> **来源：[研报客](https://pc.yanbaoke.cn)** # Leveling Up for the New Reality The Gaming Report # The gaming industry was enjoying rapid growth—then a postpandemic correction hit Sources: Ampere Analysis; IDC; BCG analysis. Note: VR = virtual reality. Because of rounding, the numbers may not add up to the totals shown. VR includes only Meta Quest game sales; other VR game sales are included in the PC or console categories. 2Includes handheld devices, depending on their operating system. (For example, Steam Deck falls into the PC category, and Nintendo Switch falls into the console category.) # Future growth will be more modest, as double-digit rates are unlikely to return GLOBAL GAMING REVENUE BY TYPE ($BILLIONS) Sources: Ampere Analysis; IDC; BCG analysis. Note: VR = virtual reality. Because of rounding, the numbers may not add up to the totals shown. VR includes only Meta Quest game sales; other VR game sales are included in the PC or console categories. 2Includes handheld devices, depending on their operating system. (For example, Steam Deck falls into the PC category, and Nintendo Switch falls into the console category.) # Emerging platforms are gaining momentum, but they will remain niche markets while the technologies and economics improve UGC DEVELOPER PAYOUTS (\$MILLIONS)2 Sources: Ampere Analysis; Statista; annual reports; BCG analysis. Note: AR = augmented reality; VR = virtual reality; UGC = user-generated content. 1Excludes hardware. 2Based on companies' estimates of developer payouts. There is high potential for wider adoption, much as short-form video and social media changed video distribution # The costs of AAA game development have increased sharply in recent years, as have sales and marketing expenses, but fewer games have been released Sources: Companies' public filings and statements. The costs were adjusted based on the 2023 US dollar foreign exchange rate. Costs include full-game and major expansions but not general releases of downloadable content. The games include those the company directly developed (as opposed to the games it published but did not directly develop). 2Includes games that were directly developed by the company as well as games that the company published but did not develop directly. An average was used to mitigate pandemic-related effects. # The mobile game space has seen trends similar to those in AAA game development Mobile games Sources: Companies' public filings and statements. The costs were adjusted based on the 2023 US dollar foreign exchange rate. Costs include full-game and major expansions but not general releases of downloadable content. The games include those the company directly developed (as opposed to the games it published but did not directly develop). 2Includes games that were directly developed by the company as well as games that the company published but did not develop directly. # Game development budgets are growing faster than game revenues are, and the gap will only increase AAA DEVELOPMENT BUDGET VS. CONSOLE GAME REVENUES, 2017-2028 (CAGR, %) Sources: Ampere Analysis; IDC; expert interviews; BCG analysis. # Few publishers expect development budgets to decrease, suggesting that GenAI savings will help fund bigger, better games Question: Does your company plan to adjust its game development budgets to better leverage GenAI and the increased productivity? Sources: BCG's gaming industry survey, December 2023; BCG analysis. Note: n = 40 (AAA); n = 20 (AA); n = 21 (indie). Because of rounding, the percentages may not total 100. # To break even in the first year, a $50 million console game must crack the top 20, but typically, two-thirds of the slots are taken by recurring titles First-year sales - Breakeven by development budget size (at games' current price points) Games that are regularly in the US top 20 Sources: Circana; Competition and Markets Authority; BCG analysis. The analysis looked at the top 20 AAA and AA games released in 2023. It assumes each unit sold at \(70, with a \(30 \%\)platform fee, resulting in approximately \(\$ 50\)net revenue per unit. \(^\circ\)This game replaced FIFA in 2024. 3These are notable because they are new games that broke into the top 20. # An increasing share of revenues for mobile games is from in-app ads, while subscriptions and digital sales have grown most in console SHARE OF REVENUES BY MONETIZATION MODEL (%) In-app advertising Third-party advertisements published in free-to-play games Subscriptions Recurring spending on single games or game services (such as Xbox Game Pass and Apple Arcade) In-game purchases Microtransactions and sales of virtual goods and downloadable content Digital full-game sales Digital copies distributed via a console gaming marketplace (such as PlayStation and Xbox stores) Physical full-game sales Physical games sold through traditional brick-and-mortar stores or online retailers # Monetization model shifts are expected to be more dramatic for consoles than for the overall market SHARE OF REVENUE IN CONSOLE MARKET (%) SHARE OF REVENUE IN OVERALL GAMING MARKET (%) Subscription to a game Subscription to a service Premium digital full games Premium physical full games In-game purchases and DLC # More than half of core gamers—those who play at least six hours per week—are open to seeing advertising inside premium games Statement: I don’t mind ads in my PC or console games. RESPONDENTS (%) Statement: I don’t mind ads in my mobile games. RESPONDENTS (%) # Gamers in China show the highest willingness to pay—both for single-player and live services games <table><tr><td rowspan="2">Country</td><td colspan="2">Single player</td><td colspan="2">Live services</td></tr><tr><td>Price range</td><td>Optimal</td><td>Price range</td><td>Optimal</td></tr><tr><td>UK</td><td>$45–$62</td><td>$51</td><td>$42–$62</td><td>$53</td></tr><tr><td>US</td><td>$40–$58</td><td>$41</td><td>$41–$58</td><td>$49</td></tr><tr><td>Germany</td><td>$46–$66</td><td>$58</td><td>$42–$66</td><td>$53</td></tr><tr><td>China</td><td>$60–$93</td><td>$82</td><td>$61–$93</td><td>$81</td></tr><tr><td>Japan</td><td>$43–$59</td><td>$45</td><td>$41–$59</td><td>$44</td></tr><tr><td>India</td><td>$48–$74</td><td>$59</td><td>$46–$74</td><td>$57</td></tr><tr><td>Brazil</td><td>$40–$57</td><td>$42</td><td>$40–$57</td><td>$45</td></tr><tr><td>Mexico</td><td>$42–$67</td><td>$48</td><td>$44–$67</td><td>$56</td></tr><tr><td>Overall average¹</td><td>$46–$67</td><td>$53</td><td>$44–$67</td><td>$54</td></tr></table> Sources: BCG's gaming survey, 2024; BCG analysis. Note: For single-player games, the respondents are from the UK (120), the US (124), Germany (95), China (135), Japan (113), India (64), Brazil (124), and Mexico (104). For live services, the respondents are from the UK (145), the US (146), Germany (107), China (130), Japan (148), India (73), Brazil (138), and Mexico (139). <sup>1</sup>A weighted average. # Players in emerging economies play more—and plan to play more in the future—than do players in developed economies Question: How much time do you spend playing games per week? RESPONDENTS (%) Emerging economies Developed economies Question: How do you expect the amount of time you spend playing games to change in the future? RESPONDENTS (%) Emerging economies Developed economies # Genre preferences vary by age, likely driven by lifestyle and generational differences Question: In the last six months, what types of games have you played most frequently? Source: BCG's gaming survey, 2024. Note: n = 2,029. MMORPG = massively multiplayer online role-playing game; MOBA = multiplayer online battle arena. 1 Younger generations strongly prefer action or adventure games and may continue to do so as they age 2 Adults older than 51 prefer puzzles (possibly because they are brain exercises) and casual games (possibly because they are closer to the classic arcade titles with which they grew up) 3 For the educational game market, players older than 51 present an opportunity for growth 4 Interest in world building among older gamers is likely because parents and grandparents play games such as Minecraft with their kids and grandkids # The next generation of retirees expects to play games more than current retirees do Question: How many hours do you play games per week currently? RESPONDENTS (%) Question: How do you expect the amount of time you spend playing games to change in the future? RESPONDENTS (%) <table><tr><td>Student</td><td>6</td><td>26</td><td>20</td><td>30</td><td>16</td><td>2</td><td>25</td><td>64</td><td>11</td></tr><tr><td>Establishing independence</td><td>4</td><td>12</td><td>22</td><td>30</td><td>29</td><td>3</td><td>40</td><td>53</td><td>7</td></tr><tr><td>Starting a career</td><td>4</td><td>13</td><td>28</td><td>26</td><td>24</td><td>4</td><td>37</td><td>54</td><td>9</td></tr><tr><td>Advancing in career</td><td>2</td><td>17</td><td>29</td><td>31</td><td>17</td><td>4</td><td>36</td><td>60</td><td>4</td></tr><tr><td>Forming a long-term relationship</td><td>3</td><td>20</td><td>37</td><td>31</td><td>9</td><td></td><td>35</td><td>62</td><td>3</td></tr><tr><td>Starting a family</td><td>8</td><td>11</td><td>32</td><td>26</td><td>19</td><td>3</td><td>35</td><td>60</td><td>5</td></tr><tr><td>Parenting young children</td><td>4</td><td>18</td><td>28</td><td>33</td><td>14</td><td>2</td><td>36</td><td>59</td><td>5</td></tr><tr><td>Parenting teenagers</td><td>2</td><td>26</td><td>25</td><td>31</td><td>16</td><td>1</td><td>39</td><td>58</td><td>3</td></tr><tr><td>Empty nester</td><td>4</td><td>35</td><td>31</td><td>23</td><td>6</td><td>1</td><td>16</td><td>76</td><td>8</td></tr><tr><td>Approaching retirement</td><td>4</td><td>41</td><td>29</td><td>19</td><td>7</td><td></td><td>24</td><td>67</td><td>9</td></tr><tr><td>Retired</td><td>7</td><td>42</td><td>28</td><td>17</td><td>5</td><td>1</td><td>13</td><td>79</td><td>8</td></tr><tr><td>■<1 hour</td><td colspan="2">1-5 hours</td><td colspan="4">6-10 hours</td><td>■Increase</td><td>■Stay the same</td><td>■Decrease</td></tr><tr><td>■11-20 hours</td><td colspan="2">21-50 hours</td><td colspan="4">>50 hours</td><td></td><td></td><td></td></tr></table> Source: BCG's gaming survey, 2024. Note: n = 2,029. Because of rounding, the percentages may not add up to 100. # Children are playing games at increasingly younger ages, expanding the size of the potential audience for games Starting age for playing games Source: BCG's Digital Play parental survey, December 2023. Note: n = 2,400. 1Percentage of parents indicating that their child plays games either sometimes or often. # 97% The share of children, aged 10 through 13, who play games<sup>1</sup> # About the Authors # Giorgo Paizanis Partner BCG X – Manhattan Beach paizanis.giorgo@bcg.com # Rob Schonfeld Senior Advisor Los Angeles schhonfeld.rob@advisor.bcg.com # Ernesto Pagano Managing Director & Partner, Global Sector Leader, Media Miami pagano.ernesto@bcg.com # Nicolas Schmidt Managing Director & Partner Stockholm schmidt.nicolas@bcg.com # For Further Contact To discuss this report and our findings, please contact one of the authors.