PwC: Games market revenue to surpass $330 billion in 2028, with mobile gaming accounting for over 75% of total

Gaming remains one of the fastest-growing sectors within the entertainment industry, according PricewaterhouseCoopers (PwC). Analysts have shared a new forecast for the growth of the global video game market over the next five years.

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• The global games market revenue grew 4.6% to $227.6 billion in 2023, according to PwC’s Global Entertainment & Media Outlook 2024–2028. For comparison, Newzoo estimated it at $183.9 billion (up 0.5% year-over-year).
• PwC noted that revenue from app-based social/casual games (mainly mobile titles) reached $82.9 billion last year, followed by in-app advertising ($72.4 billion).
• Ad revenue is expected to take the lead by 2028, growing at a 15.4% CAGR to $147.9 billion. Social/casual gaming revenue is projected to reach $106.6 billion (at a 5.15% CAGR).
• According to PwC, the social/casual gaming segment will account for 76.4% of the market’s total revenue in 2028. It will be followed by traditional gaming (21.4%), integrated video game advertising (1.4%), esports (0.9%).
• Overall, the global games market may surpass $334 billion in 2028, up 47% compared to 2023 and more than double its level in 2019.

Games market revenue by segment, according to PwC’s Global Entertainment & Media Outlook 2024–2028

• The growth will be largely driven by the Asia Pacific region, which is expected to reach $181.81 billion (54.4% of the total).
• The US will remain the second-largest region, with $88.72 billion in revenue, followed by Europe, Middle East, and Africa ($56.71 billion), and Latin America ($6.92 billion).
• When looking at the entire entertainment industry, video games are projected to account for 9% of its global revenue (over $3.4 trillion) in 2028.

More data and forecasts for the entire entertainment industry can be found in the full report.