The Games Industry Braces for Another Tough Year in 2024: Insights from CEOs and Senior Stakeholders
The year 2023 presented significant challenges for the games industry, with over 10,000 developers worldwide losing their jobs and some studios shutting down permanently despite record-breaking sales, player numbers, and releases. The strain was palpable, yet industry insiders are bracing for an even more difficult period in 2024 and beyond.
Senior Stakeholders Anticipate ‘Up to Two Years of Pain’
According to a report published by GamesIndustry.biz, feedback and expectations from CEOs and senior executives paint a grim picture for the year ahead. One unnamed CEO expressed concern about:
Rising Costs and Oversaturation
‘With growing costs and oversaturation, the industry is facing a challenging landscape at present,’ the CEO stated. A stakeholder further explained that ‘developers are doing too many things that aren’t delivering.’
Record-High Game Releases and Few Successes
In 2022, there was a record-breaking number of games released on various platforms. However, only a small percentage of these titles achieved success, contributing to the oversaturation and financial strain within the industry.
Asset Divestment and Workforce Cuts
To stay afloat, organizations have been divesting their assets and making workforce cuts. Recent examples include Ubisoft shedding studios and employees.
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