全球视频游戏：2025年游戏行业现状-对全球行业趋势的深度剖析

Investment Rating - The report rates Tencent, NetEase, Nintendo, Capcom, and Sony as "Outperform" while Bandai Namco, Konami, Square Enix, and Nexon are rated as "Market-Perform" [10][13][14]. Core Insights - The global video gaming industry is projected to generate US$205 billion in revenue for 2024, reflecting a 2.7% decline year-on-year, with a forecasted growth of 4.7% to US$215 billion in 2025, driven by the anticipated launch of the Switch 2 and a return of PlayStation to first-party game publishing [3][11][17]. - The industry is experiencing a significant shift in pricing strategies, with major companies like Nintendo and Microsoft raising game prices, which is expected to positively impact revenue for both platform owners and content creators [4][60][61]. - The report highlights the ongoing debate regarding Xbox's potential exit from console hardware, suggesting a shift towards subscription and cloud gaming models [5][14][101]. Revenue Estimates - The report estimates that global video gaming revenues reached US$205 billion in 2024, with mobile gaming accounting for US$108 billion, console gaming at US$54.1 billion, and PC gaming at US$42.8 billion [19][20][17]. - The console gaming sector is expected to rebound in 2025, particularly with the launch of the Switch 2, which is anticipated to drive significant growth [11][24]. Pricing Trends - The report notes that the pricing of new games has been stagnant for years, with the recent increases to US$80 being a long-overdue adjustment to align with inflation and production costs [61][64]. - Multi-game subscription services are also seeing price increases, with PlayStation Plus raising its base tier price to approximately US$70 [63][67]. AI in Gaming - The report discusses the growing role of AI in video game development, highlighting its potential to enhance productivity and gameplay quality, with companies like Tencent and Krafton leading the way in AI adoption [7][70][71]. - There is a notable divide in attitudes towards AI within the industry, with some developers embracing it while others remain cautious [87][89]. Competitive Landscape - The report emphasizes that the availability of skilled labor in Asia allows top developers in Japan, Korea, and China to gain market share from larger Western peers [13]. - The report suggests that Microsoft's transition from a console-centric model to a focus on subscription and cloud gaming is likely, given the challenges faced by the Xbox hardware [14][101].