Cloud Games Annual Revenue Will Reach $6.5 Billion in 2024 – Report
Will cloud gaming be the future of the gaming industry?
Microsoft announced two days ago that the cloud gaming service is coming to Xbox One and Xbox Series by the end of the year, and it is no secret that the cloud gaming market has witnessed a huge boom recently with projects such as Xbox Cloud Gaming and GeForce Now, and according to the latest reports, the revenues of this division will reach sums of fairy by 2024.
Newzoo‘s report explained that the cloud gaming market continues to grow with expectations that it will reach $6.5 billion in global annual revenue in 2024, and the report identified some factors that will help in this growth, including:
- The closures of most countries continued until this year due to the outbreak of the Corona epidemic.
- The difficulty players face in acquiring new generation hardware such as PS5 and Xbox Series, and PC components such as graphics cards.
- Diversity of cloud gaming models such as xCloud and Facebook Cloud Gaming.
- Increased awareness of cloud gaming thanks to the increased marketing efforts of various companies.
The report also points to the limited connectivity problems and improvements in Internet services in various countries of the world in the recent period, in addition to the adoption of publishers on cloud games as a new way to spread their games and reach a larger audience, in addition to that, cloud games are a distinct alternative for emerging markets and over time will become an essential method For many users to experience video games instead of traditional gaming platforms such as PlayStation and Xbox.