What the numbers say: According to data from Newzoo's VR Games Market Report 2022, the VR gaming industry's worldwide revenue is expected to increase to $2.5B in 2023, a significant rise from $1.4B in 2021. From 2019 to 2024, VR gaming revenues are anticipated to expand at a compound annual growth rate (CAGR) of 44%. Relevance: The VR install base is growing faster than ever; it will hit 27.7 million users by 2022 and is forecast to reach 46 million by the end of 2024, Newzoo reported. Impact: In October 2022, Meta announced that the Meta Quest Store had generated $1.5B in-app revenue. The top-selling game is Beat Saber. The title has earned $255M as of October 2022, the Wall Street Journal reported. |
