The constantly rising number of gamers globally, along with the arrival of new consoles on the market, has led to increased interest and willingness to try out gaming networks. According to GoldenCasinoNews.com research, the global gaming networks market will continue to grow in the following years and reach $2.8 billion in revenue by 2024.
Gaming Networks Revenue Expected to Grow at 4.9% CAGR by 2024
The gaming networks market is closely interrelated with the consoles market and depends on the attractiveness of the attached online services. The established networks like Xbox Live and PlayStation Plus have been available on Sony’s and Microsoft’s current console generation from the start. Still, the Nintendo Switch Online was launched with a delay of more than one year after the Nintendo Switch took place on the market.
The arrival of the paid online service for the Nintendo Switch system led to a significant increase in the global gaming networks revenue from 2018. In 2019, it reached $2 billion profit, and the recent surveys indicate that the following years will bring even higher growth rates. The global market will reach $2.3 billion value this year and is expected to show an annual growth rate of 4.9% by 2024.
The US is the Leading Gaming Networks Market Globally
With a market volume of $457 million in 2019, most revenue is generated in the United States. China is the second-largest gaming networks industry in the world, which reported a $333 million profit in the last year.
With $198 million income from this segment of the video games market, Japan ranked third on the list. The United Kingdom ended 2019 with $122 million in revenue from gaming networks, followed by Italy as the fifth leading market globally.
Number of Gaming Networks Users to Reach 105.6 Million by 2024
The number of users in the gaming networks segment is expected to witness significant growth in the following years. In 2019, it reached 79.3 million, with an average revenue per user of $26.60. According to the latest surveys, the combined number of users in the gaming networks segment is expected to amount to 105.6 million by 2024, with a 1.4% user penetration.