% of in-game payments in the region flow through 3rd-party stores — the highest share in Asia.
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User behavior and preferences
Over 45% of SEA-6 players actively socialize in games.
52% of players in SEA-6 watch game livestreams — a popular activity in the region.
In 2025, players in the region averaged 15 hours of gameplay per week. In 2024, the figure was higher at 21.8 hours.
The share of non-paying users is growing by 10–20% in each of the SEA-6 countries.
Localization is very important for SEA-6 players. For many users, having their native language is a critical factor.