Market (Overall)·Updated Apr 8, 2026 by Xsolla
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Report · January 1, 2024
Published by Xsolla
The analysis establishes that the global gaming market is expanding at an unprecedented pace, projected to reach $205 billion by 2026. Mobile gaming dominates revenue generation, accounting for more than 70 % of all game income and contributing a $106.8 billion share in 2023, while video games outpace traditional entertainment by a factor of nearly 80. The sector’s growth is fueled by mobile convenience, cloud‑gaming adoption, and subscription models that are expected to swell from 7 million users in 2023 to 87 million by 2028, with subscription revenue rising from $10 billion in 2019 to $14 billion by 2028. Pay‑as‑you‑go offerings are emerging as a flexible alternative for smaller studios, mitigating high upfront costs associated with cloud services. Geographically, the United States drives roughly 40 % of 2024 mobile‑gaming growth, while markets such as South Korea, France, Brazil, and Turkey deliver double‑digit gains. Global app downloads hit a record 76.8 billion in H1 2023, and genres like RPG, Match‑and‑Party, and Casino titles are projected to generate 20–25 % of total spend. Mobile’s influence extends into console and PC monetization through LiveOps and in‑app purchase strategies, reshaping traditional revenue models. A critical insight is the underutilized economic power of female gamers. Women represent about half of the U.S. gaming audience and drive significant spending, yet only 26 % of studios adopt inclusive hiring practices and a mere 18 % conduct diversity training. Bridging this gap is framed as both an equity imperative and a strategic lever to unlock new revenue streams, especially on mobile and iOS platforms where spending is highest. The synthesis underscores that future success hinges on strategic adaptability: embracing cloud and subscription models, leveraging mobile’s dominance, and integrating inclusive design and leadership to capture the full market potential. The industry’s trajectory points toward continued technological convergence—metaverse, AR/VR, and cloud gaming—requiring developers and publishers to partner with commerce platforms that can navigate distribution, marketing, and monetization challenges in this rapidly evolving landscape.
6 10 36 54 SECTION 1 SECTION 2 SECTION 3 INDUSTRY INDUSTRY MOVERS & MOBILE FOREWORD FEATURE SHAKERS GAMING 12 Article 1 | State of play: 38 The influence 56 Trends in mobile The last five years in gaming of women in gaming gaming 8 34 What does this mean 42 Article 1 | Power players: 60 Article 1 | The resurgence for the industry? A spotlight on women leading of gaming spending in 2024 EXECUTIVE the games industry SUMMARY 48 Article 2 | The 67 What does this mean representation of women for the games industry? in the video game industry 9 52 What does this mean for the games industry? IN THE NEWS 53 Guest Column Aisyah Ambok
70 90 106 SECTION 4 SECTION 5 PRODUCT INVESTMENT CONCLUSION 72 Current news 92 What are current and trends in game investment patterns 78 development 96 in the games industry? 107 Article 1 | The power Article 1 | Strategic of the cloud: Gamer Shifts: Recent mergers & ABOUT preferences, monetization acquisitions in the games XSOLLA models, and opportunities sector in cloud gaming 86 What does this mean 100 Article 1 | Fundraising for the games in a recession: Creative industry? fundraising approaches in game development 89 Guest Column 103 What does this mean Walter Souto for the games industry?
EMBRACING CHANGE AND INNOVATION In this edition, we spotlight the explosive growth areas in gaming. Mobile gaming, in particular, has made an indelible mark. Its convenience and accessibility have redefined gaming norms, reshaping how we ZD engage with games. We're also spotlighting the rise of cloud gaming DAVID STELZER and the integral role of women in this space, emphasizing President, Xsolla the significance of diversity and inclusion. FOREWORD FINANCIAL 03 04 AND OPERATIONAL LOOKING MILESTONES AHEAD On the financial front, Xsolla's growth As we enter 2024, the gaming landscape DEAR Reflecting on our journey to the Winter 2024 edition trajectory is a testament to our innovative is rife with challenges and opportunities. STAKEHOLDERS, of "The Xsolla Report: The State of Play," I'm brimming spirit and strategic planning. Our revenue Our report delves into these aspects, COLLEAGUES, with pride and excitement. The gaming world, always surge directly reflects our adaptability providing strategic insights for navigating a hub of dynamic innovation, has outdone itself, and our to the evolving needs of gamers and our this dynamic sector. I'm thrilled about AND VALUED shared efforts continue to propel this industry forward. partners. We've broadened our horizons, what lies ahead and remain committed MEMBERS 01 offering new services and solutions, to our continuous growth and innovation ensuring we stay ahead in this fast-paced path. OF THE XSOLLA industry. COMMUNITY A YEAR OF I am deeply thankful for the unwavering support and dedication of our UNPRECEDENTED team, partners, and the gaming community.
S 01 offering new services and solutions, to our continuous growth and innovation ensuring we stay ahead in this fast-paced path. OF THE XSOLLA industry. COMMUNITY A YEAR OF I am deeply thankful for the unwavering support and dedication of our UNPRECEDENTED team, partners, and the gaming community. Together, we're not just part GROWTH AND INSIGHT of the gaming industry but actively shaping its future. I'm confident that our best days are still ahead. This past year has been a watershed moment in the evolution of gaming. Trends emerge and mature, I invite you to join us as we explore the rich, evolving gaming world profoundly influencing game development, marketing, in the Winter 2024 edition of "The Xsolla Report: The State of Play." and global consumption. Our report dives into these developments, offering a detailed snapshot Warm regards, of the industry's present and future direction. David Stelzer
EXECUTIVE IN THE NEWS SUMMARY RECENT INDUSTRY NEWS GOOGLE’S EPIC LEGAL DEFEAT THREATENS As the games industry enters a new year, 3.79 billion by 2026, accompanied by $200 BILLION APP E3, LOS ANGELES’ the gaming experts at Xsolla have created a growing payer base, which is predicted STORE INDUSTRY ONCE-MIGHTY VIDEO GAME this edition of The Xsolla Report to look to expand to 1.66 billion individuals that CONVENTION, OFFICIALLY back at recent changes in gaming, explore will actively contribute to the gaming Bloomberg CANCELED AFTER what we can learn from them, predict ecosystem. These figures show that how the industry will continue to evolve, the games market is becoming more TWO-DECADE RUN and analyze their impact on the gaming diverse and opens up new avenues ONLINE GAMING MARKET community. of growth for industry stakeholders. SIZE TO GARNER USD 440.89 Los Angeles Times In the second volume of The Xsolla BILLION BY 2032 The Forecast Report, our experts will explore the last INSIDE five years in the industry, the growing Global Newswire PLAYSTATION'S BIG influence of women in gaming, as well as the trends and changes in mobile gaming, PUSH INTO INDIA'S The industry reported an average annual cloud gaming, and the investment NETFLIX’S CLOUD BURGEONING growth rate of 3.9%, with a significant landscape. With our experience GAMING SERVICE GAMING MARKET 9.4% increase in 2023 alone. in the video game industry, we’ll analyze This propelled industry revenues current figures and data to inspire you, BEGINS TESTS IGN to an estimated $106.8 billion.
ONING growth rate of 3.9%, with a significant landscape. With our experience GAMING SERVICE GAMING MARKET 9.4% increase in 2023 alone. in the video game industry, we’ll analyze This propelled industry revenues current figures and data to inspire you, BEGINS TESTS IGN to an estimated $106.8 billion. Looking our partners, and our community IN US ahead to 2026, the industry is expected to unlock new opportunities. to grow steadily, reaching $205.7 billion Tech Crunch in revenue. Are you ready to navigate the chapters ahead, dive into the insights of global Not only is the industry forecasted gaming experts, and discover the latest to continue this upward trend, global trends shaping the games industry? gamers are also expected to reach Let The Xsolla Report be your guide.
The global games market is entering a period of moderate maturation, with total revenue projected to reach $188.8 billion in 2025, a 3.4% increase over the previous year. The industry now serves 3.6 billion players, reflecting a 4.4% year-over-year expansion. While mobile gaming maintains its dominance, accounting for $103.0 billion or 55% of total revenue, console gaming is poised for the strongest growth at 5.5%, reaching $45.9 billion. PC gaming remains a stable pillar with $39.9 billion in revenue. Despite the growth in player counts, average spend per payer is experiencing a slight decline, signaling a strategic pivot toward maximizing engagement and retention within saturated markets rather than relying solely on aggressive monetization. Strategic success in this environment increasingly depends on long-tail engagement and the effective management of post-launch content. Data indicates that releasing single-player titles during the second quarter yields 34% higher engagement compared to the saturated holiday season. Furthermore, simultaneous multi-platform launches significantly outperform staggered releases, and titles exiting Early Access after a six-month window demonstrate superior acquisition results. Developers are also increasingly leveraging remakes and remasters to mitigate rising development costs, while user-generated content platforms like Roblox continue to expand as foundational ecosystems for daily active users. Geographically, the market continues to diversify, with Latin America emerging as a notable growth region projected to reach $8.3 billion, driven primarily by mobile adoption. The industry’s analytical framework, which focuses on consumer spending on software and services, highlights that player attrition typically stabilizes after 12 weeks. Consequently, long-term commercial viability is now inextricably linked to aligning content updates and discounting strategies with this post-launch retention curve, ensuring that community support remains as critical as initial sales performance.
The global mobile gaming landscape has entered a period of stabilization following pandemic-era surges, with quarterly downloads maintaining a steady baseline of 14 billion. Although total revenue experienced a 6% year-over-year decline to $21.2 billion in early 2022, the market remains significantly larger than its pre-pandemic state. Casual games continue to lead in volume, representing 80% of all downloads, yet Mid-Core titles remain the primary economic engine, generating 60% of total player spending. While the United States maintains its position as the leading consumer market, the Asia-Pacific region exerts increasing influence, evidenced by Taiwan’s rise to the fifth-largest global market and the region's dominance in high-monetization genres like MMORPGs and Card Battlers. Strategic advertising and intellectual property integration have become essential for navigating this competitive environment. Strategy and RPG titles are increasingly prioritizing YouTube for share of voice, while the acquisition of MoPub by AppLovin has shifted the advertising landscape for strategy games. Success in the rapidly growing Card Battler sub-genre, which earns 62% of its revenue from the APAC region, is largely driven by high-performing titles like Yu-Gi-Oh! Master Duel and the effective use of Live Ops and Season Passes. Furthermore, cross-media synergies, such as the impact of the Netflix series Arcane on game downloads, demonstrate the power of multimedia IP in driving user acquisition. The market outlook suggests a temporary correction phase with a projected return to growth by 2023. While Asian markets currently account for 80% of MMORPG revenue, Western interest is growing, as seen with the successful U.S. launch of Diablo Immortal. Similarly, the Real-Time Strategy sector is seeing a geographic shift, with China overtaking the U.S. as the top market for the sub-genre. Future expansion across these segments will likely depend on localized IP collaborations and sophisticated user acquisition strategies tailored to specific regional preferences.
The analysis outlines a 2022 outlook for the global mobile‑gaming market, emphasizing that quarterly installs have plateaued at roughly 14 billion after a pandemic‑driven surge, with casual titles still accounting for about 80 % of downloads. Revenue dynamics have shifted: mid‑core games now generate 60 % of total earnings, while overall mobile‑game revenue fell 7 % year‑over‑year in Q1 2022, marking the first decline since the industry’s rapid expansion. The United States remains the largest spend market, yet Asia‑Pacific regions—especially Taiwan and Brazil—exhibit the fastest growth rates. Advertising spend analysis reveals that role‑playing games dominate iOS channels, with YouTube capturing an 8.2 % share of voice and exceeding 10 % in Q2 2022; Android spend lags across all networks. Card‑battler titles emerge as the fastest‑growing sub‑genre, driven largely by Japan and China, which together account for 62 % of player spending. Yu‑Gi‑Oh! Master Duel leads launch revenue, reaching $80 million in five months and achieving a worldwide revenue per day of $20—twice that of its nearest competitor. MMORPGs hold the second‑largest spending position globally, with Diablo Immortal topping U.S. spend at $22 million in H1 2022 and maintaining a modest 10 % share of U.S. MMORPG installs. In the United States, Diablo Immortal generated over $30 million in its first six weeks and captured 3.2 % of mid‑core revenue, yet U.S. players still lag behind Asian markets where Lineage M and Odin: Valhalla Rising amassed $225–$350 million in the same period. The report underscores that U.S. MMORPG revenue represents only about 4 % of the global total, highlighting the critical need for localized market strategies in future mobile RPG releases.
The report argues that Vietnam’s mobile gaming sector will reach a billion‑dollar valuation by 2025, driven by an expanding user base and high spending per download. In 2023, 1.1 billion mobile users and 900 million mid‑core players generated gross revenue of approximately US$1.3 billion, with a compound annual growth rate of 9.8 % across all platforms. The analysis attributes this surge to rapid mobile penetration, widespread 5G coverage (average speed 75.7 Mbps), and a growing banking‑linked payment ecosystem that facilitates in‑app purchases. A key finding is the regulatory shift that began in 2025, when Apple introduced a mandatory license field and the Vietnamese government revoked 1,081 unlicensed titles. This crackdown reduced total downloads by 13.7 % but created a more favorable environment for compliant mid‑core games, which now dominate the market. The report’s methodology involved surveying 250 representative titles with significant download volumes, measuring D1 and D7 retention, playtime, and revenue. Data were cross‑validated with internal tools and third‑party analytics to correct discrepancies common in the local market. Geographically, the study focuses on Vietnam but benchmarks against other Southeast Asian markets. It notes that while daily playtime is rising across the region, Vietnam’s revenue per download exceeds that of the Philippines by at least 28 %. The report concludes that early licensing and a focus on social, competitive, and narrative‑rich mid‑core experiences—particularly 4X strategy, MOBA, squad RPG, MMORPG, and battle royale genres—will be critical for publishers seeking sustainable growth in the Vietnamese market.