The global video game industry closed 2025 with a new revenue milestone: $195.6 billion in game content sales, marking 5.3% year‑over‑year growth. But the headline only tells part of the story. Beneath the surface, the industry is undergoing a structural transformation—shifting revenue sources, rising outsourcing dependence, and a decade-long rebalancing of global power.
This article breaks down the 2025 findings and places them in context with 10‑year historical comparisons (2015 → 2025) to show how dramatically the industry has evolved.
1. Revenue Growth: A Decade of Expansion and Rebalancing
2025 Snapshot
- $195.6B in global game content sales
- 5.3% YoY growth
- Third consecutive year of industry-wide revenue increases
10‑Year Comparison (2015 → 2025)
| Year | Global Game Content Revenue | Notes |
|---|---|---|
| 2015 | ~$91B | Mobile surging; console cycle mid‑generation |
| 2025 | $195.6B | Live services, China, and UGC platforms dominate |
Growth over 10 years: +115%
What changed?
- Mobile matured, but growth shifted to hybrid F2P/live-service ecosystems.
- China became essential, now representing 20% of global player spending.
- UGC platforms (Roblox) emerged as major revenue engines.
2. Funding Collapse: The Harshest Downturn in a Decade
2025 Snapshot
- Private funding down 55%
- Only 40 deals in Q4 2025
- Less than $100M in pre‑seed funding
10‑Year Comparison (2015 → 2025)
| Year | Funding Climate | Notes |
|---|---|---|
| 2015 | Strong VC interest | Mobile gold rush; esports boom |
| 2025 | Severe contraction | Post‑pandemic correction; investor caution |
The 2025 funding environment is the weakest in a decade, even compared to the 2016–2017 mobile saturation dip.
3. Layoffs: A Four‑Year Crisis Reaches 44,000 Jobs Lost
2025 Snapshot
- 9,200 layoffs (down 40% from 2024)
- 44,000 layoffs since 2022
- Nearly 50% of all layoffs occurred in California
10‑Year Comparison (2015 → 2025)
| Period | Layoff Trend | Notes |
|---|---|---|
| 2015–2019 | Sporadic, studio‑specific | Mostly tied to project cancellations |
| 2022–2025 | Systemic, industry‑wide | Overexpansion during pandemic; live‑service failures |
The last four years represent the most turbulent employment period in modern gaming history.
4. Outsourcing Becomes the Backbone of Game Development
2025 Snapshot
- 35.5% of all content investment is outsourced
- Up from 30.6% in 2017
- Up from 31.5% during COVID‑19
- In some disciplines, 60–95% of work is outsourced
10‑Year Comparison (2015 → 2025)
| Year | Outsourcing Share | Notes |
|---|---|---|
| 2015 | ~20–25% | Mostly art and asset production |
| 2025 | 35.5% | Core creative work outsourced: design, engineering, animation |
Case Studies
- Hollow Knight: Silksong → 3 internal credits vs 94 external
- Palworld → 97 internal vs 93 external (80 from Keywords Studios)
The industry has shifted from outsourcing “support tasks” to outsourcing core creative production.
5. Console vs. PC Spending: Diverging Trajectories
Console (2025)
- $41.6B in consumer spending
- Only 2.3% above 2020
- 119% of net growth since 2020 went to subscription services
- Game sales and transactions down 11% YoY
PC (2025)
- $40.7B in spending
- Up from $31.4B in 2020 → +30% growth
10‑Year Comparison (2015 → 2025)
| Platform | 2015 | 2025 | Trend |
|---|---|---|---|
| Console | ~$25–30B | $41.6B | Slow growth; subscriptions dominate |
| PC | ~$32B | $40.7B | Stable growth; strong in Asia and F2P |
PC has quietly become the more resilient platform, especially in China and emerging markets.
6. China’s Dominance: The Decade’s Biggest Power Shift
2025 Snapshot
- China = 20% of global player spending
- Chinese publishers captured ~50% of global growth since 2019
10‑Year Comparison (2015 → 2025)
| Year | China’s Share of Global Spending | Notes |
|---|---|---|
| 2015 | ~12–14% | Regulatory tightening begins |
| 2025 | 20% | China becomes essential for global growth |
Matthew Ball’s conclusion:
“If a game maker wants to match global growth, they must win China.”
7. Roblox: The Decade’s Most Explosive Growth Story
2025 Snapshot
- 67% of all net market growth came from Roblox
- More DAUs than PlayStation, Switch, or Xbox
- 10B+ monthly engagement hours
10‑Year Comparison (2015 → 2025)
| Year | Roblox Status | Notes |
|---|---|---|
| 2015 | Niche UGC platform | Mostly kids; early monetization |
| 2025 | Global engagement giant | More hours than Steam + PlayStation + Fortnite combined |
Roblox is no longer a platform—it’s a market force.
8. The Five Biggest Growth Areas for 2026
According to Matthew Ball:
- Non‑core markets
- Advertising
- Direct‑to‑consumer & alternative payments
- External development
- Roblox
These align with the decade-long shift toward services, global expansion, and creator‑driven ecosystems.
Final Takeaway: 2015 → 2025 Was the Industry’s Most Transformative Decade
The industry of 2025 is almost unrecognizable compared to 2015:
- Revenue more than doubled
- China became the growth engine
- Outsourcing became foundational
- Subscriptions reshaped console economics
- PC surged thanks to global markets
- Roblox redefined engagement
- Funding collapsed despite record revenues
The next decade will likely be defined by UGC platforms, global expansion, and alternative monetization, not traditional game sales.
