The gaming world is by many standards a very chaotic industry where things can change overnight. Since new products, whether hardware or software, appear in this realm all the time, it’s quite difficult for users to be in the trend and stay in touch with everything that’s happening.
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So, what will be happening in the gaming world in 2024?
Gaming Products’ Prices Will Continue to Grow
Global inflation has irreversibly changed the market and forced us all to cut back on spending and watch prices more carefully.
There’s a simple rule for companies in times of inflation – they must invest even more work and effort to provide additional value for customers and maintain their sales. In addition to this, companies today have to balance prices very well, so this mostly means increasing them because production costs and allocations for employee salaries have increased.
The impact of inflation simply requires that the increased costs be passed on to someone, and in the gaming industry and in the IT industry in general, it’s the customers because the prices of products continue to increase. Unfortunately, this trend will continue due to the current political and economic circumstances around the world with no end in sight.
If prices reach a critical point where customers stop spending on new games and consoles, the gaming industry could be in trouble.
Video Game Industry’s Biggest Expo Might Shut Down for Good
Some users may not have heard of “E3”. It’s the largest event in the US, but also beyond, when it comes to the gaming industry, and many video game developers and publishers are represented at it, along with a lot of hardware and game titles. “E3” has been a pillar of the gaming industry for years and participating in it live or via live stream has become a tradition for many. Among the gaming systems that have been revealed at the event were the Wii U, Xbox 360, and PlayStation 3.
The US Entertainment Software Association (ESA) and events company Reedpop announced in a joint statement that the annual show wouldn’t longer be proceeding in 2023, perhaps no longer at all. The show was scheduled to return in June of this year in Los Angeles following years of disruption due to Covid-19.
“E3”, also referred to by enthusiasts as “video game Christmas”, has been a mainstay of the gaming industry calendar since 1995 with 66,000 attendees in 2019 before Covid shut it down.
Cryptocurrencies Will Become Even More Integrated with Video Games
Despite the decline in the market value of cryptocurrencies during 2022, their development hasn’t slowed down in 2023.
When it comes to the gaming industry, the reality is that cryptocurrencies have found their refuge in it and gamers have nothing against it. Take for example the game “Axie Infinity”, which is free to download but you have to buy NFTs (non-fungible tokens) to play it. This practice could be extended to many game titles, so it will be increasingly possible to see that in order to start playing, it’s necessary to buy crypto-currencies beforehand or to subsequently make in-game transactions to obtain new features.
The so-called “play-to-earn” crypto games have been around for a while now and many gamers spend hours and hours playing them to increase their cryptocurrency stash. The global recession and inflation are simultaneously driving the trend that people want to have extra income, so we’re sure that many gamers will see this opportunity in similar games.
Sony’s Reaction to Microsoft’s Purchase of Activision Is Expected
There’s current pressure on Sony to react to Microsoft’s acquisition of Activision Blizzard (an American video game holding company, that produced gaming hits like “Call of Duty”, “Diablo”, and “Overwatch”, among many others) which happened in October, analysts say. The $68.7 billion acquisition represents the largest deal in the gaming industry’s history, as well as the largest acquisition in the larger tech sector. With the completion of the deal that some claimed would give Xbox too much power across the gaming space, the future of the PlayStation maker is unclear.
Sony is now compelled to sign high-profile agreements that would provide them with a significant means of competing with Microsoft’s expanding game development infrastructure. Throughout 2023, Sony has already expressed interest in making additional acquisitions. Back in May, the conglomerate allegedly even considered going public with its financial services division in order to raise money for more M&A. It’s unclear if Sony would need to make such a move in order to continue its inorganic growth momentum, but one thing is for sure: over the past 12 months, the company has slowed down its acquisitions in the gaming industry. In 2022, it completed five deals, but in 2023, it only acquired Firewalk Studios, a Washington-based game developer.
Netflix Will Release New Games for Smartphones and PC
It’s been a long time since Netflix released games, and it’s moving further and further away from the fact that it’s just a subscription video-on-demand streaming service. Netflix is firmly convinced that games will somehow save it given that the end of last year and the beginning of this year marked a big drop in its subscribers.
Judging by the statements of Netflix officials, 2024 will be the year of the arrival of many games for phones as well as for PCs. We haven’t had a chance to see the announcement of the PC game so far, so we’re eagerly waiting to find out what the fans’ reactions will be to it.
While it continues to develop its cloud gaming service, Netflix may be able to expand the number of devices on which its growing game library can be played and enjoyed. Additionally, Netflix is developing a feature that will allow you to control TV games with your iPhone.
Adding new products within existing subscriptions is Netflix’s plan to restore positive business trends.
The Metaverse Will Open up New Doors for Developers and Gamers
Despite causing negative comments and dampening fan enthusiasm, the metaverse is still ongoing in the Meta CEO Mark Zuckerberg’s plans. Many companies continuously invest big money in it, and the two most important ones are, logically, Meta, and Microsoft.
While there are already gaming titles such as “Sandbox” and “Decentraland” that are oriented towards the metaverse, there’s a good chance that it will be incorporated even deeper into the world of video games during the year 2024. The metaverse will certainly try to take another step forward and be part of a game that will mark true escapism from the world of reality, and it seems to us that the current events in the world are the right time for the arrival of something similar.
We’ll explain.
Virtual reality (VR) and augmented reality (AR), the two main technologies driving the metaverse, have been shown to be extremely effective at changing gameplay. Businesses around the world in a variety of industries stand to gain trillions of dollars from the metaverse.
The metaverse-driven gaming could have a seamless gameplay integration with other virtual experiences. The benefits of the metaverse as a technology for developers indicate the potential for creativity. Because they allow players to create social virtual worlds, online multiplayer games have grown in popularity. Massive and persistent worlds can be created in MMORPGs (massively multiplayer online role-playing games), like World of Warcraft.
The metaverse crosses paths with eSports, as well. A new paradigm in interactive gaming is about to emerge from the convergence of the metaverse and the competitive aspect of video games, providing an unparalleled degree of social interaction, engagement, and immersion. The metaverse basically provides a brand-new, huge playground for eSports, whose competitions can take place in virtual arenas in the metaverse, enabling player and spectator interaction that was not previously feasible. Imagine being able to virtually sit next to your friends during a live eSports match, interacting with the players and even being able to walk onto the playing field for a closer look. In 2024, the process might go more quickly.
The above means, that betting on eSports will be feasible via the metaverse. Bookmakers use the metaverse gambling platforms, which are created with digital assets and the economy in mind, to give bettors a VR experience. You can easily place bets on any sport you want in a matter of seconds with the aid of VR headsets, an Internet connection, and a smartphone. You must buy certain metaverse tokens, such as MANA, SAND, and BLOK, in order to gamble in the metaverse. Then, you can make bets on your preferred team by utilizing these virtual currencies. NFTs are exciting prizes and offers that can be found at casinos and betting websites. Sports betting and eSports tournament platforms with a focus on cryptocurrency already exist and are presented at Bookmaker-Expert.com among the best EcoPayz bookmakers in 2023 and several others. They provide an ecosystem for gamers, sports bettors, athletes, and fans in the metaverse.
To produce games with 3D virtual environments and immersive experiences, gaming companies may be able to depend on metaverse developers. Playing metaverse games could make it easier for users to enter a vast virtual world with a variety of gaming experiences. Moreover, the metaverse underscores the opportunities for enhancing social and experiential elements within games. Above all, the metaverse might be the perfect platform for using games to build autonomous economies.
There Could Be New Game Streaming Services or a New Console
With the newer generation of consoles, we don’t really feel that they are so different from the previous ones, so for that reason, we believe that something innovative must happen next year. The assumptions are that a new game streaming service or a new console must appear that will keep up with the times and offer something completely new because the conditions are all around. It’s also important to repeat that we live in economically very demanding times, and customers who are increasingly paying attention to prices must be offered something that has new value.
Add to these statements the confirmed announcement that even before the event was canceled completely, Microsoft, Sony, and Nintendo boycotted this year’s “E3” and we’ll surely get an announcement of something big. A new cloud gaming service or console could be the goal of these companies, and especially it could be a cheaper service or a “lighter” console that would correspond in price to the coming periods of recession.
But before the trio pulls it off, the Korean tech giant Samsung announced the launching of its own cloud gaming service. Samsung disclosed this information during its developer conference at the start of October. The service has been in beta since August and is primarily focused on mobile games, in contrast to most streaming services that let users play PC and console games on a range of devices. They hope that by fully collapsing the user acquisition funnel and eliminating the need for downloads, installations, and App Store visits, cloud streaming will benefit mobile game publishers.
What are your predictions for the gaming industry in 2024? Write in the comments on our social networks.
