2025 年最新游戏报告bain_report_gaming_report_2025.docxVIP

GamingReport2025

BreakingBoundariestoWin

BAINCOMPANY

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GamingReport2025

Contents

BreakingBoundariestoWin 2

GamerSurvey:GreatGameplayIsNoLongerEnough 3

WinningBeyondtheGame 10

SqueezedintheMiddle:AAAGamingStudiosMustAdapt 16

SkippingtheStorefront:DirectDistribution’sGrowthinGaming 23

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GamerSurvey:GreatGameplay

IsNoLongerEnough

Topgamesarewinningwithcommunitybuilding,user-generatedcontent,andinnovativerevenuemodels.

ByAndersChristofferson,AndersVidebaek,TomRowland,andMattMadden

AtaGlance

Thevideogamemarketgrew5%lastyear,toabout$219billion;Bainforecasts4%annualgrowththrough2028.

Growthismoreconcentratedthaneveramongsttopgames,andoneofthemostcompellingmodelsis“gamesasaplatform.”

Thesegamesdefytraditionalrules:Theirplayersvaluesocial,creativeelementsasmuchasgameplayandmorethangraphics.

BothAAAandplatform-stylegamedevelopersarelookingtobrandsforrevenue,butplayersremainskepticaloutsideofmobilegames.

Thevideogameindustryisreboundingfrompost-pandemicconsolidation.Themarketgrew5%lastyear,toaround$219billioninrevenue,excludinghardware,advertising,andesports,accordingtoBain

analysis.Weforecastabout4%annualgrowththrough2028,anormalizationafterthepandemicboom.

Butindustrygrowthremainsconcentrated.It’swell-establishedthatthemostsuccessfultitlesinanyyeartendtobethosethatweresuccessfulinprioryears.Thisossificationhasreachednewlevels:Thetop10gamesoneachplatformnowcaptureapproximately50%to60%oftotalrevenueforactivetitlesontheirrespectiveplatforms,accordingtoBainanalysis.

BAINCOMPANY

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GamingReport2025

Therearemultiplesuccessfularchetypeswithinthesetopgames—including“gamesasaplatform”

(e.g.,Roblox,Fortnite,Minecraft);traditionalAAAgames(e.g.,annualCallofDutyreleases,