NewZoo: 2024 Gaming Market Trends
Newzoo’s 2024 report on game trends is out, promising to revolutionize the gaming industry. It delves into the key factors shaping gaming in the coming year, from new releases to tech advancements.
A Preview on Gaming Trends
Here are some of the pivotal gaming trends for 2024, as forecasted by NewZoo, shedding light on the anticipated dynamics shaping the industry.
Global games market to rebound in 2024: After a decline in 2022 followed by a slight recovery in 2023, the global games market is poised for a significant rebound in 2024. Key drivers include the expanding user bases of Xbox Series and PlayStation 5, alongside the growth in live-service games and back catalog sales. Despite privacy challenges, mobile gaming is also expected to see an upswing.
Xbox’s Strategic Entry into the Mobile Market: In 2024, Xbox is set to introduce its own app store, marking a significant move by Microsoft into the mobile gaming arena. With the recent acquisition of Activision Blizzard (and King), Microsoft is positioning itself to compete directly with industry giants like Apple and Google. Regulatory changes and court rulings in the US have eased the entry of new app stores, making the timing optimal for Xbox’s venture into the mobile space.
Multi-game subscriptions are moving past their growth phase as gaming dynamics evolve: Unlike passive entertainment forms such as TV and music, gaming’s active nature doesn’t align well with the multi-game subscription model’s appeal. Consequently, the emphasis is shifting towards providing access to new game releases upon launch, exemplified by Xbox’s Game Pass. However, sustaining the allure of this model remains a challenge due to the demand for frequent new content releases.
Will AI be a game changer?: Although AI dominated gaming headlines throughout 2023, it’s premature to dismiss human involvement in game development and operations. While Generative AI tools may enhance production efficiency and potentially reduce costs in 2024, a widespread industry revolution driven solely by AI is unlikely this year. Recently EU Parliament has voted on AI Regulatory Guidelines.
