According to Circana, there has been a 10% increase in spending on video games in the United States. However, despite this growth, the company cautions that "this will continue to be a difficult year"
Circana released its detailed overview of the U.S. video game industry for July 2024 and published its annual Future of Video Games report.
The report indicates a 10% increase in video game expenditures over July 2023, showing a recovery in the market across hardware, games, and accessories.
- Total video game revenue in July 2023: $4.349 billion
- Total video game revenue in July 2024: $4.773 billion (+10%)
- Total video game earnings December 30, 2023, through August 3 (Year-to-Date): $31.450 billion
- Total video game earnings December 30, 2023, through August 3 (Year-to-Date): $32.094 billion (+2%)
*figures represent the projected total market
EA Sports College Football 25 has been highlighted as the top-selling game of 2024 so far, according to the findings.
“The year remains challenging for video game creators, with an expected slight dip in global spending,” commented Mat Piscatella, Circana’s advisor on the video games sector. He further anticipated that the introduction of Nintendo’s next-gen console and the release of Grand Theft Auto 6 could act as significant stimulants to the industry, potentially marking the latter as a historic entertainment launch in the U.S.
Despite challenges faced in 2024, Circana forecasts a substantial recovery by 2025, driven by these major launches and an ongoing shift towards digital game distribution.
The study also suggests enduring popularity for "forever" games like Fortnite and Roblox, which continue commanding significant player engagement.
Circana notes an anticipated decline in gaming hardware sales this year as average prices and sales volumes decrease. Nonetheless, the increased popularity of PCs and mobile gaming platforms has helped mitigate some reductions in console sales.
The report highlights Valve's Steam Deck as a promising development in gaming hardware.
“Transitioning to the market’s new normal has been challenging,” Piscatella mentioned, adding that prospects remain favorable, with 2025 potentially seeing significant growth.
