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· Posted on
February 21, 2024

Sorry kids: The candy's been crushed 'coz the gaming market is shrinking for the first time in a long time

As lockdowns disappeared, demand for games slowed down.

What's the key learning?

  • The demand for games slowed down as lockdowns disappeared, in fact, the overall revenue of the mobile gaming market is forecast to drop 6.4% this year to $92 billion.
  • Last year, the gaming market had a 7% growth while it had a whopping 26% two years ago.
  • Mobile games make up about half of the entire gaming industry’s revenue and it has grown to become a larger part of the gaming industry since console and PC revenues have dropped in recent years.

👉 Background: Since the OG game of Snake launched on the Nokia 5110, the mobile gaming market has grown to be worth around $100 billion USD.

👉 What happened: But the good news ended this year. As lockdowns disappeared, demand for games slowed down. The overall revenue of the mobile gaming market is forecast to drop 6.4% this year to $92 billion.

👉 What else: Quite the turnaround from last year’s 7% growth and a whopping 26% two years ago.

What's the key learning?

💡 When a dominant part of the gaming industry stumbles, the entire industry feels the impact. Get this: Mobile games make up about half of the entire gaming industry’s revenue.

💡It has grown to become a larger part of the gaming industry since console and PC revenues have dropped in recent years. But as mobile games decline, the overall gaming industry’s expected to shrink 4.3% next year.

💡 Some people believe the decline in 2022 is just a one off as the world came out of lockdown and discovered the world again. At least that's what they're hoping.

‍

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