Data.ai: US to Drive Major Growth in Mobile Gaming Revenue in 2024
According to a new report by Data.ai, the mobile gaming industry is set to experience significant growth in 2024, with the US predicted to contribute 40% of the year-over-year increase. The report forecasts a 4% rise in global mobile gaming revenue, reaching 111.4 billion USD in 2024, despite an anticipated 3% drop in consumer spending to 107.5 billion USD in 2023.
This projected growth is attributed to the rising popularity of various gaming genres, particularly RPGs, match-three titles, and party games. Remarkably, RPG and match-three games are expected to contribute one dollar to every five dollars spent in the industry.
Consumer spending in other key markets, such as Japan, South Korea, Taiwan, Germany, and the UK, is also anticipated to grow. However, Data.ai noted potential challenges, including the emergence of alternative app stores and regulatory issues, particularly in China, which may affect this upward trend.
In a significant shift outside the gaming sector, TikTok is poised to become the highest-grossing app by 2024, with projected earnings of 14.6 billion USD. This marks a 70% year-over-year increase in consumer spending on TikTok in 2023. If TikTok achieves this growth, it will outpace Candy Crush by 3.7 times, becoming the first non-game app to surpass a mobile game in quarterly consumer spending.
Additionally, the report predicts that mobile app downloads incorporating generative AI will reach 2.3 billion, especially in video and photo editing applications.
These findings underscore a dynamic shift in the mobile app market, highlighting the expanding influence of social media platforms and the evolving landscape of mobile gaming.
Source: GamesIndustry.biz