适应新现实：全球游戏产业升级之路-

LevelingUpfortheNewReality

TheGamingReport

DECEMBER2024

Thegamingindustrywasenjoyingrapidgrowth—thenapostpandemiccorrectionhit

REVENUEBYTYPE($BILLIONS)

GLOBALGAMING

+1%

211

17

36

214

204

197

13

33

+13%

24

1

20

1

1

37

163

150

36

11

9

131

44

6

32

43

43

33

41

33

34

34

29

114

107

108

107

85

75

64

CAGR,2017-2023(%)

Adsinmobilegames

CloudandVR1

PC2

Console2

Mobile

26

120

2

7

9

2017201820192020202120222023

Sources:AmpereAnalysis;IDC;BCGanalysis.

Note:VR=virtualreality.Becauseofrounding,thenumbersmaynotadduptothetotalsshown.

1VRincludesonlyMetaQuestgamesales;otherVRgamesalesareincludedinthePCorconsolecategories.2Includeshandhelddevices,dependingontheiroperatingsystem.(Forexample,SteamDeckfallsintothePCcategory,andNintendoSwitchfallsintotheconsolecategory.)

1VRincludesonlyMetaQuestgamesales;otherVRgamesalesareincludedinthePCorconsolecategories.2Includeshandhelddevices,dependingontheiroperatingsystem.(Forexample,SteamDeckfallsintothePCcategory,andNintendoSwitchfallsintotheconsolecategory.)

Futuregrowthwillbemoremodest,asdouble-digitratesareunlikelytoreturn

GLOBALGAMINGREVENUEBYTYPE($BILLIONS)

Adsinnonmobilegames56

CAGR,2023-2028E(%)

214

24

37

43

108

2023

1

221

26

37

43

113

2024E

0

2

232

28

39

45

118

2025E

0

2

243

31

39

47

124

2026E

1

2

+5%

254

32

40

48

130

2027E

2

3

266

34

41

50

137

2028E

2

3

Adsinmobilegames

CloudandVR1

PC2

Console2

Mobile

7

16

2

3

4

Sources:AmpereAnalysis;IDC;BCGanalysis.

Note:VR=virtualreality.Becauseofrounding,thenumbersmaynotadduptothetotalsshown.

Emergingplatformsaregainingmomentum,buttheywillremainnichemarketswhilethetechnologiesandeconomicsimprove

Cloud

MARKETSIZE($MILLIONS)

ARandVR1

MARKETSIZE($MILLIONS)

UGC

DEVELOPER

110

PAYOUTS($MILLIONS)2

2,700

19

2019

464

2024

939

2028E

112

2019

1,183

2024

1,750

2028E

1,750

Q22020Q22022Q22024

Maturity

Feasibilityfor

Infrastructure(suchasdata

centers)andnetworkspeedsare

Hardwareexpenseandcontentselectionarecurrentlylimiting

Thereishighpotentialforwideradoption,muchasshort-form

massadoption

currentlylimitingthetypesof

gamesthatrunwellinthecloud

thepaceofadoption

videoandsocialmediachangedvideodistribution

Sources:AmpereAnalysis;Statista;annualreports;BCGanalysis.

Note:AR=augmentedreality;VR=virtualreality;UGC=user-generatedcontent.1Excludeshardware.2Basedoncompanies’estimatesofdeveloperpayouts.

ThecostsofAAAgamedevelopmenthaveincreasedsharplyinrecentyears,ashavesalesandmarketingexpenses,butfewergameshavebeenreleased

AAAbusiness

Publisher1Publisher2

DEVELOPMENTCOSTS($MILLIONS)1

+360%

316

197

69

201220172021–2023(average)3

+449%

144

2655

201220172021–2023(average)3

SALESANDMARKETINGCOSTS($MILLIONS)1

+220%

107

3434

201220172021–2023(average)3

+323%

28

45

11

201220172021–2023(average)3

NUMBEROFGAMESRELEASED2

–73%26

8

7

2012

2017

2021–2023(average)3

–63%

19

12

7

2012

2017

2021–2023(average)3

Sources:Companies’publicfilingsandstatements.

1Thecostswereadjustedbasedonthe2023USdollarforeignexchangerate.Costsincludefull-gameandmajorexpansionsbutnotgeneralreleasesofdownloadablecontent.Thegamesincludethosethecompanydirectlydeveloped(asopposedtothegamesitpublishedbutdidnotdirectlydevelop).2Includesgamesthatweredirectlydevelopedbythecompanyaswellasgamesthatthecompanypublishedbutdidnotdevelopdirectly.3Anaveragewasusedtomitigatepandemic-relatedeffects.

Sources:Companies’publicfilingsandstatements.

1Thecostswereadjustedbasedonthe2023USdollarforeignexchangerate.Costsincludefull-gameandmajorexpansionsbutnotgeneralreleasesofdownloadablecontent.Thegamesincludethosethecompanydirectlydeveloped(asopposedtothegamesitpublishedbutdidnotdirectlydevelop).2Includesgamesthatweredirectlydevelopedbythecompanyaswellasgamesthatthecompanypublishedbutdidnotdevelopdirectly.

ThemobilegamespacehasseentrendssimilartothoseinAAAgamedevelopment

Mobilegames

Publisher1Publisher2Publisher3

DEVELOPMENTCOSTS($MILLIONS)1

–19%

169137

20192021

+92%

406

211

20192023

+36%

5270

20202023

SALESANDMARKETINGCOSTS($MILLIONS)1

+54%

155

239

2019

2021

+42%

586

414

20192023

+30%

74

57

2020

2023

NUMBEROFGAMESRELEASED2

3

2019

4

2021

11

20192023

4

2020

3

2023

Gamedevelopmentbudgetsaregrowingfasterthangamerevenuesare,andthegapwillonlyincrease

AAADEVELOPMENTBUDGETVS.CONSOLEGAMEREVENUES,2017-2028(CAGR,%)

15

10

5

0

+8%

+3%

+6%

+5%

201720222028E

Consolegamerevenues(historical)Consolegamerevenues(estimated)

Developmentbudget(historical)Developmentbudget(estimated)

Sources:AmpereAnalysis;IDC;expertinterviews;BCGanalysis.

Fewpublishersexpectdevelopmentbudgetstodecrease,suggestingthatGenAIsavingswillhelpfundbigger,bettergames

Question:DoesyourcompanyplantoadjustitsgamedevelopmentbudgetstobetterleverageGenAIandtheincreasedproductivity?RESPONDENTS(%)

AAA

5565101033

AA

5575105

Indie

5557141055

Decreaseby>10%Decreaseby6%–10%Decreaseby1%–5%KeepunchangedIncreaseby1%–5%

Increaseby6%–10%Increaseby11%–15%Increaseby16%–20%Increaseby>20%

Sources:BCG’sgamingindustrysurvey,December2023;BCGanalysis.

Note:n=40(AAA);n=20(AA);n=21(indie).Becauseofrounding,thepercentagesmaynottotal100.

Tobreakeveninthefirstyear,a$50millionconsolegamemustcrackthetop20,buttypically,two-thirdsoftheslotsaretakenbyrecurringtitles

First-yearsales

UNITS

(MILLIONS)

25

20

15

10

5

0

REVENUE

($MILLIONS)

1,250

>$400M

1,000

$300M–$400M

750

$100M–$300M

$50M–$100M

500

250

0

15101520

US2023gameranking1

Breakevenbydevelopmentbudgetsize(atgames’currentpricepoints)

GamesthatareregularlyintheUStop20

20192020202120222023

CallofDuty

MaddenNFL

EASportsFC2

NBA2K

Annual

release

MLB:TheShow

MarioKart

SuperSmashBros.MortalKombat

SuperMario

Franchise

Minecraft

Pokémon

Spider-Man

ResidentEvil

release

AssassinsCreed

EldenRing

HogwartsLegacy

Notable

exceptions3

Sources:Circana;CompetitionandMarketsAuthority;BCGanalysis.

1Theanalysislookedatthetop20AAAandAAgamesreleasedin2023.Itassumeseachunitsoldat$70,witha30%platformfee,resultinginapproximately$50netrevenueperunit.2ThisgamereplacedFIFAin2024.3Thesearenotablebecausetheyarenewgamesthatbrokeintothetop20.

Anincreasingshareofrevenuesformobilegamesisfromin-appads,whilesubscriptionsanddigitalsaleshavegrownmostinconsole

SHAREOFREVENUESBYMONETIZATIONMODEL(%)

11

87

2019

$96B

Mobile

0

19

79

1

2024

$139B

11

0

8

72

18

2019

$32B

PC

2

9

69

22

2024

$37B

0

Console2

13

24

31

30

22

28

33

18

2024

2019

$42B

$34B

In-appadvertising

Third-partyadvertisementspublishedinfree-to-playgames

Subscriptions

Recurringspendingonsinglegamesorgameservices(suchasXboxGamePassandAppleArcade)

In-gamepurchases

Microtransactionsandsalesofvirtualgoodsanddownloadablecontent

Digitalfull-gamesales

Digitalcopiesdistributedviaaconsole

gamingmarketplace(suchasPlayStationandXboxstores)

Physicalfull-gamesales

Physicalgamessoldthroughtraditional

brick-and-mortarstoresoronlineretailers

Sources:AmpereAnalysis;IDC;BCGanalysis.

Note:Becauseofrounding,thepercentagesmaynottotal100.

1Subscriptionservicesonly.In-gamesubscriptionspendingisincludedunderin-gamepurchases.2RemainingphysicalshareislargelydrivenbyNintendoSwitchsoftware.

Monetizationmodelshiftsareexpectedtobemoredramaticforconsolesthanfortheoverallmarket

SHAREOFREVENUEINCONSOLEMARKET(%)SHAREOFREVENUEINOVERALLGAMINGMARKET(%)

11

21

49

19

20

29

22

30

27

36

7

30

2

3

10

12

73

1

6

12

5

76

1

7

12

1

78

2017

2023

2028

2017

2023

2028

Subscriptiontoagame

Subscriptiontoaservice

Premiumdigitalfullgames

Premiumphysicalfullgames1In-gamepurchasesandDLC

Sources:AmpereAnalysis;IDC;BCGanalysis.

Note:DLC=downloadablecontent.Becauseofrounding,thepercentagesmaynottotal100.1RemainingphysicalshareislargelydrivenbyNintendoSwitchsoftware.

Morethanhalfofcoregamers—thosewhoplayatleastsixhoursperweek—areopentoseeingadvertisinginsidepremiumgames

Statement:Idon’tmindadsinmyPCorconsolegames.Statement:Idon’tmindadsinmymobilegames.

RESPONDENTS(%)RESPONDENTS(%)

8

15

36

14

27

10

23

29

20

18

14

29

26

17

14

20

29

18

16

17

16

30

24

15

14

25

26

23

10

16

8

14

34

15

28

9

26

27

20

18

13

31

26

16

15

17

31

23

15

14

21

28

19

19

12

30

20

21

15

15

Hoursperweek

<1

1–5

6–10

11–2021–50

Receptivetoads

>50

<1

1–5

6–1011–20

Resistanttoads

21–50

>50

StronglyagreeSomewhatagreeNeutralSomewhatdisagreeStronglydisagree

Sources:BCG’sgamingsurvey,2024;BCGanalysis.

Note:n=5,199.

GamersinChinashowthehighestwillingnesstopay—bothforsingle-playerandliveservicesgames

Country

Singleplayer

Liveservices

Pricerange

Optimal

Pricerange

Optimal

UK

$45–$62

$51

$42–$62

$53

US

$40–$58

$41

$41–$58

$49

Germany

$46–$66

$58

$42–$66

$53

China

$60–$93

$82

$61–$93

$81

Japan

$43–$59

$45

$41–$59

$44

India

$48–$74

$59

$46–$74

$57

Brazil

$40–$57

$42

$40–$57

$45

Mexico

$42–$67

$48

$44–$67

$56

Overallaverage1

$46–$67

$53

$44–$67

$54

Sources:BCG’sgamingsurvey,2024;BCGanalysis.

Note:Forsingle-playergames,therespondentsarefromtheUK(120),theUS(124),Germany(95),China(135),Japan(113),India(64),Brazil(124),andMexico(104).Forliveservices,therespondentsarefromtheUK(145),theUS(146),Germany(107),China(130),Japan(148),India(73),Brazil(138),andMexico(139).

1Aweightedaverage.

Playersinemergingeconomiesplaymore—andplantoplaymoreinthefuture—thandoplayersindevelopedeconomies

Question:Howmuchtimedoyouspendplayinggamesperweek?

RESPONDENTS(%)

Emergingeconomies

3232828153

Developedeconomies

425

28

2715

1

<1hour

1–5hours

6–10hours

11–20hours

21–50hours

>50hours

Question:Howdoyouexpecttheamountoftimeyouspendplayinggamestochangeinthefuture?

RESPONDENTS(%)

Emergingeconomies

43534

Developedeconomies

19738

IncreaseStaythesameDecrease

Source:BCG’sgamingsurvey,2024.

Note:n=2,029.EmergingeconomiesareBrazil,China,India,andMexico.DevelopedeconomiesareGermany,Japan,theUK,andtheUS.

Genrepreferencesvarybyage,likelydrivenbylifestyleandgenerationaldifferences

Question:Inthelastsixmonths,whattypesofgameshaveyouplayedmostfrequently?

TYPEOFGAME

ActionoradventureRoleplaying

First-personshootersSportsandracing

SimulationStrategy

PuzzleandcasualFighting

Horror

EducationalMMORPG

MOBA

Battleroyale

Worldbuilding,sandboxSurvival

CollectablecardCasino

RESPONDENTSBYAGE(%)

18–2122–2526–3031–3536–4041–5051–65>65

1

2

3

4

1

2

3

4

Youngergenerationsstronglypreferactionoradventuregamesandmaycontinuetodosoastheyage

Adultsolderthan51preferpuzzles

(possiblybecausetheyarebrain

exercises)andcasualgames(possiblybecausetheyareclosertotheclassicarcadetitleswithwhichtheygrewup)

Fortheeducationalgamemarket,playersolderthan51presentanopportunityforgrowth

Interestinworldbuildingamongoldergamersislikelybecauseparentsand

grandparentsplaygamessuchas

Minecraftwiththeirkidsandgrandkids

0%60%

Source:BCG’sgamingsurvey,2024.

Note:n=2,029.MMORPG=massivelymultiplayeronlinerole-playinggame;MOBA=multiplayeronlinebattlearena.

Thenextgenerationofretireesexpectstoplaygamesmorethancurrentretireesdo

Question:Howmanyhoursdoyouplaygamesperweekcurrently?

RESPONDENTS(%)

Question:Howdoyouexpecttheamountoftimeyouspendplayinggamestochangeinthefuture?

RESPONDENTS(%)

Student

EstablishingindependenceStartingacareer

Advancingincareer

Formingalong-termrelationshipStartingafamily

2

6

4

26

12

20

22

30

30

16

29

2

3

25

40

64

53

11

7

3

4

1328

26244

37

54

9

3

17

20

29

37

31

31

17

4