Circana reports 10% uplift in US game spending but admits "this will continue to be a difficult year"
Circana has published its July 2024 US recap, along with its annual Future of Video Games report.
Its July 2024 findings report a 10% uplift in video game spending when compared to the same time in 2023, with the "resurgence in the market reflected across hardware, content, and accessories categories."
*projected to total market
The report also cites EA Sports College Football 25 as "leading the charge as the best-selling game of 2024 year-to-date."
“This will continue to be a difficult year for video game manufacturers and publishers, as an overall spending decline, albeit in the low single-digits, is expected,” said Mat Piscatella, video games industry advisor at Circana.
“However, the anticipated first half debut of Nintendo’s next generation hardware platform should provide a significant boost, as should the launch of Grand Theft Auto 6, which may just become the biggest entertainment launch in U.S. history.”
In its Future of Video Games Report, Circana suggests that whilst 2024 "is proving to be a challenging year for the US video game industry," a "significant rebound is expected in 2025."
Circana thinks this will happen due to launches like Grand Theft Auto 6 and Nintendo's new Switch hardware, and expects the trend for digital delivery to continue.
However, it does note that "forever" games like Fortnite, Roblox, and Fortnite will continue to dominate player time.
The report says video game hardware revenue is expected to decline in 2024 on account of "decreases in both average prices and units sold", although players looking to "more easily accessible platforms such as PCs and mobile devices" has "helped offset some of the console-related declines".
It explicitly cites Valve's Steam Deck as "an emerging and exciting area of video game hardware."
“The transition to the new normal in the video game market has not been painless,” Piscatella added.
“However, the long-term outlook remains optimistic, with 2025 in particular carrying significant growth potential.”
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