Physically Sold Video Games - Nigeria

Revenue in the Physically Sold Video Games market market in Nigeria is projected to reach US$646.50k in 2024.
Revenue in this market is expected to show an annual growth rate (CAGR 2024-2029) of 0.11%, resulting in a projected market volume of US$650.20k by 2029.
In Nigeria, the number of users in the Physically Sold Video Games market market is expected to amount to 37.3m users by 2029.
User penetration in the Physically Sold Video Games market market in Nigeria is expected to be at 16.7% in 2024.
The average revenue per user (ARPU) in this market is expected to amount to US$0.02.
In global comparison, most revenue will be generated the United States (US$3.33bn in 2024).
In Nigeria, the physically sold video game market is witnessing a surge in popularity driven by increased youth engagement and evolving digital distribution channels.

Definition:

The market for physically sold video games involves the distribution and sale of video game titles in physical format, such as discs or cartridges. These games are typically purchased from retail stores or online platforms and played on various gaming consoles or computers.

Additional Information:

The market comprises revenues, users, average revenue per user, and penetration rates. Revenues are generated through purchases. Key players in the market are companies, such as Electronic Arts (EA), Activision Blizzard, and Ubisoft.

Video games purchased in retail stores such as Game Stop, Walmart, and Target
Games purchased online as solid storage media, such as on Amazon

Games purchased via the internet such as Steam, Origin, and Blizzard’s Battle.net for PCs and the Xbox Games Store, PlayStation Store, and Nintendo eShop for consoles

Data coverage:

The data encompasses B2C enterprises. Figures are based on the Games market, which is divided into Physically Sold Video Games and Digital Video Games. Physically Sold Video Games comprises revenues associated with in-person purchases of video games in retail stores. All monetary figures refer to consumer spending on digital goods or subscriptions in the respective market. This spending factors in discounts, margins, and taxes.

Modeling approach / market size:

The market size is determined through a bottom-up approach. We use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., Consumer Insights), as well as performance factors (e.g., user penetration, price per product, usage) to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as various macroeconomic indicators, historical developments, current trends, and reported performance indicators of key market players. In particular, we consider average prices and annual purchase frequencies.

Forecasts:

We apply a variety of forecasting techniques, depending on the behavior of the relevant market. For instance, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption. The main drivers are GDP per capita, consumer spending per capita, and 4G coverage.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development). Consumer Insights data is reweighted for representativeness.

This report presents a comprehensive analysis and additional information on the Advertising & Media market, in a PDF format.

Video games come in all shapes and sizes, from triple-AAA blockbuster releases with marketing campaigns that rival those of Hollywood movies, to independent gaming studios putting out titles that cater to specific audiences. The most popular video games sell millions of copies - currently, the best-selling video game franchise worldwide is Tetris with over 500 million unit sales.