2025年游戏报告：突破边界制胜

Breaking Boundaries to Win Acknowledgments The leadership team of Bain & Company’s Global Gaming Sector practice prepared this report, withspecial direction from Anders Christofferson, partner and Global Gaming Sector lead, and BrandonRogers, Media practice manager. The authors would like to thank Danielle Schwenker, Luisa Zhu, Magnus Haug, and Tom Burton for theircontributions to this work. Thanks also to Danielle Erickson, Jeff Bauter Engel, and the editorial team fortheir assistance. This work is based on secondary market research, analysis of financial information available or provided to Bain & Company and a range ofinterviews with industry participants. Bain & Company has not independently verified any such information provided or available to Bainand makes no representation or warranty, express or implied, that such information is accurate or complete. Projected market and financialinformation, analyses and conclusions contained herein are based on the information described above and on Bain & Company’s judgment,and should not be construed as definitive forecasts or guarantees of future performance or results. The information and analysis herein doesnot constitute advice of any kind, is not intended to be used for investment purposes, and neither Bain & Company nor any of its subsidiariesor their respective officers, directors, shareholders, employees or agents accept any responsibility or liability with respect to the use ofor reliance on any information or analysis contained in this document. This work is copyright Bain & Company and may not be published,transmitted, broadcast, copied, reproduced or reprinted in whole or in part without the explicit written permission of Bain & Company. Gaming Report 2025 Contents Breaking Boundaries to Win2Gamer Survey: Great Gameplay Is No Longer Enough3Winning Beyond the Game10Squeezed in the Middle: AAA Gaming Studios Must Adapt16Skipping the Storefront: Direct Distribution’s Growth in Gaming23 Gaming Report 2025 Breaking Boundaries to Win The video game market has rebounded after the consolidation following the pandemic boom,but growth is more concentrated than ever. Bain’s annual Video Game Consumption Surveyfinds that young gamers (unsurprisingly) continue to fuel top games’ success, especiallyplatform-style games. Their players most highly value social, creative elements and gameplay;graphics are secondary. That’s been the case for a while for many gamers, but it’s even morepronounced among younger players. AAA studios are adapting, but they’re also getting squeezed by nimble indies capitalizing onevolving tastes and technology’s democratization of game development and distribution.Studios of all sizes are selling more directly to consumers, reducing distribution fees anddeepening relationships with players. Stoking players’ love is even more crucial as fans spendmore time with favorite franchises through cross-media extensions. Leading companies are breaking new ground by embracing a core truth: Success still dependson creating a great game, but now, that’s just the start. Daniel HongLeader of Bain’s Global Media& Entertainment Practice Anders ChristoffersonGlobal Gaming Sector Lead Tom RowlandGaming Sector Lead,Americas Anders VidebaekGaming Sector Lead, Europe,the Middle East, and Africa Gamer Survey: Great GameplayIs No Longer Enough Top games are winning with community building, user-generated content,and innovative revenue models. By Anders Christofferson, Anders Videbaek, Tom Rowland, and Matt Madden At a Glance The video game market grew 5% last year, to about $219 billion; Bain forecasts 4% annualgrowth through 2028Growth is more concentrated than ever amongst top games, and one of the most compellingmodels is “games as a platform”These games defy traditional rules: Their players value social, creative elements as muchas gameplay and more than graphicsBoth AAA and platform-style game developers are looking to brands for revenue,but players remain skeptical outside of mobile games The video game industry is rebounding from post-pandemic consolidation. The market grew 5% last year,to around $219 billion in revenue, excluding hardware, advertising, and esports, according to Bainanalysis. We forecast about 4% annual growth through 2028, a normalization after the pandemic boom. But industry growth remains concentrated. It’s well-established that the most successful titles in any yeartend to be those that were successful in prior years. This ossification has reached new levels: The top 10games on each platform now capture approximately 50% to 60% of total revenue for active titles on theirrespective platforms, according to Bain analysis. Gaming Report 2025 There are multiple successful archetypes within these top games—including “games as a platform”(e.g.,Roblox,Fortnite,Minecraft); traditional AAA games (e.g., annualCall of Dutyreleases,EA Sports FC);and top mobile titles (e.g.,Honor of Kings,Candy Crush). We unpacked the succe