MY video gaming industry to hit US$649M revenue in 2024, says digital minister

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Malaysia's video game industry is projected to hit US$649 million (RM3.1 billion) in revenue in 2024, digital minister Gobind Singh Deo reportedly said.

Speaking at the launch of the Xsolla Curine Academy, Deo reportedly said that the market is anticipated to show a steady compound annual growth rate of 7.55% from 2024 to 2027. This projects a market value of US$807 million by 2027.

He reportedly added that collaboration is key. This is especially since the gaming industry is inherently global, and the achievement in the field requires concerted efforts from all stakeholders, locally and abroad.

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Deo reportedly said that joining forces, sharing knowledge, resources, creating opportunities and fostering a culture of innovation that transcends borders, unites the country in its pursuit of excellence.

According to Deo the government remains committed to providing unwavering support to the gaming industry, offering financial incentives, and regulatory frameworks that protect intellectual property (IP) rights.

He reportedly added that the ministry, via the Malaysia Digital Economy Corporation (MDEC), is committed to growing and nurturing the country’s digital content industry through a few approaches.

The MDEC will also be facilitating investments and market access support through participation in the Annecy Festival, Games Developer Conference, and the Tokyo Game Show, Deo reportedly said.

In tandem, the MDEC will reportedly support IP growth, incubate new studios and targeted skills development programmes such as the Digital Content Incubation Programme, the Digital Content Grant and the Digital Content Creators Challenge.

Deo said that the agency will also help in building the Malaysian brand through industry support and leadership via regional research and thought leadership papers, regional conferences as well as business events, according to Bernama.

The minister reportedly said that investment in the digital content sector in Malaysia has grown from RM550 million in 2022 to RM1.6 billion in 2023 and is projected to produce over 1,900 high-income jobs through 'Malaysia Digital' status companies.

The mobile game industry continues to surge, with the Asia Pacific (APAC) region scoring the highest shares of organic gaming app installs at 48%. This is according to measurement and analytics company Adjust's gaming app insights report, a resource for studios developers and mobile marketers.

In-app revenue for gaming apps experienced a notable 6% year-on-year (YoY) increase in 2023. The rise was most sharply seen in December, when in-app revenue climbed 17% above the annual average and 21% YoY, said the report.

Adjust anticipates that these figures will continue climbing throughout 2024. This is especially since January 2024 has already seen a 13% YoY increase.

Photo courtesy of Gobind Singh Deo (Facebook)

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