The Gaming Market in 2025

Games 2025
The i n dustr y q uest f o r g ro w th

Exe cu tiv e s u m mary © A m pere A naly s is 2 025 | 2 G ro w th o pportu nit ie s M ark et p erfo rm an ce & o utlo ok Spending on games content and services hit a new high
of $199.4bn in 2024, growing 3.5% year-on-year and
beating the 2021 pandemic-driven market. This record
performance glosses over the challenges the industry has
suffered during the last two years
Outlook for games spending over the next two years looks
stable and with moderate growth. In 2025 growth is
expected to be just 1%, but the market is forecast to reach
$200bn for the first time. In 2026 growth is predicted to
pick up at 2.2%
The delay to the launch of Grand Theft Auto VI from 2025
into 2026 will wipe $2.7bn in content and console
hardware spend from the 2025 market, but leaves a
vacuum for other publishers and Nintendo to move into
over the holiday season
Nintendo Switch 2 – a $7-8bn content opportunity over
the next two years. Nintendo’s new device also offers the
prospect of increased in-game monetisation – even a
limited increase could reach $1-2bn a year in spending
Regional growth opportunities – $1.3bn in predicted
market growth across Middle East & Africa and Southeast
Asia over the next two years. These regions will
outperform the growth of Western markers and Asia
Pacific more generally in 2025
Underserved audiences even in the most ‘saturated’
markets – Ampere’s US data shows a population of 120
million across the important cohorts of 16-24-year-old
females and those over 55 years, where gaming has
substantial room to grow

Conte n tsGrowth opportunities:
Underserved audiences
& younger gamers
0 3Growth opportunities:
New platforms
& sub-regional markets
02Getting the most from
games IP & back
catalogues
05Content strategies
& optimisation
04Games market
performance &
outlook
01

01
Gam es m ark e t
p erfo rm an ce & o utlo ok

The g am es c o nte n t a n d s e rv ic e s m ark e t r e ach ed a n ew
h ig h i n 2 024 o f $ 199.4 bn, b ea tin g t h e p re vio us p an d em ic –
d riv e n r e co rd o f $ 196.7 bn in 2 021. 2 024 p erf o rm an ce
re p re se n te d a g ro w th o f 3 .5 % c o m pare d t o 2 023
($ 192.8 bn). N ea r-t e rm g ro w th o utlo ok lo oks m ix e d , w it h
2 025 g ro w th o f 0 .9 % a n d 2 026 2 .2 % , a n d r e
o f t h e G ra n d T heft A uto V I la u n ch d ate t o M ay 2 026. T he
m ark e t s h o uld b re a k t h e $ 200bn le ve l in 2 025
2 024 p erfo rm an ce w as p artia lly a t o dds w it h t h e b ro ad er
co m men ta ry a ro un d t h e h ealt h o f t h e g am es s e cto r , w hic h
h as s u ffe re d la rg er n um bers o f la yo ffs a n d s tu d io c lo su re s
o ve r t h e la st t w o y e a rs . T he m ark e t w as n o t s ta g natin g o r
in d eclin e, w it h 2 024 s p en d in g o ut-p erf o rm in g m id -y e a r
exp ecta tio ns
H ow eve r, a b ack g ro un d o f g en era l i n
c o m petit io n, a n d t h e s lo w g ro w th o utlo ok c o m pare d t o t h e
p re -2 019 m ark e t, m ean s t h at t h e m ark e t p erfo rm an ce w ill
n o t a lt e r t h e d e-ris k in g s tr a te g ic d yn am ic s t h at a re
o ccu rrin g . T hese in clu d e c o m pan y d o w nsiz in g , a f o cu s o n
e
se le ctiv e f u n d in g o f n ew p ro je cts
M ark e t o ve rv ie w : 2 024’s r e co rd h ig h m ask s i n d ustr y c h alle n g es
2018 2019 2020 2021 2022 2023 2024 2025F 2026F
140.5
150.9
182.4
196.8
188.1 192.8
199.4 201.3 205.7 Gam es c o nte n t a n d s e rv ic e s m ark et, 2 018-2 026 ( $ bn) Note : $ e xc h an g e r a te is v a ria b le . M ark e t is c o nsu m er s p en d in g in c. V A T w here a p plie d
S ourc e : A m pere G am es – M ark e ts
+ 0 .9 %+2 .2 %+3 .5 % © A m pere A naly s is 2 025 | 7

The m obile g am in g m ark e t h as y e t t o r e co ve r b ack t o t h e
heig ht o f t h e p an d em ic -d riv e n m ark e t, b ut e xp erie n ce d
ste a d y g ro w th in 2 024 a t 4 .1 % y e a r-o n-y e a r. S hare o f
m ark e t s ta ye d c o nsis te n t a t 5 8% . G ro w th is f o re ca st t o
r e m ain s lo w o ve r t h e n ext c o up le o f y e a rs ( b etw een 2 -3 %
an nually ) a n d w ill b e la rg ely d riv e n b y a ctiv it y o uts id e o f
W este rn m ark e ts , J ap an a n d S outh K ore a . O th er c a te g o rie s
– s u ch a s in sta n t a n d b ro w se r g am es – w ill c o ntr ib ute m ore
T he P C g am in g m ark e t e xp erie n ce d g ro w th o f 5 .7 % in
2 024, o utp erf o rm in g c o nso le a n d m obile s e g m en ts . W hils t
sm alle r t h an b o th m obile a n d c o nso le g am in g , it is
c o ntin uin g t o e xp an d s te a d ily d ue t o it ‘s g lo balis e d n atu re ,
co nte n t a va ila b ilit y a cro ss b usin ess m odels a n d p ric e
p o in ts , a n d t h e in cre a se in a cce ssib ilit y t h ro ug h n ew
h ard w are f o rm f a cto rs
T he co nso le g am in g m ark e t w as
h alf o f t h e y e a r d eliv e re d b ette r t h an e xp ecte d s a le s a n d
w as h elp ed b y p ric e in cre a se s o n s u b sc rip tio n s e rv ic e s. I n
2 025, t h e c o nso le g am in g m ark e t w ill b e h am pere d b y t h e
G TA V I d ela y. F re sh s p en d in g o n S w it c h 2 w ill b e o ffs e t t o
a n e xte n t b y d eclin es o n o ld er d evic e s
M obile g am in g ‘s g ro w th t r a je cto ry n o w m ore s im ila r t o C onso le a n d P C
1 20100806040200
2019 2020 2021 2022 2023 2024 2025F 2026F
M obile P C C onso le V R C lo ud G am es m ark et b y d evic e c a te g ory , 2 018-2 026 ( $ bn) Note : V R r e p re se n ts c o nsu m er s p en d in g t h ro ug h s ta n d alo ne h ea d se t s to re fro nts o nly ; C lo ud r e p re se n ts s p en d in g o n p ure -p la y
clo ud g am in g s e rv ic e s; C onso le in clu d es P S P lu s P re m iu m a n d G am e P ass U lt im ate s p en d in g
© A m pere A naly s is 2 025 | 8 N ote : $ e xc h an g e r a te is v a ria b le . M ark e t is c o nsu m er s p en d in g in c. V A T w here a p plie d
S ourc e : A m pere G am es – M ark e ts

Monetis a tio n m odel d yn am ic s: I n -g am e/IA P w orth 7 7% o f c o nsu m er s p en d in g
2019 2020 2021 2022 2023 2024 2025F 2026F
77% 77% 77% 77% 76% 77% 77% 77%
10% 11% 11% 11% 12%
8% 6% 6% 5% 5% 4% 3% 2%
5% 5% 6% 6% 7% 8% 8% 8%
In-game & DL C Premium – digital Premium – physical Subscription Gam es m ark et s h are b y m onetis a tio n m odel, 2 019-2 026 ( % ) Note : $ e xc h an g e r a te is v a ria b le . M obile g am e-le ve l s u b sc rip tio ns in clu d ed in in -g am e & D LC s p en d in g
S ourc e : A m pere G am es – M ark e ts
© A m pere A naly s is 2 025 | 9 I n -g am e a n d d o w nlo ad ab le c o nte n t s p en d in g s ta ye d
co nsis te n t a t 7 7% s h are o f o ve ra ll g am es s p en d in g in 2 024.
A s o th er f o rm s o f m onetis a tio n a re e it h er g ro w in g ( s u ch a s
su b sc rip tio n) o r r e m ain in g r e silie n t ( s u ch a s p re m iu m ,
th ro ug h it s t ra n sit io n t o d ig it a l d is tr ib utio n) it s s h are o f
re ve n ue h as a c e ilin g o f 8 0%
T he la st b astio n o f p re m iu m f u ll- g am e p hys ic a l s a le s – t h e
co nso le m ark e t – is s te a d ily t ra n sit io nin g t o dig it a l . I n 2 026,
A m pere f o re ca sts t h at p hys ic a l m ed ia g am es w ill r e p re se n t
ju st 2 % o f t h e e n tir e g am es m ark e t e ve n w it h t h e e xp ecte d
sa le s s u cce ss o f N in te n d o’s u p co m in g S w it c h 2 . N in te n d o’s
t ra n sit io n t o a h ig her s h are o f d ig it a l f u ll- g am e s a le s v e rs u s
p hys ic a l w ill b e d riv e n b y it s s o ftw are p ric in g s tra te g y a n d
b y u n ce rta in ty c a u se d b y t h e U S a d m in is tra tio n im po rt
ta rif fs
S ub sc rip tio n s p en d in g is s te a d ily in cre a sin g it s s h are , b ut
w hile s e rv ic e s a re n o t g en era lly a ttra ctin g la rg e n um bers o f
new s u b sc rib ers a t p re se n t, g ro w th is b ein g d riv e n b y p ric e
in cre a se s. T his m ir ro rs w hat h as o ccu rre d in t h e
su b sc rip tio n v id eo s p ace , a n d A m pere b elie ve s c o nsu m ers
c a n e xp ect m ore r e g ula r p ric e in cre a se s a cro ss g am es
se rv ic e s

Reg io nal m ark e ts 2 025: W este rn m ark e ts t o t r e ad w ate r, w hile M id dle E ast s h in es
2024
2025F
91.4
57.9
38.1
6.3
5.8
92.9
57.7
38.1
6.7
6.0
Asia P aci North A merica Eur ope Middle East & Africa
Centr al & South A merica
Gam es m ark et s iz e b y r e g io n, 2 024 a n d 2 025F ( $ bn) (+ 1 .6 % )(- 0 .4 % )(- 0 .4 % )(+ 6 .3 % )(+ 3 .0 % ) © A m pere A naly s is 2 025 | 1 0 A sia P aci g am ers w ere r e sp o nsib le f o r 4 5.8 % s h are o f
th e g lo bal s p en d in g o n g am es c o nte n t a n d s e rv ic e s in
2 024. W hile J ap an a n d S outh K ore a m ark e t p erf o rm an ce is
e xp ecte d t o t r e a d w ate r in 2 025, C hin a w ill c o ntin ue t o
g ro w a t a s lo w p ace , a n d t h e s tr o ng est g ro w th w ill o ccu r in
S outh a n d S outh ea st A sia
N orth A m eric a g am ers w ere r e sp o nsib le f o r 2 9% s h are o f
glo bal s p en d in g o n g am es c o nte n t a n d s e rv ic e s in 2 024.
A fte r a s tr o ng 2 024 p erf o rm an ce in t h e U S d riv e n b y
co nso le g am e, s u b sc rip tio n s p en d in g in cre a se s a n d m obile
g am in g g ro w th , 2 025 w ill s e e a s m all d eclin e. U nce rta in ty
r e m ain s o ve r t h e im pact o f im po rt t a rif fs
E u ro pe g am ers w ere r e sp o nsib le f o r 1 9.1 % s h are o f g lo bal
sp en d in g o n g am es in 2 024. C en tra l & E aste rn E uro pe is
e xp ecte d t o f a ir m odera te ly b ette r t h an W este rn E uro pe in
2 025, b ut e ve n s o g ro w th is p re d ic te d t o b e r e la tiv e ly
a n aem ic
M id dle E ast a n d A fr ic a is e xp ecte d t o g ro w t h e m ost in
2 025 o ut o f t h e r e g io ns a t 6 .3 % . T his f ra g m en te d m ark e t
p re se n ts a c h alle n g e, b ut m obile g am in g is g ro w in g
str o ng ly a n d c o nso le a d o ptio n is b ro ad en in g
N ote : $ e xc h an g e r a te is v a ria b le . M ark e t is c o nsu m er s p en d in g in c. V A T w here a p plie d
S ourc e : A m pere G am es – M ark e ts

This l o ng -ru m oure d d ela y t o G TA V I w ill h ave a m ate ria l
n eg ativ e i m pact o n t h e c o nso le m ark e t s c a le i n 2 025 i n
t e rm s o f g am es s a le s v o lu m e a n d v a lu e, a n d i n t e rm s o f
P S5 a n d X box S erie s a d o ptio n a n d u p g ra d in g a ctiv it y
T he d ela y is a ls o a b lo w t o t h e w id er g am es s e cto r t h is
y e a r, a s c o nso le g am in g w as p re d ic te d t o e xp erie n ce s o lid
p erf o rm an ce in 2 025 a n d b e a s u b sta n tia l in p ut in to o ve ra ll
s e cto r g ro w th . T he p o sit iv e i m pact o f t h e G TA V I l a u n ch
w ill n o w b e d ela ye d i n to 2 026 . A m pere h as m odera te d
co nso le p erf o rm an ce in 2 025 a n d im pro ve d o utlo ok f o r
2026 a s a r e su lt
F o r t h e r e st o f t h e c o nso le in d ustr y , w it h n o b la n ke t
co ve ra g e o f G TA V I, p ub lis h ers w ill b e a b le t o r a is e
a w are n ess f o r t h eir n ew t it le s a n d c o m pete m ore
e ffe ctiv e ly o ve r t h is y e a r’s h o lid ay s e a so n. S om e o f t h at
sp en d e arm ark e d f o r G TA V I w ill b e d iv e rte d t o o th er n ew
re le ase s
S im ila rly , t h e d ela y a ls o g iv e s N in te n d o m ore s p ace t o
e sta b lis h S w it c h 2 w it h o ut t h e p o te n tia l d is tra ctio n o f
co m petin g w it h t h e u p gra d e p ull o f G TA V I f o r t h o se s till o n
P S4 a n d X box O ne
G ra n d T heft A uto V I d ela y h as a $ 2.7 bn i m plic a tio n f o r t h e 2 025 c o nso le m ark e t Sourc e : A m pere G am es – M ark e ts P S5 a n d X bo x S erie s g am es s a le s
vo lu m e d o w ng ra d e
-2 1m u n it s
P S5 a n d X bo x S erie s u p gra d e p o te n tia l
lo st in Q 4 2 025
-7 00k u n it s
P re d ic te d i m pact o n c o nso le m ark et i n 2 025 d ue t o G TA V I d ela y O ve ra ll d o w ng ra d e t o t h e c o nso le
b usin ess
– $ 2.7 bn
© A m pere A naly s is 2 025 | 1 1

Early S ta g e f u n d in g i s p ic k in g u p , b ut r a is in g f in an ce r e m ain s c h alle n g in g Gam es c o m pan y t y p e E arly S ta g e f u ndin g d ea l v o lu m e Note : E arly S ta g e d efin ed a s p re -s e ed , s e ed , s e rie s A
S ourc e : A m pere G am es – M ark e ts
4035302520151050
Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Block chain gaming Games content Espor ts Marketing/Adv ertising
Technology Meta verse Other
T he l a n d sc a p e f o r e arly s ta g e f u n d in g , p artic u la rly f ro m
V C s, h as c h an g ed d ra m atic a lly f ro m t h re e y e ars a g o . Z ero
in te re st r a te s a n d m assiv e a m oun ts o f liq uid it y a re
c o nsig ned t o h is to ry a n d n o w r a is in g s ig ni
an e a rly s ta g e is m uch m ore c h alle n g in g . I n ve sto rs n o w
w an t t o s e e a p ro ve n p ro duct a n d t o u n d ers ta n d t h e lo ng –
te rm v is io n o f a s tu d io s e ekin g
havin g t o
pro duct p erf o rm an ce w here a la rg er r a is e is a ch ie va b le
A lt h o ug h A m pere i n ve stm en t d ata s h o w s t h at t h e v o lu m e
of e arly s ta g e d eals h as p ic k e d u p c o m pare d t o a d ip i n
2 023, t h e v a lu e o f t h ese d eals i s s ig ni
th e h ig hs t h at o ccu rre d i n 2 021 a n d 2 022. T he f u n d in g
la n d sc a p e h as b een e xa ce rb ate d b y t h e c o st o f
deve lo pm en t. S tu d io s w it h la rg e s c a le S erie s A r o un d s f o r
A A o r A AA g am es o fte n n eed t o b e s u p ple m en te d w it h
f u rth er r o un d s o f
T he i m plic a tio ns a re s ig ni C om pan ie s t h at h ave
ra is e d b ut n o t m ad e it t o m ark e t m ay s tr u g gle t o r a is e
a g ain – t h ere h ave a lr e a d y b een p le n ty o f e xa m ple s o f t h at.
T he c h an g ed la n d sc a p e is lik e ly t o r e su lt in f e w er h ea vily –
h avin g t o b e m ore le a n a n d f o cu se d w it h p ro duct s c o pe
© A m pere A naly s is 2 025 | 1 2

Atte n tio n E co no m y: W here g am in g s it s i n t h e b attle f o r p eo ple s’ t im e Glo bal m ed ia c o nsu m ptio n b y e n gag em en t c o hort
(% o f 1 8-6 4 I n te rn et u se rs )
Sourc e : A m pere M ed ia – C onsu m er, Q 1 2 024
Social Media T V A udio News In Video Games
74%74%
14%14%
6%6%
6%6%
71%71%
21%21%
5%5%
63%63%
24%24%
7%7%
6%6%
54%54%
27%27%
11%11%
8%8%
48%48%
24%24%
13%13%
15%15%
35%35%
29%29%
15%15%
21%21%
Enthusiast Casual Disengaged Unaddr essed Neve rA f e w t im es
a m onth ,
m onth ly o r l e ss
A f e w t im es
a w eek
o r w eekly
A f e w t im es
a d ay
o r d aily
© A m pere A naly s is 2 025 | 1 3 T he g am es s e cto r i s m ore c o m petit iv e t h an e ve r. I n 2 024,
aro un d 5 0,0 00 t it le s l a u n ch ed a cro ss a ll p la tf o rm s , m akin g
it in cre d ib ly d i
In no va tio n is n’t la ckin g , b ut d is c o ve ry a n d p ers u ad in g
p la ye rs t o e n g ag e r e m ain m ajo r h u rd le s
T he . A
c o nsta n t s tr e a m o f c o nte n t f ro m s o cia l m ed ia , v id eo
p la tf o rm s, a n d m usic s e rv ic e s m ea n s c o nsu m er a tte n tio n
is m ore f ra g m en te d t h an e ve r. G am e c o m pan ie s m ust n o w
co m pete f a r b eyo nd t h eir o w n in d ustr y
G am in g o ffe rs a d is tin ctiv e , l e an -fo rw ard e xp erie n ce
co m pare d t o t h e p assiv e n atu re o f o th er o nlin e c o nte n t .
W hile t h is s e ts it a p art, it c a n a ls o b e a d is a d va n ta g e—
co nsu m ers a re s p en d in g s ig ni
vid eo s a n d s c ro llin g s o cia l f e ed s t h an a ctiv e ly p la yin g
g am es
G am in g i s e n jo ye d b y 1 00s o f m illio ns o f g am ers g lo bally
e ve ry d ay, b ut t h ere i s m ore t h at c a n b e d o ne t o i m pro ve
a cce ssib ilit y a n d m akin g i t e asie r t o g am e

Gam in g s ta n d s t a ll a m id st o th er f o rm s o f e n te rta in m en t 178.6
170.6
143.3
28
20.8
Games P ay TV subscriptions Video: SV oD, transactional, physical
Cinema: Bo x o Recorded Music: Subscriptions, tr ansactional, physical
Glo bal c o nsu m er r e ve n ue f r o m v a rio us e n te rta in m en t m ed ia
m ark ets 2 024 ( $ bn)
All s ta te m en ts in t h is r e p o rt a ttr ib uta b le t o I F P I r e p re se n t A m pere ‘s in te rp re ta tio n o f d ata p ub lis h ed a s p art o f t h e I F P I G lo bal M usic R ep o rt in M arc h 2 025 a n d h ave n o t b een r e vie w ed b y I F P I
S ourc e : A m pere G am es – M ark e ts , A m pere M ed ia M ark e ts – O pera to rs , I F P I
© A m pere A naly s is 2 025 | 1 4 T he r e la tiv e s c a le o f t h e g am es m ark e t v e rs u s o th er
en te rta in m en t s p en d in g is o fte n u se d t o h ig hlig ht t h e
im po rta n ce o f t h e s e cto r a cro ss t h e e n tir e e n te rta in m en t
m ark e t. T he d ata in t h is c h art r e p re se n ts c o nsu m er
re ve n ues ( s p en d in g e xc lu d in g V AT ) a n d d o es n o t in clu d e
ad ve rtis in g r e ve n ue
G am in g ‘s u n iq ue a b ilit y t o b e m onetis e d s tr o ng ly i n -g am e
as a n a lt e rn ativ e , o r a d dit io n t o , a d -s u p po rte d c o nte n t h as
p ro pelle d i t u p t h e r a n kin g o ve r t h e l a st 1 5 y e ars
I t is s o m ew hat m is le a d in g t o d esc rib e t h e g am es s e cto r a s
th e o fte n q uo te d ‘l a rg est e n te rta in m en t s e cto r’, b eca u se a
c o m bin ed t o ta l o f P ay T V, v id eo a n d c in em a s p en d in g
acro ss t h e v id eo -r e la te d e n te rta in m en t b usin ess is b y
so m e d is ta n ce la rg er t h an g am es. A ls o , in clu d in g
ad ve rtis in g r e ve n ues w ould c a ta p ult t h e v id eo s e cto r
fu rth er a h ea d
H ow eve r, i t i s s ig ni
no w a ro un d n in e t im es c o nsu m er s p en d in g o n r e co rd ed
m usic a n d s ig ni
su b sc rip tio n/tr a n sa ctio nal/ p hys ic a l v id eo s e cto r

02
Gro w th o ppo rtu n it ie s:
N ew p la tf o rm s
& s u b -re g io nal m ark e ts

Nin te n d o S w it c h 2 : 1 3m g am ers e xp ecte d t o p ic k u p t h e c o nso le i n 2 025
2025F 2026F 2027F 2028F 2029F 2030F
13.2
31.3
51.1
71.0
88.8
103.1 Glo bal S w it c h 2 i n sta lle d b ase f o re ca st t o 2 030 ( m ) Sourc e : A m pere G am es – M ark e ts
T he b ig gest n ew d evic e o ppo rtu n it y d urin g t h e n ext f e w
ye a rs is t h e N in te n d o S w it c h 2 . A m pere i s f o re ca stin g t h at
th ere w ill b e 1 3m s a le s t o g am ers i n 2 025 a n d 3 1m S w it c h
2 s i n t h e m ark e t b y t h e e n d o f 2 026 b ase d o n it s la te Q 2
2025 la u n ch . T his r a te o f s a le s is m odera te ly a h ea d o f t h e
o rig in al S w it c h . L o ng er-t e rm t h e in sta lle d b ase is p re d ic te d
to r e a ch 1 03m b y 2 030, a s lo w er r a te o f s a le s c o m pare d t o
t h e o rig in al N in te n d o S w it c h ( 1 20m a t a s im ila r t im e
fra m e), w hic h b en e
hard w are s a le s. T he U S t a rif fs a d d a l a ye r o f u n ce rta in ty t o
t h e p erfo rm an ce o utlo ok
E arly a d o pte rs o f S w it c h 2 w ill b e e a g er t o s p en d o n n ew
g am es a n d c o nte n t. B y t h e e n d o f 2 026 t h ere s h o uld b e a
r e in vig o ra te d a ctiv e u se r b ase o f a lm ost 1 30m a cro ss t h e
o rig in al S w it c h a n d S w it c h 2 – m ea n in g t h at b ackw ard s
co m patib ilit y a n d t h e a b ilit y t o c ro ss-g en p ub lis h
re p re se n ts a s ig ni T hat p eak o f 1 30m +
activ e c o nso le s s h o uld l a st 2 -3 y e ars
T he S w it c h 2 g am es o ppo rtu n it y r e p re se n ts a $ 7-8 bn
m ark e t o ve r t h e n ext c o up le o f y e ars . W hile a lo t o f
sp en d in g w ill b e d ir e cte d t o N in te n d o’s 1 st p arty g am es,
th ir d -p arty s u p po rt is e xp ecte d t o b e s tr o ng f ro m la u n ch
© A m pere A naly s is 2 025 | 1 6

Nin te n d o S w it c h 2 : I n -g am e m onetis a tio n a n u n ta p ped o ppo rtu n it y
2016 2017 2018 2019 2020 2021 2022 2023 2024
57% 60% 61% 61% 59% 59% 59% 61%
65%
34% 34% 34% 33%
4% 3% 3% 4% 7% 8% 7% 6% 4%
Sony Micr osoft Nintendo Conso le c o m pan y i n -g am e & D LC m onetis a tio n c o m paris o n,
sh are o f m ark et ( % )
Sourc e : A m pere G am es – M ark e ts
© A m pere A naly s is 2 025 | 1 7 T he b ig gest u n ta p ped o ppo rtu n it y o n N in te n d o p la tf o rm s is
in -g am e m onetis a tio n. I n 2 024 N in te n d o p la tf o rm s h eld a
s m all 4 % s h are o f s p en d in g o n i n -g am e a n d D LC c o nte n t
acro ss t h e c o nso le p la tf o rm s , w it h S ony g ro w in g it s s h are
to 6 5% a n d M ic ro so ft h avin g a 3 1% s h are
E ve n m odera te ly m ore i n -g am e m onetis a tio n f o r S w it c h 2
c o uld r e p re se n t $ 1-2 bn a d dit io nal a n nual s p en d in g a f e w
ye ars i n to t h e c yc le o f N in te n d o’s n ew c o nso le
W hile it is u n lik e ly t h at N in te n d o w ill r a d ic a lly c h an g e it s
lig ht t o uch a p pro ach t o in -g am e m onetis a tio n, A m pere
e xp ects t h e c o m pan y t o m odera te ly in cre a se
im ple m en ta tio n o f t h is b usin ess m odel a cro ss it s o w n
re le a se s
A ddit io nally , s tr o ng er t h ir d -p arty s u p po rt f ro m la u n ch
co m pare d t o t h e o rig in al S w it c h w ill in evit a b ly d riv e h ig her
in -g am e m onetis a tio n o n t h e u p co m in g S w it c h 2 . A m pere
e xp ects d ig it a l r e ve n ue t o i n cre ase s u b sta n tia lly a cro ss
N in te n d o s to re fro nts a s a r e su lt

PC G am in g H an d held s: N ew u se c a se s, b ut n o t a r a p id ly e xp an d in g a u d ie n ce
2022 2023 2024 2025F 2026F 2027F
1.5
3.1
4.1
5.4
6.7
7.9
Ste a m D eck i n sta lle d b ase f o re ca st t o 2 027 ( m ) Sourc e : A m pere G am es – M ark e ts
© A m pere A naly s is 2 025 | 1 8 T he P C g am in g h an d held s p ace i s a w ash w it h d evic e s –
o ve r 3 5 h ad b een r e le a se d b y t h e e n d o f Q 1 2 025 f ro m a
v a rie ty o f P C h ard w are m an ufa ctu re rs . V alv e ‘s S te am D eck
d o m in ate s i n t e rm s o f a d o ptio n a cro ss t h is f o rm f a cto r ,
but e ve n S te a m D eck is a s m all n ic h e p la tf o rm c o m pare d
to o th er s p ecia lis t g am es d evic e s s u ch a s c o nso le s o r
re g ula r g am in g P C s
A m pere d o es n o t c o nsid er P C g am in g h an d held s a n ew
m ark e t o ppo rtu n it y in t h e t ra d it io nal s e n se . T hese g am in g
d evic e s s u p po rt n ew u se c a se s f o r e xis tin g P C g am ers ,
k e ep u se rs g am in g l o ng er a n d p la yin g m ore g am es . T hey
a re n o t s ig ni
au d ie n ce s, p artly d ue t o t h eir g en era lly h ig h p ric e p o in ts .
T his is r e
d evic e s. A s s u ch , t h e o ppo rtu n it y p re se n te d b y P C g am in g
han d held s is in cre m en ta l r a th er t h an t ra n sfo rm ativ e f o r
pub lis h ers a n d d eve lo pers
E ve n s o , a ch ie vin g S te a m ‘D eck V eri
in ve stm en t s h o uld b e a n e a sy w in f o r a d ded e xp o su re a n d
in cre m en ta l s a le s

New & r e n ew ed g am in g c h an nels o ffe r a lt e rn ativ e s t o e sta b lis h ed p la tf o rm s* in clu d es t h ir d -p arty A nd ro id a p p s to re s p en d o uts id e G oogle P la y, m obile b ro w se r/ in sta n t g am es s p en d , & D 2C w eb s to re s p en d f o r m obile a p ps
S ourc e : A m pere G am es – M ark e ts
I n sta n t g am e
p la tf o rm s
Bro w se r g am e
po rta ls
D 2C w eb s to re s
& w eb a p ps
T hese n ew er c h an nels r e p re se n t a
$ 3.7 bn* m obile g am es o ppo rtu n it y
o ve r 2 025 & 2 026 ( e x C hin a)
In t h e W est, i n sta n t g am in g o n s o cia l o r m essa g in g
p la tf o rm s h asn’t t a ke n o ff a s i t h as i n C hin a , b ut a n ew
w ave o f g lo bal c o m pan ie s a re b uild in g o ut t h eir s tra te g ie s
a n d o th ers a re r o llin g o ut m onetis a tio n
T he r e ach o f t h ese p la tf o rm s m ean s t h ey a re p o te n tia lly
s tr o ng m ark e tin g o r b ra n d a w are n ess p la tf o rm s . I n
r e ve n ue o ppo rtu n it y t e rm s, b ig ger c o m pan ie s m ig ht n o t
se e t h e a p pea l, b ut f o r s m alle r c o m pan ie s lo okin g f o r n ew
g am es d is tr ib utio n c h an nels , it ’s w orth e xp erim en tin g o n
th ese p la tf o rm s t o t a p in to n ew a u d ie n ce s
B ro w se r g am in g p o rta ls a re a ls o e xp erie n cin g a n ew w ave
o f i n te re st w it h m ost g ro w th c o m in g f ro m m obile u se rs .
T his m ark e t d yn am ic a ls o a lig ns w it h t h e a va ila b ilit y o f
dir e ct-t o -c o nsu m er w eb s to re s a n d a cco m pan yin g w eb
a p ps f ro m m obile g am e c o m pan ie s
W it h b o th A pple a n d G oog le u n d er p re ssu re t o o pen u p
th eir a p p s to re s, r e m ove u se r s te erin g r e str ic tio ns a n d
d ro p o ff- p la tf o rm I A P f e es, t h e D 2C m obile g am in g
o ppo rtu n it y i s a t a c rit ic a l m om en t . T he o utlo ok lo oks
in cre a sin g ly b rig ht f o r m arg in g ain s f ro m t h is s tra te g y a n d
co uld t ra n sfo rm t h e m obile g am in g la n d sc a p e
© A m pere A naly s is 2 025 | 1 9

Reg io nal g ro w th o ppo rtu n it ie s: S outh east A sia a n d t h e M id dle E ast s ta n d o ut Sourc e : A m pere G am es – M ark e ts S au d i A ra b ia + 7 .8 % ( 2 024)
U A E + 1 2% ( 2 024)
M EA $ 800m + g ro w th
o ve r n ext 2 y e ars
M id dle E ast & A fr ic a $ 6.3 bn G am es S pen d, 2 024 S outh ea st A sia $ 5bn G am es S pen d, 2 024 T haila n d + 1 2.4 % ( 2 024)
P hilip pin es + 1 0.6 % ( 2 024)
S EA $ 500m + g ro w th
o ve r n ext 2 y e ars
© A m pere A naly s is 2 025 | 2 0 T he M id dle E ast & A fr ic a a n d S outh east A sia r e g io ns w ill
o utp ace g ro w th i n o th er r e g io nal m ark e ts g lo bally o ve r t h e
n ext c o up le o f y e ars a t l e ast. P opula tio ns in t h ese m ark e ts
a re y o un g a n d in cre a sin g ly u p w ard ly m obile
T he M id dle E ast h as a la rg e n um ber o f m obile g am ers b ut
als o a g ro w in g c o nso le a u d ie n ce in k e y t e rrit o rie s s u ch a s
S au d i A ra b ia a n d t h e U A E. S outh ea st A sia is m obile –
b ut a ls o h as a s u b sta n tia l P C g am in g a u d ie n ce
B uild in g g o -t o -m ark e t s tra te g ie s t o t a p in to t h ese c o un tr ie s
re q uir e s o m e b asic s t h at n eed t o b e in p la ce . L o ca lis a tio n
of c o nte n t r e m ain s v e ry im po rta n t . A t i t s m ost b asic t h is
m ean s l a n g uag e s u p po rt b ut t h is s h o uld a ls o e xte n d t o
b uild in g c o nte n t t h at r e sp ects c u lt u ra l s e n sit iv it ie s
To r e ally e n g ag e t h e l o ca l a u d ie n ce , s o m e c u lt u ra l
re le va n ce w ill r e so nate t h e s tr o ng est s u ch a s i n -g am e
eve n ts a ro un d l o ca l h o lid ays o r o th er m ajo r c u lt u ra l d ate s.
In t e rm s o f g am e d is c o ve ry a n d U A , it ’s w orth e n g ag in g
w it h in
a u d ie n ce a cro ss T w it c h a n d Y o uTu b e

03
Gro w th o ppo rtu n it ie s:
Und ers e rv e d a u d ie n ce s &
y o un g er g am ers

Mark e t s a tu ra tio n: A U SA c a se s tu d y Sourc e : A m pere G am es – M ark e ts
D 2C w eb s to re s
& w eb a p ps2 23m G am ers
6 7% o f t h e p o pula tio n
2 02m G am ers
5 9% o f t h e p o pula tio n
– 2 1m
‘l o st’ o r t e m po ra rily
d is e n g ag ed
U SA , 2 021U SA , 2 024 © A m pere A naly s is 2 025 | 2 2 T here ’s a g en era l c o nce rn t h at in m atu re m ark e ts g am in g is s a tu ra te d a n d t h at c o m petit io n f ro m o th er a ctiv it ie s in t h e a tte n tio n e co no m y is in evit a b ly
im pactin g t h e p o te n tia l f o r p la yin g a n d s p en d in g o n g am es
In t h is U S e xa m ple , a ctiv e g am ers h ave d ro pped b y a ro un d 1 0% f ro m a p an d em ic -d riv e n h ig h i n 2 021 – 2 1m ‘l o st’ a ctiv e g am ers o ve r t h e l a st t h re e y e ars .
T he k e y q uestio ns a re : A re t h ese g am ers lo st f o re ve r, o r a re t h ey t e m po ra rily d is e n g ag ed ? H ow im po rta n t a re t h ey t o t h e r e ve n ue s c a le o f t h e m ark e t?
S ig ni . I t ‘s c le a r t h at m an y o f t h ese ‘l o st’ g am ers w ere v e ry lig ht
to uch in t e rm s o f m ark e t s p en d . E ve n s o , t h ere w as a s tr o ng le ve l o f a d o ptio n o ve r t h e p an d em ic w here p en etra tio n r e a ch ed a h ig h p o in t, a n d t h at m ea n s t o day
th ere is h ea d ro om t o g ro w in to t o g et b ack t o t h o se s a m e p en etra tio n le ve ls a n d w it h t h e id ea o f m onetis in g t h ese la p se d g am ers m ore e ffe ctiv e ly

Youn g er f e m ale g am ers r e m ain a m is se d o ppo rtu n it y Sourc e : A m pere G am es – C onsu m er/ M ark e ts
D 2C w eb s to re s
& w eb a p ps 8 2% o f 1 6-2 4 U S
fe m ale s g am e
co m pare d t o
93% m ale s
P la y 4 h o urs
le ss
a w eek t h an
m ale s
S pen d 5 0%
le ss a m onth
th an m ale s
1 6m
fe m ale 1 6-2 4-y e a r-o ld g am ers in t h e U S
© A m pere A naly s is 2 025 | 2 3 O ne c o ho rt o f t h e p o pula tio n w hic h i s u n d er- re p re se n te d
in g am in g i s y o un g a d ult f e m ale s a g ed 1 6-2 4 y e ars
In t h e U S t h ere a re 1 6m g am ers i n t h is c a te g ory , b ut
g am in g a ctiv it y l a g s t h e m ale e q uiv a le n ts i n q uit e
s ig ni : 8 2% o f t h is p o pula tio n c o ho rt a re g am ers ,
c o m pare d t o 9 3% m ale s. F em ale g am ers in t h is g ro up o n
ave ra g e p la y 4 h o urs le ss a w eek t h an m ale s a n d s p en d
5 0% le ss o ve r a m onth . A s s u ch , A m pere c o nsid ers t h is is
b e a m is se d o ppo rtu n it y w it h s ig ni
no t o nly t o in cre a se g am in g p en etra tio n b ut a ls o
m onetis a tio n
K ey t o e xp an d in g e n g ag em en t i s n o t o nly b uild in g g re at
co nte n t t h at r e so nate s w it h t h is a u d ie n ce b ut a ls o
p o sit io nin g i t e ffe ctiv e ly t h ro ug h k e y m ark e tin g a n d
d is c o ve ry c h an nels . A sia n p ub lis h ers h ave e ffe ctiv e ly
e n g ag ed y o un g er w om en t h ro ug h f a sh io n a n d r o m an ce
tit le s. T hese a re b eco m in g m ore p o pula r in te rn atio nally a n d
as t h ese g ain m ore t ra ctio n, t h ere is lik e ly t o b e a n in cre a se
in a ctiv it y a cro ss t h ese d em ogra p hic s in W este rn m ark e ts

A h ug e a u d ie n ce o f o ld er c o nsu m ers i s w ait in g t o b e e n g ag ed Sourc e : A m pere G am es – C onsu m er/ M ark e ts
D 2C w eb s to re s
& w eb a p ps 1 03m p eo ple
a g ed o ve r 5 5
in t h e U S
O nly 3 2% o f
U S p o pula tio n
ove r 5 5 p la y
g am es
B y 2 030 o ve r
5 5s w ill s w ell
t o 1 13m
3 3m
US g am ers o ve r t h e a g e o f 5 5
Ano th er u n d ers e rv e d a u d ie n ce i s g am ers o ve r t h e a g e o f
5 5 y e ars . I n t h e U S e xa m ple , A m pere f o re ca sts t h at t h e
p o pula tio n o f o ve r 5 5s i s s e t t o g ro w f ro m 1 03 m i n 2 024 t o
1 13m b y 2 030
O ve r 5 5s a re a n e xp an d in g c o ho rt w it h in cre a sin g t im e o n
th eir h an d s a n d g o od le ve ls o f d is p o sa b le in co m e. T hey a re
a ls o in cre a sin g ly lik e ly t o b e la p se d g am ers
In t h e U S t h ere a re 3 3m g am ers o ve r t h e a g e o f 5 5 w it h
o nly 3 2% o f t h at o ld er p o pula tio n g am in g . K ey t o e n g ag in g
th ese o ld er p la ye rs is m eetin g t h em w here t h ey c o nsu m e
oth er c o nte n t – s m artp ho nes, t a b le ts a n d c o nnecte d T V s –
a n d m akin g t h e c o nte n t a s a cce ssib le a s p o ssib le
A cce ssib ilit y c o ve rs a w id e a rra y o f d if fe re n t p ro duct
stra te g ie s f ro m s im ple r o nb o ard in g f o r t it le s w it h m ore
c o m ple x a n d in -d ep th g am in g e xp erie n ce s ( a s u se d in
m obile g am in g ), t o a d ju sta b le d i
m ore in clu siv e u se r in te rf a ce s
If t h e i n d ustr y c a n s u cce ssfu lly e n g ag e o ld er g am ers w it h
in -d ep th g am in g e xp erie n ce s, t h is c o uld e xp an d t h e
g am in g a u d ie n ce a n d i n cre ase m onetis a tio n
© A m pere A naly s is 2 025 | 2 4

Eng ag in g y o un g g am ers a cro ss U G C g am es p la tf o rm s i s i n cre asin g ly i m po rta n t Sourc e : R oblo x, A m pere G am es – M ark e ts
D 2C w eb s to re s
& w eb a p ps 1 03m p eo ple
a g ed o ve r 5 5
in t h e U S
1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25
28.728.7
36.936.9
28.228.2
36.836.8
29.729.7
4040
29.329.3
41.441.4
32.132.1
44.944.9
32.432.4
46.446.4
34.534.5
53.653.6
32.532.5
52.152.1
36.136.1
6161
Roblo x a ve ra g e d aily a ctiv e u se rs u nder 1 3s a n d 1 3+ ( m ) Am pere i s a d vo ca tin g f o r m ore d ir e ct a ctiv it y o n U G C
gam es p la tf o rm s s u ch a s R oblo x, F o rtn it e a n d M in ecra ft t o
r e a ch y o un g er g am ers a s t h ey a g e u p in to o th er g am es a n d
en te rta in m en t e xp erie n ce s. A t a n a ve ra g e o f 9 8m d aily
a ctiv e u se rs in Q 1 2 025, t h e R oblo x p la tf o rm is
c o nsid era b ly b ig ger t h an M in ecra ft a n d F o rtn it e c o m bin ed
T here a re 3 5m g am ers u n d er t h e a g e o f 1 6 i n t h e U S
alo ne . U G C g am es p la tf o rm s a re in cre a sin g ly la yin g t h e
fo un d atio ns o f t h e g am er jo urn ey f ro m t w een s t h ro ug h t o
a d ult g am in g , w it h t h e a m bit io n t o k e ep u se rs in t h e
eco sys te m o ve r m an y y e a rs . T he p erc e n ta g e o f o ve r 1 3s o n
R oblo x h as b een g ro w in g f a st w it h 6 3% o f R oblo x u se rs
n o w o ve r t h at a g e
A t p re se n t t h ere a re v e ry f e w o
b ase d o n e sta b lis h ed g am es f ra n ch is e s a n d m an y o f t h e
b ig gest g am es c o m pan ie s a re n o t a ctiv e ly b uild in g f o r t h e
p la tf o rm . A m pere b elie ve s t h at n o w is t h e t im e f o r
pub lis h ers a n d d eve lo pers a ctiv e o n o th er p la tf o rm s t o
e n g ag e t w een s a n d t e en s o n R oblo x, F o rtn it e a n d M in ecra ft
w it h c ro ss-o ve r g am e e xp erie n ce s, I P c o lla b o ra tio ns a n d
sp in -o ff g am es
© A m pere A naly s is 2 025 | 2 5

04
Conte n t s tr a te g ie s &
o ptim is a tio n

The m ost e ffe ctiv e w ay t o c o ntr o l e sc a la tin g b ud g ets : R ed ucin g t im e t o m ark e t Sourc e : A m pere G am es – M ark e ts
D 2C w eb s to re s
& w eb a p ps 1 03m p eo ple
a g ed o ve r 5 5
in t h e U S
Early
Access
Platform
focus
Reduce
game
scope
Pr oduction
eciencies
Forspok en Marvel’ s
Spider-Man
Hogwar ts
Legacy
Cyberpunk
2077
Horizon
Forbidden
W est
The Last of
Us P art II
Mar vel’ s
Spider-Man
2
100 100
150
174
212 220
300 Pro ductio n c o sts o f k ey A AA t it le s ( $ m ) © A m pere A naly s is 2 025 | 2 7 T o day’s A AA g am e b ud g ets r u n i n to t h e $ 100s o f m illio ns – r iv a lin g t h e c o sts o f t h e
m ost e xp en siv e m ovie s . M ore b ro ad ly , d eve lo pm en t c o sts h ave e sc a la te d s ig ni
o ve r t h e la st
tim e it t a ke s t o b rin g t it le s t o m ark e t
T he m ost i m pactf u l w ay t o m an ag e d eve lo pm en t c o sts i s t o i n cre ase s p eed t o m ark e t ,
w hile m ain ta in in g t h e q ualit y o f p ro ductio n. T here a re m ult ip le a re a s t o f o cu s o n t o t r y
a n d a ch ie ve t h is : r e d ucin g g am e s c o pe; u sin g a n e a rly a cce ss s tra te g y; f o cu sin g o n
pro ductio n e
f o cu sin g o n s in g le p la tf o rm d eve lo pm en t

Sin g le p la ye r v e rs u s l iv e s e rv ic e g am es: N eit h er a p pro ach i s a n e asy w in Sourc e : A m pere G am es – C onsu m er, Q 2 2 024
D 2C w eb s to re s
& w eb a p ps S in gle p la ye r g am e p re fe re n ce b y c o untr y , Q 2 2 024
Japan 67%USA 58%UK 55% Germany 50%France 48%South K orea 53%
© A m pere A naly s is 2 025 | 2 8 T he h ig h c o st o f b uild in g liv e s e rv ic e g am es a n d t h e r e ce n t
str in g o f f a ilu re s in t h is s p ace h as r e su lt e d in c a lls f o r
co nte n t in ve stm en t t o b e r e d ir e cte d t o w ard s s in g le p la ye r
(a n d c h ea p er) g am es. A m pere d ata s h o w s t h ere is s till a
p re fe re n ce f o r s in g le p la ye r e xp erie n ce s in m an y m ark e ts
W hile t h e d eve lo pm en t b ud g ets f o r s in g le p la ye r g am es
are o fte n l o w er t h an l iv e s e rv ic e t it le s, e sp ecia lly p o st
la u n ch , i n t h is h yp er- c o m petit iv e m ark e t t h ere i s n o e asy
ro ute t o s u cce ss w hate ve r t h e c o nte n t t y p e i s
I n d eed , t h e lo ng -t im e c o m merc ia l c h alle n g e f o r ‘
f o rg et’ p re m iu m s in g le p la ye r g am es a n d t h e t ra n sit io n o f
th e in d ustr y t o w ard s o nlin e g am es h as d riv e n s in g le p la ye r
fra n ch is e s t o t a ke o n o nlin e m odes – c o -o p a n d m ult ip la ye r
– a n d m ore e xte n siv e p o st-la u n ch c o nte n t s tra te g ie s t o t r y
a n d c o m pete
H ow eve r, e ve n f o r f re e-t o -p la y t it le s, c a rv in g a s h are in t h e
esta b lis h ed liv e s e rv ic e m ark e t is a lo ng -s h o t c o nsid erin g
th e e n tr e n ch ed n atu re o f t h e m ark e t le a d ers . W hile s in g le
p la ye r g am es la u n ch in to a s e a o f n ew c o nte n t, a n d c a n
als o b e d esc rib ed a s h ig h-r is k, t h ey c a n o fte n b e b ro ug ht t o
m ark e t m ore r a p id ly a n d c h ea p ly

Cult u ra l e xp o rts f in d g lo bal s u cce ss, w it h m ore o n t h e w ay Sourc e : A m pere G am es – M ark e ts
D 2C w eb s to re s
& w eb a p ps 1 03m p eo ple
a g ed o ve r 5 5
in t h e U S
C hin a
Bla ck M yth : W uko ng ( 2 024)
W here W in d s M eet ( T B C )
W uch an g : F alle n F ea th ers
( T B C )
S outh K ore a
Dokka eb i / D oke V ( T B C )
The F ir s t B ers e rk e r: K haza n
(T B C )
The B ir d t h at D rin ks T ea rs
( T B C )
J ap an
Ris e o f t h e R onin ( 2 024)
Lik e a D ra g o n: I s h in ! ( 2 023)
T re k t o Y om i ( 2 022)
M id dle E ast & A fr ic a
The L a n d o f t h e M ag nate s
(2 024)
T ale s o f K en ze ra : Z A U ( 2 024)
P ro je ct U so ( T B C )
Key e xa m ple s o f l o ca l c u lt u re -d eriv e d g am es © A m pere A naly s is 2 025 | 2 9 T he g am es s e cto r is n o s tra n g er t o s u cce ssfu l g am es b uilt
o n c u lt u ra l n arra tiv e s. H ow eve r, t h e r a p id g lo balis a tio n o f
th e i n d ustr y a n d t h e r e ce n t i n te rn atio nal s u cce ss o f s o m e
sta n d o ut g am es, i n p artic u la r C hin ese -d eve lo ped B la ck
M yth : W uko ng f ro m G am e S cie n ce , s u g gests t h ere i s
in cre asin g a p petit e f o r b o th b uild in g a n d c o nsu m in g t h ese
ty p es o f g am es
C ult u ra l e xp o rt in g am in g h as a g eo po lit ic a l d im en sio n a s it
h as in o th er e n te rta in m en t m ed iu m s, a n d a u th en tic g am in g
exp erie n ce s b uilt o n w ell- r e g ard ed n arra tiv e s c a n o ffe r a
s tr o ng c o nd uit f o r t h e e xe rtio n o f s o ft p o lit ic a l p o w er
A m pere e xp ects t h ere t o b e n ew s to rie s a n d c o nte n t f ro m
le ss g lo bally k n o w n o r u n d ers to od c u lt u re s o ve r t h e n ext
fe w y e a rs a s lo ca l in d ustr ie s a re b uilt o ut, a lo ng sid e a w ave
o f c o nte n t f ro m C hin ese -b ase d p ub lis h ers p ro m pte d b y t h e
su cce ss o f B la ck M yth : W uko ng
T here is a ls o a g ro w in g r o le f o r u se r g en era te d c o nte n t a s
cu lt u ra l e n g in es. T he q uic k t u rn aro un d o f c o nte n t o n
R oblo x f o r e xa m ple , m ea n s t h ese p la tf o rm s a re v e ry
e ffe ctiv e v e h ic le s f o r c u lt u ra l e xp re ssio n

Monetis a tio n a p pro ach es c a n s till b e o ptim is e d t o i m pro ve m arg in Sourc e : A m pere G am es – M ark e ts
D 2C w eb s to re s
& w eb a p ps 1 03m p eo ple
a g ed o ve r 5 5
in t h e U S
A d m onetis a tio n
W ate rf a ll v rs . d yn am ic b id din g
A I- o ptim is e d d yn am ic b id din g
R ew ard ed a d s
H yb rid m onetis a tio n
Ad x in -g am e
In -g am e x s u b sc rip tio n
A d x in -g am e x s u b sc rip tio n
P re m iu m m onetis a tio n
Coun tr y -le ve l o ptim is a tio n
P la tf o rm o ptim is a tio n
P ro m otio nal s tr a te g ie s
© A m pere A naly s is 2 025 | 3 0 A gain st t h e b ack d ro p o f s lo w er m ark e t g ro w th , g am es c o m pan ie s h ave b een f o cu se d a s m uch o n m arg in g ro w th a s t h ey h ave r e ve n ue g ro w th . T his
s e n tim en t is f u ellin g t h e m obile g am in g d riv e f o r in cre a sin g o ff-a p p s to re m onetis a tio n
T here a re s till a re as o f m onetis a tio n o ptim is a tio n t h at c a n b e p urs u ed , w it h m an y f o cu se d o n t h e m obile g am in g s p ace . A d m onetis a tio n in m obile g am in g
re m ain s a n a re a o f t e stin g a n d e xp erim en ta tio n. T he in tr o ductio n o f d yn am ic b id din g h as n o t a lw ays d eliv e re d o ptim is e d r e su lt s f o r p ub lis h ers , w it h s o m e
purs u in g h yb rid s tra te g ie s a cro ss w ate rf a ll a n d d yn am ic b id din g . A I is a ls o s ta rtin g t o m ake it s m ark in t h e d yn am ic b id din g s p ace
O th er a re a s o f o ptim is a tio n in clu d e t h e p urs u it o f h yb rid m onetis a tio n, w hic h f o r m obile g am es o fte n in clu d e a d ve rtis in g , I A Ps a n d V IP /p re m iu m s u b sc rip tio ns.
In t h e P C a n d c o nso le s p ace , p ric in g s tra te g ie s f o r p re m iu m g am es c a n b e in cre a sin g ly s o phis tic a te d , t a kin g a m ore r e a l t im e a p pro ach t o c o m petit iv e p ric in g
an d p ro m otio ns, a n d b uild in g lo ca l p ric in g s tra te g ie s t h at o ptim is e c o nve rs io n

05
Gettin g t h e m ost f r o m
g am es I P & b ack
ca ta lo g ues

Rem ake s a n d r e m aste rs l e ve ra g e n o sta lg ia a n d e n g ag e n ew a u d ie n ce s Pla yS ta tio n 4 5 m ark e ts , S te a m 4 1 m ark e ts , X bo x 3 2 m ark e ts
S ourc e : A m pere G am es – A naly tic s
D 2C w eb s to re s
& w eb a p ps
0123456
Jan-2023 A pril-20… July-2023 Oct-2023 Jan-2024 April-20… July-2024 Oct-2024 Jan-2025
Pla yStation Xbo x Steam Com bin ed M AU s o f r e m akes a n d r e m aste rs r e le a se d J an ‘2 3
to M arc h ‘2 5, S te a m , X box a n d P la yS ta tio n ( m )
© A m pere A naly s is 2 025 | 3 2 A s d eve lo pm en t c o sts h ave a cce le ra te d a n d t h e
ris k f ro m p ro ducin g g am es a t h ig her b ud g ets h as
in cre ase d , s o h ave t h e n um ber o f r e m aste rs a n d r e m ake s
co m in g t o m ark e t . T hese a re a s a fe h ave n f o r p ub lis h ers
lo okin g t o t a p in to n o sta lg ia f ro m e xis tin g f a n s, w hile a ls o
re a ch in g n ew a u d ie n ce s. T hey a re a ls o a s u it a b le w ay t o
r e ig nit e m om en tu m b eh in d a f ra n ch is e , w hic h c a n t h en b e
tra n sit io ned in to o th er f o rm s o f m ed ia
R em aste rs a re g en era lly m uch c h ea p er t o p ro duce t h an
eit h er r e m ake s o r e n tir e ly n ew g am es. H ow eve r, t h e c o sts
in vo lv e d c a n v a ry s ig ni
lo ng er t h an o th ers ( s e e T he E ld er S cro lls I V : O bliv io n, w hic h
sta rte d d eve lo pm en t in 2 021 b ut d id n’t la u n ch u n til A pril
2 025). F u ll r e m ake s c a n t a ke m an y y e a rs a n d b ig b ud gets
to p ro duce ( s e e C ap co m ‘s R esid en t E vil 4 f o r e xa m ple ).
H ow eve r, t im e is s a ve d in c re a tin g e n tir e ly n ew n arra tiv e s
a n d g am ep la y d esig n f ro m t h e g ro un d u p
R em ake s h ave b een s o m e o f t h e m ost h ea vily a n tic ip ate d
re le a se s in r e ce n t y e a rs , in clu d in g C ap co m ‘s R esid en t E vil
4 , K onam i’s S ile n t H ill 2 a n d S quare E nix ‘s F in al F a n ta sy V II
R em ake & R eb ir th

Aud ie n ce r e ach t r u m ps e xc lu siv it y a s w in d o w in g t a ke s o n n ew d yn am ic s Sourc e : A m pere G am es – A naly tic s
D 2C w eb s to re s
& w eb a p ps
00.511.522.533.544.5
Feb-2024 Mar-2024 A pr-2024 Ma y-2024 Jun-2024 Jul-2024 Aug-2024 Sep-2024 Oct-2024 No v-2024 Dec-2024 Jan-2025 Feb-2025 Mar-2025 A pr-2025
Pla yStation Steam Helld iv e rs 2 M AU s o n P la yS ta tio n a n d S te a m , U S ( m ) © A m pere A naly s is 2 025 | 3 3 W hile p la tf o rm f o cu s is a w ay t o m an ag e d eve lo pm en t
b ud gets , p o rtin g o ve r s u cce ssfu l g am es t o a d ja ce n t
p la tf o rm s t o r e a ch n ew a u d ie n ce s is a s tra te g y t h at is
p ayin g o ff f o r m an y c o m pan ie s
T he e sc a la tin g c o st o f d eve lo pm en t a n d t h e p rim ary n eed
to g en era te a r e tu rn o n i n ve stm en t i s c h an g in g t h e
la n d sc a p e f o r p la tf o rm e xc lu siv e s a n d n ew r u le s a re b ein g
w rit te n f o r w in d o w in g o f c o nte n t
In p artic u la r m ajo r c o nso le p ub lis h ers a n d p la tf o rm h o ld ers
h ave a cce le ra te d t h eir t ra n sit io n in to P C g am e p ub lis h in g ,
d riv in g m ore b usin ess t h ro ug h S te a m a n d g en era tin g n ew
re ve n ue s tr e a m s
Mic ro so ft’s s tra te g ic s h if t t o r e a ch g am ers o n a s m an y
p la tf o rm s a s p o ssib le in clu d in g a cro ss it s c lo se st
c o m petit o r’s c o nso le s h as c a p tu re d m an y h ea d lin es. S ony
is p urs u in g a s im ila r a u d ie n ce b ro ad en in g s tra te g y ( s e e
H elld iv e rs 2 s im ult a n eo us r e le a se a cro ss c o nso le a n d
S te a m ), b ut r e m ain s f o cu se d o n b rin g in g it s c o nso le
e xc lu siv e s t o P C , w hic h it c o nsid ers a lim it e d t h re a t t o it s
c o nso le b usin ess. I t is lik e ly t h e g en era l t im in g w in d o w
betw een S ony’s c o nso le a n d P C r e le a se s w ill n arro w

Lic e n sin g t o m ult i- g am e s u b sc rip tio n s e rv ic e s s till w orth p urs u in g Sourc e : A m pere G am es – M ark e ts
D 2C w eb s to re s
& w eb a p ps 1 03m p eo ple
a g ed o ve r 5 5
in t h e U S
Telc o -o pera te d c lo ud g am in g s e rv ic e
co untr y c o ve ra g e
© A m pere A naly s is 2 025 | 3 4 M ult i- g am e s u b sc rip tio n s e rv ic e s r e m ain v ia b le l ic e n sin g o ppo rtu n it ie s t o g en era te
in cre m en ta l r e ve n ue f ro m p ub lis h er c a ta lo g ues . E ve n t h o ug h a ve ra g e d ea l v a lu e h as
g en era lly d eclin ed , t h ey c a n a ct a s u se fu l a u d ie n ce a cq uis it io n p la tf o rm s, w hic h w hen
co m bin ed w it h in -g am e m onetis a tio n o r a D LC s tra te g y c a n d riv e r e ve n ue
O f c o urs e , t h e c o re f o cu s is o n s e cu rin g d ea ls w it h t h e b ig gest in te rn atio nal s e rv ic e s –
M ic ro so ft’s G am e P ass a n d S ony’s P la yS ta tio n P lu s – b ut t h ere a re n um ero us o th er
se rv ic e s o pera tin g a ro un d t h e w orld s e ekin g c o nte n t in clu d in g a la rg e r o ste r o f c lo ud
g am in g o ffe rin g s. M ost o f t h ese a re s e rv e d b y c o nte n t a g gre g ato rs , b ut t h ere a re a ls o
so m e o ppo rtu n it ie s t o d o d ea ls d ir e ctly w it h s e rv ic e o pera to rs

Fo rm alis in g h o lis tic f r a n ch is e s tr a te g ie s t o l e ve ra g e I P i s i n cre asin g ly i m po rta n t Sourc e : A m pere G am es – M ark e ts
D 2C w eb s to re s
& w eb a p ps 1 03m p eo ple
a g ed o ve r 5 5
in t h e U S
H olis tic f r a n ch is e
str a te g y
Them e p ark sD ig it a l
co nte n t
In -g am e
co nte n t
F ilm /T V
ad ap ta tio ns
M usicT oysM erc h an d is in g © A m pere A naly s is 2 025 | 3 5 T he c o st o f d eve lo pin g o rig in al c o nte n t a n d b uild in g g am es
m ea n s t h at m an y c o m pan ie s a re lo okin g t o e xte n d t h eir
g am es I P in to n ew c a te g o rie s t o d riv e a s m uch v a lu e a s
p o ssib le f ro m t h eir in ve stm en ts . A ddit io nally , b ig ger g am es
co m pan ie s a re s it tin g o n la rg e p o rtf o lio s o f g am es I P , s o m e
of w hic h a re a ctiv e b ut m an y o f w hic h a re d o rm an t a n d
un d erd eve lo ped f ro m a f ra n ch is e s tra te g y p ers p ectiv e
A h o lis tic f ra n ch is e s tr a te g y f o rm alis e s h o w I P i s e xte n d ed
acro ss n ew p ro duct a re as, d if fe re n t t y p es o f m ed ia a n d
lic e n sin g o ppo rtu n it ie s. T he c u lt u ra l r e le va n ce o f g am es
m ea n s t h at t h ese o ppo rtu n it ie s a re m ult ip ly in g . T here a re
m an y lic e n sin g c h an nels t o t a p in to in clu d in g
m erc h an d is in g ,
f o r c o nte n t a cro ss liv e s e rv ic e g am es.
G en era lly t h is w ork is – u n d ers ta n d ab ly – d o ne a cro ss t h e
b ig gest a n d m ost a ctiv e f ra n ch is e s. E xte n d in g it t o t h e
b ro ad er p o rtf o lio n o t o nly h elp s d e
co lle ctio n o f I P , b ut a ls o id en ti
v a lu e. A h o lis tic a p pro ach a llo w s c o m pan ie s t o m ult ip ly
t h e e ffe cts o f t h eir i n ve stm en ts a n d g en era te m ean in g fu l
re ve n ue s tr e am s f ro m b o th a ctiv e a n d d o rm an t I P

Holis tic r e se a rc h i n to t h e g lo bal
g am es s e cto r
Clic k h ere f o r a d em o
T h an k y o u f o r r e a d in g

Don’t m is s o ut o n o ur f re e c o nte n t
Deliv e rin g a ll t h e la te st u p d ate s
a n d a n aly s is f ro m A m pere G am es
M onth ly i n sig ht f r o m
A m pere G am es
W eek ly e n te rta in m en t
new s r o und-u p
Lis te n t o o ur l a te st
p odca st
Our w eekly r o un d u p o f k e y in d ustr y
n ew s, d eliv e re d t o y o ur in b o x
T he A m p P odca st: B ox o ffic e
h it s , f ra n ch is e s, a n d w hat’s
n ext f o r c in em a?
S ig n u p h ereS ig n u p h ereL is te n h ere