Circana has released its July 2024 US recap alongside its annual Future of Video Games report.
Its July 2024 findings report a 10% increase in video game spending compared to the same period in 2023, with “market recovery reflected across hardware, content and accessory categories.”
- Total video game sales* in July 2023: 4,349 million dollars
- Total video game sales* in July 2024: USD 4,773 million (+10%)
- Total Video Game Sales* December 30, 2023 – August 3 YTD: 31,450 million dollars
- Total Video Game Sales* from December 30, 2023 to August 3 YTD: $32,094 million (+2%)
*projected for the overall market
The report also lists EA Sports College Football 25 as the “best-selling game of 2024 as of today.”
“This year will continue to be difficult for video game manufacturers and publishers as overall spending is expected to decline, albeit in the low single digits,” said Mat Piscatella, video game industry consultant at Circana.
“However, the expected debut of Nintendo's next-generation hardware platform in the first half should provide a significant boost, as should the launch of Grand Theft Auto 6, which may become the biggest entertainment in US history.”
In its Future of Video Games Report, Circana suggests that while 2024 “is shaping up to be a challenging year for the U.S. video game industry,” “2025 is expected to see a significant recovery.”
Circana thinks this will happen with launches like Grand Theft Auto 6 and Nintendo's new Switch hardware, and expects the digital delivery trend to continue.
However, he notes that “forever” games like Fortnite, Roblox and Fortnite will continue to dominate players' time.
The report states that video game hardware revenue is expected to decline in 2024 due to “declines in both average prices and units sold,” although gamers seeking “more readily available platforms such as desktop and mobile devices” “helped offset some of the console-related drops”.
He specifically cites Valve's Steam Deck as “an evolving and exciting area of video game hardware”.
“The transition to the new normal in the video game market has not been painless,” added Piscatella.
“However, the long-term outlook remains optimistic, with 2025 in particular bringing significant growth potential.”