Video Game Industry Statistics 2024: An In-Depth Analysis of Growth, Revenue, and Trends

Video gaming has changed a lot since the release of Pong back in 1972. From being a mere entertainment, the video game industry has come a long way, becoming a pivotal part of our society. With photorealistic graphics and reality simulation, games generate an undeniable influence on how we engage, learn and connect thanks to its ever evolving ways of interaction. In a few words, it’s become more than a casual childhood hobby to a lifestyle to people of all ages. All this translates into an exponential growth of an ever growing industry that as of now, seems to have no limits. 

In today’s article we’ll explore the profound impact of video gaming in business and individuals alike. To do so, we’ll delve into its more relevant stats, demographics, as well as explore its growth, revenue, trends and innovation. This will help us describe in detail where the video game sector stands right now and where it’s heading.

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Video Gaming Statistics: Main Highlights

• In 2023 there were a over 3.31 billion gamers worldwide
• 52% of the global gaming population are in the Asia-Pacific region
• The global revenue of the gaming industry grew 0.6% during 2023, reaching a total of $184 billion.
• The average gamer age in 2024 is 36 while in 2004 it was 29.
• In 2022, there were 1.7 billion male gamers vs 1.39 billion female ones.
• Tetris has sold over 520 billion copies across multiple platforms, becoming the best-selling game in history.
• 61% of the US population play video games at least 1 hour per week.
• 32% of developers in 2023 worked for indie studios.
• 49% of video game developers in 2024 admit to using AI tools in their workplace.

Video Game Industry Growth and Revenue

The global video game industry is a billion-dollar business in constant growth. In 2022, the revenue from the sector was estimated at $347 billion, with the mobile gaming industry generating $248 billion, 72% of the total. In reality the market hit $183 billion. 29% of this revenue was generated by the Big 3: Sony, Nintendo and Microsoft. In 2023, the industry grew 0.5%, reaching $183.9 billion.  It is estimated that in 2024, the Video Games market will reach a revenue of $282.3 billion, growing at an annual rate of 8.76% between 2024 and 2027.

Here’s a breakdown of the industry growth since 2022 and an estimate of its future until 2030:

• 2022- $183 billion 
• 2023- $183.9 billion
• *2024- $282.3 billion
• *2025- $317.91 billion
• *2026- $358.99 billion
• *2027- $405.37 billion
• *2028- $457.75 billion
• *2029- $516.9 billion
• *2030- $583.96 billion 

If we calculate it by region, the Asia-Pacific region holds 49% of the revenue, closely followed by North America with 30%, Europe with 17% and the Middle East and Africa with 4%.

Most Used Devices to Play Video Games

The gaming industry has experienced an exponential increase of users across various platforms in 2023, with a substantial increase in the use of mobiles. As of June 2023, the most used devices used to play video games in the US were smartphones, achieving 58% of the total of users. The numbers were closely followed by game consoles such as the PS5 with 34% and PCs or laptops with 27%.

• Smartphones- 58%
• Game console- 34%
• PCs/ laptops- 27%
• Tablets- 26%
• Mobile game console- 21%
• Smart TV- 21%
• Streaming device- 12%
• Other- 2%

A 2023 report made by Newzoo states how nearly 1 in 4 PC and/or console players participate across all main three platforms (smartphones, PC and consoles). These are known as tri-platform players and 62% of them are male, with 46% falling between the ages of 10-25.

How Many People Play Video Games?

The number of gamers worldwide has consistently grown year after year, and the exponential curve is not expected to stop any time soon. In 2022, the number of global video gaming players was 3.03 billion, reaching a whooping 3.31 billion in 2023. It is expected that in 2024, the total number of players around the world will reach 3.45 billion and these numbers won’t stop growing until at least 2027.

Global Players Per Region

While there’s a total of 3.305 m players worldwide, these are not evenly spread around the globe. Video game usage statistics show that with 1.7 billion players, the Asia-Pacific region boasts the highest number of gamers (52% of the total). The numbers are followed by 556 million players in the Middle East & Africa (17%), 446.4 m in Europe (14%), 335 m in Latin America (10%) and 237.3 m in the US (7%).

(source)

Gamer Demographics

Gaming has come a long way, going from a niche hobby to one of the biggest markets in the entertainment industry. A recent 2023 survey in the United States shows that a majority of gamers (55%) are male, while only 45% are female. If we look at gender identities, the numbers change a bit, with 53% of gamers identifying themselves as male and 46% as female.  Outside of the US the numbers remain similar, with 1.7 billion gamers worldwide that are male while 1.39 are female.

If we look at it in a timeline, here’s how the distribution of gamers by genre has changed in the US since 2006:

Regarding ages, 80% of US gamers are over 18, with its average age range going from 30-39 years old. Here’s a more detailed look at gamers by age in the US:

(source)

How Much Time Do Gamers Spend Playing?

The average time weekly spent on video games remains the same for the past few years. A recent survey made to US residents from June 2023-June 2024 shows how the majority of gamers (29%) spend 1-5 hours per week playing video games. 

Video Game Industry Trends

The video game industry is a dynamic one and in constant rise thanks to its innovation and faithful user engagement. As of 2024, one of the biggest trends is undoubtedly the growth of digital game sales, slowly gaining ground to physical ones. In 2023, 89.55% of games sold were digital downloads, with only 10.45% being physician copies. This trend has been favored by the increase of digital stores, its sales and the emergence of consoles without disc drives (Xbox Series S/PS5).

Here’s a graph on digital video game retail sales revenue in the UK vs digital copies from 2022-2023:

Another trend worth mentioning is the gradual rise of indie games. According to a survey made by 2024’s GDC State of the Game Industry, 32% of developers in 2023 were working for indie studios vs. 28% working for AAA and 11% for AA ones. 

There is also a surge in the adoption of cloud gaming services, with the emergence of platforms such as Amazon Luna or Xbox Cloud Gaming. These are slowly gaining popularity, giving users the possibility to access high quality gaming from their devices without the need to buy expensive hardware.

PC Vs. Consoles

The PC market is currently surpassing all expectations, setting records in 2023 with the biggest revenues ever achieved by the platform ($9 billion), 580 million units sold and more than 14.000 game releases in Steam. In fact, 2023 saw a strong revenue growth for Steam games. While these sales were fairly flat in 2020-22, 2023 saw a revenue growth of 17.8% largely driven by a strong slate of new launches, from Hogwarts Legacy to Baldur’s Gate 3. 

It is also relevant that 66% of games in development during 2023 were targeted for PC, with only 35% of them aimed at PlayStation 5 and 34% at Xbox Series X / S.

Top Gaming Genres

Video games are one of the preferred pastimes along with watching films or TV series and listening or playing music. But, what is currently the preferred game genre amongst players? A recent 2023 survey states the genres vary depending on the platform of choice, but overall, adventure emerges as the favorite choice across any device.

PC:

• 1- Shooter
• 2- Adventure
• 3- Role Playing
• 4- Battle Royale
• 5- Strategy

Consoles:

• 1- Adventure
• 2- Battle Royale
• 3- Sports
• 4- Shooter
• 5- Role Playing

Mobile:

• 1- Role Playing
• 2- Puzzle
• 3- Adventure
• 4- Strategy
• 5- Idle

Top Games of 2023

The best performing games in 2023 focused on quality and lack of microtransactions. Adventure and RPG games lead the top of the list, with titles such as Baldur’s Gate 3 and Hogwarts Legacy achieving the first and second place both in units sold and generated revenue. Other genres like action games, MMO’s or simulation games underperformed, generating less revenue than expected.

Best-Selling Video Games of All Time

As of now, Tetris is considered the all-time best selling game in history with over 520 million copies sold over different platforms since 1984. This is closely followed by Minecraft, which boasts over 300 million copies sold since its 2009 release. In third position we find Rockstar’s blockbuster Grand Theft Auto V (GTA5), which has sold over 190 million units since 2013. Games like Nintendo’s Wii Sports, PlayerUnknown’s Battlegrounds (PUBG), Mario Kart 8 or The Elder Scrolls V: Skyrim continue the list of bestsellers.

Here’s a breakdown of the Top 10 video games of all time and units sold since its release:

1. Tetris (1984)- 520 m
2. Minecraft (2009)- 300 m
3. GTA 5 (2013)- 190 m
4. Wii Sports (2006)- 82 m
5. PUBG (2017)- 75 m
6. Mario Kart 8 (2014)- 65 m
7. TES V: Skyrim (2011)- 60 m
8. Super Mario Bros (1985)- 58 m
9. Red Dead Redemption 2 (2018)- 57 m
10. Human: Fall Flat (2016)- 50 m

eSports: A Financial Success

In recent years there’s been a significant boost in eSports due the use of social media sites and online streaming platforms. This has generated an exponential growth of viewers, catching as well the interest of important brands wanting to invest in them. The following graph illustrates the revenue (in billion U.S dollars) generated by eSports in the past years.

(*estimated)

Although eSports is part of the gaming industry, it’s important to point out how its revenue isn’t focused on sales, but on viewership and advertisement. This makes marketing a vital part of them. Tournaments like the yearly The International (TI) for Dota 2 also showcase the rise in popularity of eSports, offering year after year a generous prize pool for the winning team of the championship. In fact, as of 2023, the cumulative prize pool for Dota 2 eSports tournament worldwide surpasses the 300 million U.S dollars.

AI And The Future of Game Development

The surge of Generative AI technology during the past year has led to a vast number of gaming companies allocating resources to this space. A recent GDC survey shows how tools such as ChatGPT, DALL-E, GitHub Copilot or Adobe Generative Fill are being used by 49% of the companies, with 31% of workers using them and 18% reporting colleague’s usage. 

The Future of the Games Industry

With all the data shared, we can confidently say that the gaming industry is at a turning point, fueled by exciting technological advancements and evolving market dynamics. This translates into new opportunities for growth and innovation that we’ll be able to experience in the following years. By remaining agile and responsive to the gamers’ needs and fueled by the rise of new platforms as well as fresh ideas from indie studios, the gaming industry will continue its exponential growth, leaving its impact in today’s digital age.