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2024 Projections The Skyrocketing Trajectory of Mobile Gaming in the United States

2024-04-03 

The resurgence of the mobile gaming industry in the United States has been remarkable following the global pandemic. After a brief decline in 2022, revenue stabilized in the initial half of 2023 and has since been on a steady upward trend, particularly evident since March 2023.

This comprehensive analysis delves into the current landscape of the industry, incorporating case studies to offer a detailed examination. Additionally, it presents insights into the anticipated future trends shaping mobile gaming revenue in the US.

As the pandemic’s grip loosened, US mobile gaming revenue experienced a downturn in 2022 but began to stabilize by early 2023. March 2023 witnessed a notable month-over-month increase of 5.7%, signaling a return to growth. This positive momentum continued into April with a 3.8% increase, culminating in a total revenue of $23.3 billion for the year.

Optimism surrounds the forecasts for the first quarter of 2024, with an anticipated revenue growth of 4.2% quarter-over-quarter and a substantial 15% year-over-year increase. There’s a possibility of surpassing the $6.4 billion mark recorded during the peak pandemic period of Q2 2021.

The resurgence of US mobile gaming revenue has been particularly fueled by casual and hybrid-casual mobile games. Casual games remain dominant, constituting 60% of total in-app purchases, generating revenue of $13.9 billion in 2023. In the period between Q3 2023 and Q1 2024, in-app purchases from casual games are projected to increase by 214 billion.

Hybrid-casual games, epitomized by titles like “Last War: Survival Game,” have witnessed a consistent surge in in-app purchases. Forecasts for Q1 2024 predict an impressive 65% year-over-year growth, with expected revenue reaching $340 million.

Significant revenue growth has been observed in board, puzzle, and strategy mobile games over the past six months in the US market. For instance, Scopely’s “MONOPOLY GO!” has propelled the board game category to a 26% quarter-over-quarter increase, reaching $3.4 billion and surpassing puzzle games. Titles such as “RoyalMatch” have contributed to a substantial growth of 102.9 billion in puzzle games. Meanwhile, strategy games are not far behind, with a 7% increase to $1.9 billion.

“Last War: Survival Game” has experienced rapid growth in both downloads and revenue since November 2023. Monthly revenues surged by 188%, 390%, 170%, and 67% from November 2023 to February 2024, accumulating over $180 million globally.

South Korea and the United States emerged as the top contributors, accounting for 30% and 28% of the revenue, respectively. By January 2024, the game claimed the top spot in the US strategy game download charts and, by February, it ranked first in downloads and third in revenue in South Korea.

The US mobile gaming market is undergoing a robust recovery, with casual and hybrid-casual games playing pivotal roles in this resurgence. The strategic marketing and localization efforts, as demonstrated by games like “Last War: Survival Game,” have proven effective in attracting a substantial user base, setting the stage for record-breaking revenue in the forthcoming year.

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