麦肯锡 -游戏行业的下一个增长时代：释放注意力的价值 Gamings next growth era Unlocking the value of attention

March2026

McKinsey

&Company

Technology,Media&TelecommunicationsPractice

Gaming'snextgrowthera:Unlockingthevalueof

attention

Thequalityofconsumerattentionthatgamingcapturesisexceptional.Growthinthenexterawilldependonpublishers,platforms,andpartnersrethinkinghowtomaximizethevalueofthatattention.

ThisarticleisacollaborativeeffortbyAamanhSehdev,CraigMacdonald,KabirAhuja,andPrakharDixit,withIchiroOtobe,KeenanWeaving,andSeanMcCann,representingviewsfromMcKinsey'sTechnology,Media,&TelecommunicationsPractice.

Notallconsumerattentioniscreatedequal.McKinsey'srecentreportThe'AttentionEquation'explainsdifferencesinmediamonetizationthroughtwodriversofvalue.'Commercialquotientcapturestraditionalfactorssuchasconsumervalue,platformsophistication,andindustrystructure,accountingfortwo-thirdsofmonetization.Attentionquotientreflectsthequalityofconsumers'attention,shapedbyhowactivelytheyengagewithcontentandwhytheyareconsumingit,andaccountsfortheremainingone-third.Together,thisequationexplains80percentofthevariationinmonetizationacrossmedia.

Bythesemeasures,gamingisexceptional.Roughly75percentofplayershavehighfocuswhileplayingPCorconsolegamesand55percentonmobile,levelscomparableonlytoliveeventsandhandilybeatingformatssuchassocialmedia,newspapers,andpodcasts.Thatfocusunderscoresthehighestvalueperhourofanydigitalmediumat$1.50onPCandconsole,and$0.46onmobile.

Gaming'sattentionadvantageisrootedinhowandwhyitisconsumed.Whiletelevisionandsocialfeeds

haveincreasinglybecomebackgroundcompanionstosecond-screenscrolling,gamingdemandscognitivepresence.Itfulfillsthemostvaluable“jobstobedone”identifiedinourresearch,specificallyloveand

connection,wheretheplayerisanactiveprotagonistratherthanapassiveobserver.Byrequiringagencytoprogress,gamingcreatesimmersionthatismoredifficulttofragmentthanotherformats.

[Gaming]ismotivatedandself-driven...you're

engagedinsomethingthat'ssopowerfultoyoupersonallythatit'spullingyouinandmotivatingyoutogodeeperandlearn.'

—JohnHanke,founder&CEO,Niantic

GameTheorypodcastbyLightspeed(2025),inpartnershipwithMcKinsey

Yet,despitethisadvantage,thereisagap.Thoughgaminghasmasteredtheartofgeneratingfocus,thereiscommercialopportunityleftonthetable.Gaminghasadisconnectbetweenitsattentionquotient

(intrinsicqualityofattention)andcommercialquotient(intrinsicabilitytomonetizethatattention),representingoneofthelargestuntappedopportunitiesnotjustingamingbutacrossmedia.

Whatmakesthisdynamicespeciallycompellingishowstronglyspendingrespondstoattentionquality.Ourresearchshowsthata10percentincreaseinconsumerfocuscorrelateswitha17percentincreaseinspend.Gamingalreadyoperatesatthehighendofthespectrum;thechallengeisnottogeneratemore-orhigherquality-attention,buttomoreeffectivelymonetizetheattentionitalreadycommands.

'Unlessotherwisenoted,allatainthisarticlearedrawnfromThe'Attention'Equation:Winningthenightbattlesforconsumerattention,basedonMcKinsey's2024ConsumerAttentionSurveyof3,000USparticipants

Gaming'snextgrowthera:Unlockingthevalueofattention2

Gaming'snextgrowthera:Unlockingthevalueofattention3

Whythatvalueoftengoesunrealizedbecomesclearerwhenusageandspendingareviewedtogether.Whilethetopdecileofmediaconsumersaccountsforroughly20percentoftotaltimespent,onlyaboutone-thirdofthoseheavyusersarealsotopspenders.Inotherwords,super-usersarenotautomaticallysuper-spenders.Forgaminginparticular,monetizationisconcentratedamonganarrowshareofusers,²withlargevolumesofhighlyengagedtimenotfullyreflectedincurrentrevenuemodels.

ThisarticleexamineshowgamingstudiosacrossPC,console,andmobilecanclosethegapbetweenattentionandvaluebyincreasingthemedium'scommercialquotientthroughadistinctivesetof

organizationalcapabilities-andwhysustainablegrowthwilldependondoingso.

Thetrendsredefiningvalue

Theenvironmentinwhichthosecapabilitiesmatterischanging.Thevideogameindustryhasreachedsignificantscale,withtheroughly$360billionglobalmarket(includingdigitalcontent,hardware,

in-gameadvertising,andlicensing)expectedtogrowataround5percentannuallythrough2030,

followingaperiodoffasterexpansion(8percentannuallyin2015-24).³Afteradecadeofgrowthdrivenlargelybyincreasingmarketpenetration,valuecreationingamingisshiftingamidrisingbudgets,longerdevelopmenttimelines,moreefficientindiestudios,andincreasingpressurefromlower-costglobal

developmentmarkets(seesidebar,"Themostvaluableplayersegments").

-Advertisingasamissingpieceinaveragerevenueperuser(ARPU)growth.Withconsumer-paidmodelssuchasmicrotransactionsandbattlepassesmaturingafterwidespreadadoption,furthergrowthpotentialexistsbeyonddirectspend,inwaysthatprotecttheattentionplayershavechosentogive.Fromanadvertiser'sperspective,gaming'sattentionisunderpricedrelativetoitsquality,butonPCandconsole,theabsenceofprogrammaticbuyinglimitshowthatvaluecanbeattained.Mobiledemonstrateswhatscaledmonetizationcanlooklike,withadvertising'sshareofrevenue

risingfrom35percentto48percentbetween2015-24.Bycontrast,PCandconsoleremainlargelyuntappedat4percent,leavingsubstantialwhitespacetomonetize.⁴Howadsarepresentedwilldifferbyplatform,butgamingremainsalarge,underpenetratedchannelwithnativelyhigh-quality,differentiatedinventory,anincreasinglyattractivepropositionasbroaderentertainmentand

mediaadrevenueslows(from25percentannuallyin2015-20to12percentin2021-24)⁵andpost-identifierforadvertisers(IDFA)targetingconstraintspersist.6

一Thechallengeofmaintainingadirectplayerrelationship.Controloverdiscovery,identity,and

paymentisincreasinglycontested,withhardwareplatformsandecosystemssuchasXbox,

PlayStation,Nintendo,andDiscordshapinghowplayersfindgames,signin,andspend.Asthe

playerjourneyfragmentsacrossplatformsandnewservices,brandcontrolerodesandpower

shiftstowardthosethatcanunifytheexperienceorcontrolkeyaccesspointsbetweenplayersand

content.

²SmangalisoSimelane,"Whatare'whales'invideogames,"GameRant,August4,2022.

³McKinseyanalysis.

⁴McKinseyanalysis.

5PerspectivesfromtheGlobalEntertainment&MediaOutlook2018-2027,PwC

Post-IDFAtargetingconstraintsrefertochangesintroducedbyApplein2021throughitsAppTrackingTransparencyframework,whichrequiresappstoobtainexplicituserpermissionbeforeaccessingtheIDFA.Becauseamajorityofusersoptoutofcross-apptracking,advertisers'abilitytodeterministicallymeasureperformanceandtargetusersonioSdeclinedsignificantly,acceleratingashifttowardcontextualtargeting,first-partydatastrategies,andaggregatedmeasurementapproachesacrossthemobileadvertisingecosystem.

Gaming'snextgrowthera:Unlockingthevalueofattention4

Themostvaluableplayersegments

Attentionqualityisastrongerpredictorofcommercialvaluethanhoursplayedordemographicsalone.

ResearchfromTheAttentionEquationidentifiessevenconsumersegments,ofwhichtwoshowanatural

affinityforgaming:contentloversandinteractivityenthusiasts.Theseplayersaccountforalargeshareofgaming'seconomicupsidethroughhigherspend,deeperengagement,andstronginfluenceondiscoveryandcommunitybehavior.

Contentlovers(13percentofallconsumers):High-valuesuperfanswhovalueIPdepthandpremiumexperiences

Contentloversspend2.4timesmoreonmediaandconsume1.7timesmorecontentthantheaverage

consumer.Theygravitatetowardfamiliarworlds,recognizablecharacters,andexperiencesthatevolveovertime.Whenengagedwithexcellence,theseplayersmattertostudiosbecauseofthefollowingbehaviors:

-Regularconsumptionofpremiumcontent.Theyaremorelikelytopurchaseexpansions,downloadablecontent,cosmeticstiedtostoryorcharacteridentity,andcross-mediaextensions.

-Sustainedattentiontoestablishedfranchises.Theirpreferencesalignwithbroaderplayerbehavior:Acrossthemarket,64percentoftotalplaytimeoccursontitlesreleasedmorethanayearago.

-Disproportionatecontributiontomonetization.Theyareoverrepresentedamongtop-decilespenders,andhalfofthemostactiveplayersinthissegmentarealsothehighestspendersoverall.

-Clearsignalsforwhatdrivesengagement.Theyrespondstronglytoworldbuilding,ongoingnarrativeupdates,andfrequentcontentdrops.Studiosthatmaintaincontinuityandapredictablecadenceofupdatescanretainthisaudienceefficiently.

Interactivityenthusiasts(16percentofallconsumers):Competitive,socialimmersionseekerswhodrivecommunityenergy

Interactivityenthusiastsseekagency,challenge,andsocialconnection.Theyareactiveacrossonlinecommunities,UGCplatforms,esports,Discord,Reddit,andcreatorecosystems.Whenengagedwithexcellence,theseplayersmattertostudiosbecauseofthefollowingbehaviors:

-Coreparticipationinmultiplayerandlive-serviceecosystems.Theyengagedeeplywithprogressionsystems,masteryloops,competitivemodes,andsocialfeaturesthatdrivelifetimevalue.

-Primaryamplificationofdiscovery.Theirinvolvementincreator-ledcontent,streamingcommunities,andsocialchannelsincreasesorganicreachandacceleratesearlymomentumfortitles.

-Commercialresponsivenesswhenexperiencesfeelauthentic.Although45percentofthiscohortreportdislikingads,about30percentreportmakingmonthlypurchasesinfluencedbyads.Theyconvertwhencontentandcontextalignwiththeirinterests,especiallythroughcreatorintegrationsorcommunity-ledactivation.

-Strongindicationofecosystemhealth.Theyengagewithearly-accessprograms,events,structuredcommunityactivities,cleanonboardingflows,anduserexperiencesthatlowerfrictioninnavigatingcomplexlivegames.Theirfeedbackoftensignalswhetherornotatitlehasthesystemsandsocial

scaffoldingtosustainengagementovertime.

Gaming'snextgrowthera:Unlockingthevalueofattention5

-Longevityoflive-serviceofferings.Liveservice,includingongoingupdatesandmicrotransactions,is

projectedtoaccountfor70percentofincrementalgamingrevenuethrough2030.?Themodel,however,isbecomingmoredifficulttodowellasplayersshowsignsof"battlepassfatigue,"expressingacross

forumsthatnewcontentcanbegintofeellikeachore.Studiosthattreatliveoperationsasacreativedisciplinecanexcel.Thisincludesbuildingmodularsystemsthatallownewmodesandmechanicstolayernaturallyontofoundationalgameplay,cultivatingself-sustaininguser-generated-content(UGC)ecosystemssupportedbytools,discoverability,andcreatorrewards,andstrengtheningcommunitymanagementasamarketingcapabilitythatdeepenstrustandkeepsplayersmeaningfullyconnected.

一TransmediaIPasastrategicanchor.Audiencesgravitatetowardrecognizableworlds,following

charactersandstoriesacrossgames,film,television,andsocialmedia.Reflectingthisshift,thenumberoffilmandseriesadaptationsoriginatingfromgamingintellectualproperty(IP)hasgrownata32

percentCAGRsince2018,8quantifyinghowrapidlyothermediumsareinvestinginestablishedgamingfranchises.Forpublishers,owningIPispowerfulforlong-termmarginresilienceandbrandequity,

particularlyasmediacompaniesbroadenvaluecreationacrosstheentertainmentecosystem.

-GenerativeAlasanequalizeranddifferentiator.Amidongoingdebatearoundcreativeownershipandworkforceimpact,Al-enabledtoolsarecompressingproductiontimelinesandloweringbarrierstoentry,sparkingawaveoflower-costchallengers.Eighty-sevenpercentofdevelopersalreadyusegenAlto

automatetasksandreduceproductioncosts,withassetcreationcostsaloneexpectedtodeclineby

25to35percent.Thatefficiencyactsasanequalizer.ThedifferentiatorwillbehowstudiosapplyAltocreateexperiencesthatwerepreviouslyimpractical,suchasmoreadaptiveworlds,richersystemicbehavior,andgreaterpersonalizationatscale.ThebasisoftheAAAadvantagemayrestoncreativedirection,systemdesign,andtheabilitytosustainexperiencedteams,ratherthansheerproductionscaleandvisualfidelityalone.

"McKinseyanalysis.

8McKinseyanalysis,Santander,andIMDb.

⁹McKinseyanalysis,marketreports,andexpertinterviews.

Wedeeplybelievethatthethingsthatwill

createmostvalueoverthenextcomingyearsareprobablyhardtoconceiverightnow...[suchas]generativeinteractivevideoworldmodels,and

thosecouldbeacompletelydifferentpaththat

looksverynewfromanarchitecturalperspective.

—MoritzBaier-Lentz,partner,Lightspeed

GameTheorypodcastbyLightspeed(2025),inpartnershipwithMcKinsey

Gaming'snextgrowthera:Unlockingthevalueofattention

Thecapabilitiestobuildingaming'snewfrontier

Leversforsuccessingamingareshiftingfromcontentoutputtocapabilitydepth.Ourresearchonattentioneconomicsandourworkwithgamedevelopersgloballyhassurfacedsixcorecapabilities,broadlyalignedtothetrendsredefiningvalueintheindustry,thatstudioscanbuildtoclosethegapbetweenhighplayerattentionandcommercialperformance.

Advertising

Advertisingingamesoftenconjuresimagesofdisruption:pop-ups,banners,orinterruptionsthatpullplayersoutofthegame.Theopportunityaheadlooksdifferent,providedmonetizationandplayer

experiencearetreatedascomplementary,ratherthancompeting,objectives.

Advertisingremainsoneofthemostunder-monetizedleversingaming,despiteevidencethatPCandconsoleplayersarebroadlyopentoin-gameadvertising:76percentreportbeingreceptive,nearlyonparwiththe83percentseenonmobile.ThischallengesthecommonmisconceptionthatadvertisingisfundamentallyincompatiblewithPCandconsoleexperiences.Yetoutsidemobile,mostadactivitystilltakestheformofsponsorshipsandbespokepromotionsratherthanscaled,marketplace-drivenadvertising,leavingalargeshareofattentionunmonetized(Exhibit1).

Exhibit1

PCandconsoleplayersarenearlyasopentorewardedin-gameadsasmobileplayersare.

Players'willingnesstoviewin-gameadvertisements,%ofPC/Console¹

76%

Verywiling24

Wiling20

Somewhatwilling32

Notwilling

14

Notatalliling

1

0

respondentsMobile²

21

28

34

12

5

83%

'Question:Howwillingareyoutoviewin-gameadsinexchangeforfreein-gamecontentforPC/consolegames?²Question:Howwillingareyoutoviewin-gameadsinexchangeforfreein-gamecontentformobilegames?

Source:McKinseyConsumerAttentionSurvey,3,000USparticipants,2024;McKinseyanalysis

McKinsey&Company

Onmobile,advertisingalreadyrepresentsroughly50percentoftotalmonetization,butformatsremainlargelytransactionalanddisruptive.OnPCandconsole,adintegrationisstillnascent,accountingforonlyaround

4percentofrevenuetodayandhamperedbypublishercautionaroundplayerexperience,leadingmanystudiostounderinvestinintegrativeexperimentationdespitedemonstratedopenness.

Forpublishers,theeconomicupsideofmonetizinghoursofattentionthattodaymaygeneratelitleornovalueissignificant.Whendesignedcarefully,advertisingcanprovidehigh-margin,incrementalrevenuewhilepreservingtheintegrityoftheplayerexperienceandreducingdependenceonin-apppurchases

(IAPs)thataresubjecttoplatformfeesofupto30percent.10Italsodiversifiesincomeacrossplayer

segmentsandunlocksaccesstobrandmarketingbudgets,anever-growingpoolofspendascommercemediaexpandstowardmorethan$100billionby2027.GettingitrightcouldliftindustryARPUbyseveralpercentagepointswhileboostingplayerengagementinrewardedformats.

'We’regoingtoseebrandswhopeoplereallywant...moveintothevirtualmarketplacewheretheycanmixbrandexposurewith[shopping].'

—DavidBaszucki,cofounder&CEO,RobloxGameTheorypodcastbyLightspeed(2025),inpartnershipwithMcKinsey

Whatexcellencelookslike

-Diegeticmarketplaceforagencies.OnPCandconsole,advertisingismostlikelytosucceedwhen

itfeelsintrinsictothegame.Thechallengeisintranslatingimmersionintoformatsthatagenciescanplan,buy,andoptimizeaseasilyastheydoonplatformslikeMetaorGoogle.Today,mostdiegetic

integrationsremainbespokesponsorshipsthatarenegotiateddealbydeal,asseeninEASportsFC.Futureexperimentationwillneedtobalancescalabilitywiththeriskoferodingimmersion.Forplayers,thiscouldlooklikebillboards,storefronts,ortransitadsinopen-worldgamesthatrefreshbased

onregionandtime,orbrand-sponsoredchallengestoearncosmetics,boosts,orearlyaccess(anapproachalreadyvisibleinproductslikeDiscordQuests).GamesthatprotecttheplayerexperiencewhilemeetingprogrammaticbuyingrequirementscancreatetheconditionsforARPUexpansion,especiallyonPCandconsole,wherethecurrentadsharehoversaroundzero.

-Playervalueexchangeandmonetizationmix.Adacceptance(definedbyadsbeingperceivedasnondisruptive)increases1.5timeswhenadvertisingisdeliveredthroughrewardedformats.Atthesametime,IAPshavegrownmateriallyonmobileandnowaccountfornearly25percentof

0Platformfeesrefertothecommissionschargedbydigitalstorefrontoperators-suchasApple'sAppStore,GooglePlay,andconsole

marketplaces(forexample,PlayStation,Xbox,andNintendo)-onin-apppurchasesandotherdigitaltransactionsprocessedthroughtheirplatforms.Standardcommissionratesaretypicallyupto30percent,withsomereducedrates(forexample,15percent)applyingtocertainsubscriptions,smalldevelopers,orspecificprograms.

Gaming'snextgrowthera:Unlockingthevalueofattention

7

revenue,roughlydoubletheirsharethreeyearsago."Asaresult,optimizingthebalancebetween

adsandpurchaseshasbecomeacoredesigndecision.Zyngatailorsadplacementandintensitybygametypeandplayerintent,leaningonrewardedadsinsocialtitleslikeWordsWithFriendswhile

emphasizingIAPsinprogression-drivengamessuchasEmpires&Puzzles.Lookingahead,rewardmodelscouldextendbeyondcurrencytoincludeearlyaccesstoevents,campaign-linkedcosmetics,ortemporarypremiumunlocks.

-Cross-mediaandculturalintegration.Evenasscalable,agency-enabledformatspresenta

monetizationopportunity,premiumactivationsremainanimportantleverforreachandrevenue.

CollaborationssuchasFortnitexMarvel,LeagueofLegendsxLouisVuitton,andDiscordxArcanerankamongthemostcommerciallyeffectivepartnershipsfortheirrespectiveplatforms,extendingvisibilitywellbeyondcoregamingaudiences.Inrarercases,thisconvergencecangofurther,

unfoldingnarrativemomentsinsidegameplay,blurringthelinebetweenadvertising,entertainment,andtransmedia.Whiledifficulttostandardize,theseintegrationsanchorbrandsinmajorcultural

moments.

Questionstotestyourexcellence

-Dowehaveadifferentiatedadvertisingvaluepropositionthatismeaningfullydistinctfromothernon-gamingchannels(forexample,playerdataenablingtailoredads,high-qualityattention

advantage,oracustomersatisfactionscoreofgreaterthan70)?

一Haveweidentifiedandbeguninvestinginacrediblepathtomakingadvertisinginventoryprogrammaticallyaccessibletoagencieswithinourgameexperiences?

一Areouradvertisingformatsaddingtoplayerexperiencesanddemonstrablyincremental(suchasgeneratinghigherARPU,particularlyfromfree-to-playplayers),ratherthandetractingfrompremiumpurchases?

Consumer-centricarowth

Successingaming'snexterawilldependonhoweffectivelypublishersandstudiosunderstandandrespondtowhatkeepsplayersengagedamidgrowingmediafragmentation,ashighlightedbytheattentionequation.

Atthemacrolevel,consumer-centricgrowthprovidesthefoundationforeffectivelive-service

management,aggregatingsignalsacrossmillionsofsessionstoguidedecisionsonprogressionsystems,contentpacing,andportfolio-levelstrategy.Atthemicrolevel,itenablesgamestoactonindividual

playermomentsastheyoccur:adaptingpacingtosustainengagement,surfacingrelevantcontenttoreinforcehabits,andtimingcommercialinteractionswhenplayersaremostreceptive.Together,thesecapabilitiescreateashared,continuouslyupdatedunderstandingoftheplayerthatallowsstudiostoscaleengagementandretention.

"McKinseyanalysis.

Gaming'snextgrowthera:Unlockingthevalueofattention

8

Makinggamesisagame....Youshipsomething,thenyougetalotoffeedbackfromyourusers,trytoincorporatethatfeedback,andseeifyoucan

improveitovertime.'

—WalterDriver,cofounder&co-CEO,ScopelyGameTheorypodcastbyLightspeed(2025),inpartnershipwithMcKinsey

Whatexcellencelookslike

-360-degreeplayerprofile.High-performingpublishersoperateaunifiedintelligencelayeracrosstheplayerecosystem.Thiscombinesin-gameactivityandtelemetry(gameplayactions,feature

usage,progression,sessionpatterns),transactionandeconomydata(purchases,currencybalances,spendvelocity),acquisitionandgeographicalsignals,andoff-platforminputssuchascommunity

participationandsentimentfromownedchannels.ThesegetprocessedinrealtimeandfedintoAlmodelsthatcontinuouslyupdateaplayer's“jobtobedone,"poweringtheothercapabilities.

-Al-enabledengagementloops.Sustainingengagementandretentiondependsonconnectingeachplayertotherightexperienceattherightmoment.The360-degreeviewcanbeusedtoinferwhy

someoneisengaging(whatmotivatedthedownload,whatsustainsplay,andwhatdisruptsit)and

aligngameplayaccordingly.Coreloopsandfeaturescanbeorganizedaroundneedssuchasmastery,competition,connection,orcollection.Thisenablesdynamicdiscoverybyprioritizingmodesor

friendpromptsandreinforcingpredictedbehaviorthroughrewards.Thesamesignalsguidewhentointroducenewhabits,suchassocialplayoradditionalexperiences,atmomentsofhighattention.Outsidethegame,reengagementfollowsthesamelogic,withCRMtouchpointstriggeredbyintentandfrictionsignalsratherthanbroadcampaignblasts.TitleslikeCandyCrushSagaandMonopolyGo!illustrateelementsofthisapproachthroughdifficultyandrewardtuningthatsustainsyearsofretention.

-Situationalmonetization.Durablemonetizationisbuiltaroundthecommercialmoment.Storefronts

becomeintentbased,surfacingboostersduringcompetitivesessions,cosmeticsorgiftingduring

socialplay,andprogressionutilitieswhenplayersstall.Thesamelogicgovernsadaptiveadvertising,withrewardedadsofferedafternear-successdefeatsanddiegeticbrandplacementsinformedby

off-platforminterests.Attheindividuallevel,playereconomiesarecontinuouslyrecalibratedthroughdroprateadjustmentsorsituationalbundlesduringresourcehoardingorfriction.Off-platformaffinitysignalsextendthisfurther,enablingtransmediavalueexchange:Masteringacharactercouldunlockearly-accessphysicalcollectiblestiedtoashowrelease,whilecross-portfoliobridgespreserveloyaltybycarryingcurrencyintothenexttitleaplayerisprimedtoadopt.Donewell,monetizationadaptsto

gameplayandrevenuescaleswithattentionquality.

Gaming'snextgrowthera:Unlockingthevalueofattention

9

Questionstotestyourexcellence

-Wherearetheregapsinformingacomprehensive,real-timeviewofourplayers,suchasoff-platformsignalsorin-gamefrictionpointslikestalledtimeinmenus?

-Areourdynamicproductandmonetizationactionsfastandambitiousenoughtoconsistentlydeliverdouble-digitimprovementsinretentionandrevenueversuscontrolexperiences?

-Doesourmarketingspendefficientlyreflectprojectedlifetimevalue(suchastargetinga3:1LTV:CAC

ratio)?

Live-servicedevelopmentandmanagement

Live-serviceoperations-battlepasses,cosmetics,liveevents,andongoingcontentupdates,amongothers-keepgamesevolvingcreatively,technically,andcommercially,sustaininglarge,active

communitiesovertime.WhiletitlessuchasEldenRingandMarvel'sSpider-Man2haveprovedliveopsisnotrequiredforsuccess,theretentionandARPUupsideforgamesthatgetitrightcanbesubstantial.Asdevelopmentcostshaverisen,live-service-orientedfranchiseswithstickierplayerbaseshave

becomemoreattractiveasawaytocreateevergreeneconomics,helpingpublishersderiskdependenceonexpensive,one-offlaunches.

Ourresearchindicatesthatliveopsingamingisaroughly$147billionmarket,projectedtogrowto$167billionby2030(approximately3percentCAGR)asthecategorymatures.LiveopsisalreadythelargestrevenuedriveracrossPCandmobile,wherefull-gameandsubscriptionrevenuehasflattenedandis

expectedtoremainso.Onconsole,theopportunityisaccelerating:Live-opsrevenueisprojectedtogrowat7percentCAGRinthesameperiod,reachingparitywithfull-gamesales."

Whatischangingisnottheimportanceofliveops,buthowitmustbeexecuted.Risingproductionqualitymeansplayersarecontinuallyexposedtomorepolished,content-richexperiences,raisingexpectationsforhowquicklylive-servicegamesshouldevolve,especiallyamidcrowdedrelease

schedules.Themarginforerrorisrazorthin:Whenliveexperiencesstallorstumble,playerstendtomoveon.Asaresult,effectiveliveopsiscodependentonthe