The video gaming industry has long been dominated by consoles, PCs, and arcades. Mobile gaming gained in popularity fairly recently and has since then changed the overall landscape. As of now, 6 billion people own a smartphone, with the mobile gaming industry accumulating a share of 53% and generating over $90 billion in revenue in the last year.
A leading researcher in the field of games and esports analytics, Newzoo presented a report highlighting that the mobile gaming industry is now larger than consoles and PCs combined, while also being the fastest-growing.
Despite the continuous decrease in PC and console sales, with the ease of workplace restrictions, the overall revenue of the gaming industry has kept up with its growth. Newzoo highlights that mobile gaming is not only extremely popular but is also encouraging the industry’s growth as a whole.
A huge reason behind the exponential growth in revenue of the smartphone market is the increase in smartphone sales since 2021. The popularity of Android smartphones has made it easier for developers to make their games available across multiple platforms.
Newzoo reports that a major portion of the $90 billion market revenue came from the Asia-Pacific region, with China accounting for over a third of the revenue ($30 billion). Tencent’s CODM and PUBG, and Mihoyo’s Genshin Impact were notable players that raised $18 billion in revenue.
Other regions such as Latin America, Africa, and the Middle East also showed interesting growth figures.
Newzoo reports that smartphone figures are expected to grow over 7 billion by 2024, and even better times can be expected for the smartphone market.