VR Game Revenues to Hit $3.2 Billion by 2024

The virtual reality gaming sector is experiencing significant expansion, with global revenues projected to reach $3.2 billion by 2024. This represents a substantial sixfold increase from the $500 million recorded in 2019, reflecting a compound annual growth rate of 44% over the five-year period. The market is currently characterized by steady momentum, with 2022 revenues expected to hit $1.8 billion, marking a 28.5% year-over-year increase.

These findings are based on a survey of 5,797 individuals aged 10 to 50 across the United States, the United Kingdom, Japan, and China. The growth is primarily driven by an expanding hardware install base and rising average spending per user. The number of active VR headset users—defined as those who have used a device at least once in the past 12 months—is forecasted to grow from 27.7 million in 2022 to 46 million by 2024. Analysts attribute this hardware adoption to the increased affordability of devices like the Meta Quest, the impact of global lockdowns, and the release of high-profile software titles.

Demographically, the VR gaming audience is predominantly male, aged 21 to 35, and typically possesses a mid-to-high income level. While gaming is the primary use case for 72% of headset owners, users also engage with the technology for video consumption, virtual events, and virtual travel. Within the gaming segment, shooters remain the most popular genre, followed by adventure, simulation, role-playing, and sandbox games. Overall, the data indicates that VR is transitioning from a niche interest to a more established segment of the broader interactive entertainment industry.