Reflecting on Game Industry Trends: Insights from Q3 2024
More than three-quarters of 2024 has flown by. As we dive into the final quarter of the year, let’s unpack the trends that have shaped the gaming landscape and explore how they will influence the future of the industry. Industry Landscape The Dominance of Mobile Games As of Q3, a report from Konvoy estimated number of gamers worldwide is 3.4 billion, with over half of them coming from the Asia Pacific region. According to Newzoo, mobile gaming has emerged as the dominant force in the gaming industry, generating a substantial USD92.6 billion in revenue this year. This impressive figure accounts for a significant 49% of the total USD187.7 billion gaming revenue across all platforms. The surge in mobile gaming can be attributed to the increasing affordability of smartphones and the widespread availability of high-speed internet, which have democratized gaming access for millions of people worldwide. As smartphone technology continues to advance, devices have become more affordable, making them accessible to a wider range of consumers. Budget-friendly smartphones now offer powerful processors and high-quality displays, enabling users to enjoy a seamless gaming experience. Although there’s resurgence trend of portable consoles, such as Steam Deck and various Android-based handhelds, these devices have yet to overshadow the dominance of mobile gaming. Why do mobile games continue to reign supreme? Accessibility Almost everyone has a smartphone, making mobile gaming accessible anytime, anywhere. Genre diversity From casual to complex, mobile games offer a wide range of genres. Microtransactions The microtransaction model has proven highly effective in generating significant revenue for mobile game developers. However, portable consoles have their own advantages: Performance Portable consoles typically offer better performance than smartphones, enabling them to run games with higher graphics and more detail. Gaming experience The physical controls provided by portable consoles offer a more immersive gaming experience, especially for certain genres like RPGs and action games. Ecosystem Portable consoles like the Steam Deck provide access to a vast library of PC games, giving players a wider range of titles to choose from. The competition between the two platforms is intensifying, driving innovation and the development of better games to meet the evolving needs of gamers. Game Industry Funding According to the Konvoy report, investments in blockchain and AI-powered gaming have surged compared to the previous year. While blockchain technology and AI applications in gaming are still in their early stages, they hold immense potential to revolutionize the industry. Blockchain can revolutionize digital ownership, enabling players to truly own in-game assets and trade them on decentralized marketplaces. AI, on the other hand, can enhance game development, generate realistic graphics, and create more immersive and personalized gaming experiences. M&A activity in the gaming industry continued its upward trend in Q3 2024, reaching a disclosed deal value of USD2.5 billion. This marks the fourth consecutive quarter of growth. The trend is expected to persist in the coming quarters, driven by factors like lower interest rates and a recovering public gaming market. In Indonesia, the gaming industry is experiencing a significant boost from government support. The recent presidential decree aimed at fostering the growth of the local gaming industry has further fueled enthusiasm and optimism within the sector. Unlocking the Potential of Indonesian Gaming Industry: A New Horror Experience by Local Developers Indonesia’s rich tapestry of folklore, filled with tales of spirits and supernatural beings, has inspired the creation of intriguing horror games. One such example is DreadHaunt, a single-player and co-op horror game developed by Agate and Digital Happiness. DreadHaunt‘s single-player mode delves into a chilling narrative, exploring the origins of the supernatural events that haunt the game world. Meanwhile, the co-op mode emphasizes teamwork and strategic thinking as players work together to complete objectives and evade the terrifying ghostly entities that lurk in the shadows. With the implementation of a season pass system, DreadHaunt has the potential to evolve into a long-lasting horror experience. This system opens the door to exciting possibilities, such as the addition of new story content, maps, characters, and game modes. Additionally, collaborations with other popular horror franchises could further enrich the game and attract a wider audience. Agate is also developing another horror game, Akarmaut: Rootmare, a terrifying world filled with human-plant hybrid creatures. This survival horror game aims to tap into the global appetite for horror and showcase the potential of Indonesian developers to create unique and frightening gaming experiences. Let’s Build Indonesia’s Game Industry Together! Contact us at enterprise@agate.id to explore opportunities that align with your mission for the industry.
