Digital marketing is a fast-paced realm, and as a Digital Marketing Lead I serve as the strategic navigator, steering my team at @AGN through the dynamic landscape of online marketing. From helping to craft compelling content and optimizing websites for search engines to harnessing the power of social media and data analytics. Since the world emerged from the recent pandemic, digital marketing has accelerated with even more rapid innovations and shifts in consumer behavior. Which is why today more than ever, the In-Game Advertising industry needs to look into the future regularly in order to stay ahead of the curve and in-line with industry trends. Here, we’ll take a look into the key trends shaping the gaming market this year.
Gaming Market Recovery and Growth 📈📊
The last two years were a relatively stagnant period, but the gaming market is projected to make a strong recovery with potential for significant growth in 2024. With the industry still stabilizing after the pandemic, 2024 projects to be a year with more continuity, with over 90% of industry leaders indicating an expected revenue growth in the market this year. For those of us in In-Game Advertising, this allows an opportunity to make the most of this trend by moving with these new developments, while also improving our existing offerings.
Newzoo, 2024
Mobile Gaming: The Growth Continues 📱🚀
The massive growth of mobile gaming will continue steadily in 2024, driven by the highest ever smartphone penetration and strong consumer demand for interactive and immersive gaming experiences. There's also the point of smartphones becoming more powerful and affordable, in turn putting more mobile games within the reach of more users. 2024 projects to be a year of enormous potential for both mobile gamers and in-game mobile advertisers alike.
According to Statista, the mobile gaming market is expected to show a compound annual growth of over 6% between now and 2027. With so many more mobile gamers diving into this market in 2024, the challenge for marketers will be to craft campaigns that resonate across a newer, more diverse and wider audience spectrum.
The Rise of Cloud Gaming ☁️🎮
Cloud gaming has been spoken about for a while and almost has become a buzzword by now, but 2024 is the year it begins to fulfill the potential that we have all been discussing for the past number of years. With ongoing advancements in cloud technology and faster internet speeds becoming the norm, gamers are increasingly embracing cloud services. This shift means that high-quality gaming experiences that audiences are excited for are no longer restricted by hardware limitations.
The Cloud Gaming market in Canada is projected to reach a revenue of US$219.80m in 2024, up from $143.6m in 2023 with even bigger growth on the way. This market is expected to show an annual growth rate (CAGR 2024-2028) of 24.4%, resulting in a projected market volume of US$643.40m by 2028. For advertisers, this opens a new universe of possibilities for reach and engagement, as premium cloud gaming becomes accessible to a wider audience.
Streaming Platforms: Our Users’ Communities 📹👨👩👧👦
Gaming content on social media and streaming platforms such as Twitch among others has become an integral element of gaming culture. In 2024, these platforms aren’t just about sharing content; they're where gaming communities are born and grow. With a projected growth of 8.41% leading to a value of US$17.39b in the worldwide streaming market between 2024-2027, this is a trend that is not going away anytime soon. As a digital marketer, leveraging these platforms for campaigns, influencer partnerships, and creating community engagement is not only an enormous opportunity but a necessity this year.
AI's Impact on Game Production and In-Game Advertising 🤖🕹️
Artificial Intelligence (like in almost every other industry), is revolutionizing game production and in-game advertising in 2024. AI-driven tools are enabling more efficient game development processes, leading to faster production times and enhanced creativity. In terms of advertising, AI is facilitating more personalized and immersive ad experiences within games, transforming how us as marketers interact with audiences within the gaming environment.
As always in our industry, technological advancements, shifting consumer habits, and market fluctuations or stability will define our year in 2024. As digital marketers, we need to be agile, innovative, and adaptive while catering to the evolving needs of our audience of gamers. Being prepared for the eventuality of these trends becoming a reality is our best bet for success, because failing to prepare means preparing to fail, even when looking into the future!
So don’t wait for the future to get started, get into In-Game Advertising now and cement your position in 3D world environments that are enjoyed by millions of Canadians across mobile, console, and desktop.
Learn more about AGN and how we’re helping brands with gamers across Canada
Kevin Kane is Digital Marketing Lead at AGN. A graduate of Technological University Dublin, and having worked with brands across multiple industries in both Europe and North America, he has gained a wealth of experience in areas such as marketing strategy, social, paid search, SEO, design and more.