Gaming

Five Big Video Game Industry Predictions for 2024

Five Big Video Game Industry Predictions for 2024
Image Source: Bloomberg.com

The video game industry continues to grow at a rapid pace. In 2023, it generated over $180 billion in global revenue, and that number is forecast to surpass $200 billion by 2025 according to Newzoo. The industry is constantly evolving to meet changing consumer demands and new technologies.

What does the future hold for video games? Here are 5 major predictions for 2024:

1. The Launch of the Nintendo Switch 2

Nintendo’s Switch console has sold over 120 million units since launching in 2017. But reports suggest they are working on a next-gen “Switch 2” successor. Analysts predict it will feature upgraded hardware for 4K graphics and better performance. It may also have some type of “strange feature” to differentiate itself.

2. Billions in Funding From Saudi Arabia’s PIF

Saudi Arabia’s Public Investment Fund (PIF) plans to deploy over $5 billion in video game investments. The sovereign wealth fund has already acquired stakes in SNK, Capcom, and Nexon. More investments could fund new game studios, technologies like cloud gaming, or consolidation of major developers.

3. More Games Adopt “Live Service” Models

The “games as a service” model is growing more popular. Games like Fortnite and World of Warcraft provide ongoing content updates to keep players engaged. In 2024, more game studios may shift from discrete releases to operating games as long-term services. However, this could also increase pressures around monetization schemes like loot boxes.

4. Unionization Picks Up Steam

The video game industry has faced scrutiny for excessive overtime hours and periods of intense “crunch.” In response, workers across major studios like Activision Blizzard and Ubisoft are unionizing for better conditions. If efforts gain momentum in 2024, it may improve work-life balance but could also raise budgets.

5. Explosive Growth in the Metaverse

The “metaverse” represents a convergence of virtual worlds, augmented reality, digital objects, and online social spaces. Major tech companies like Facebook and Microsoft are investing billions into metaverse development. By 2024, these immersive technologies could lead to revolutionary games and interactive experiences.

Potential metaverse gaming applications include:

  • Fully immersive VR/AR multiplayer games
  • MMOs with integrated virtual economies
  • New forms of social interaction
  • Esports tournaments held in virtual arenas

As these 5 trends demonstrate, 2024 could mark a landmark year for how video games are created, played, and monetized across the industry.

About the author

Blessing Ade

Ade Blessing is a professional content writer. As a writer, he specializes in translating complex technical details into simple, engaging prose for end-user and developer documentation. His ability to break down intricate concepts and processes into easy-to-grasp narratives quickly set him apart.

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