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2024 video game industry layoffs

From EverybodyWiki Bios & Wiki

Template:VG historyIn 2024, the video game industry continues to experience mass layoffs, which began in 2023, with major publishers such as Microsoft Gaming, Sony Interactive Entertainment, Electronic Arts, Riot Games and others announcing substantial layoffs. In 2023, over 10,000 jobs were lost, and an additional over 8,000 jobs were lost in 2024 between January and February alone.[1][2][3]

Most of the job cuts occurred in North America and Europe, with video game industry in the United States being the most affected, followed by Canada, United Kingdom and Poland.[4][1] In 2024, Microsoft Gaming laid off the most workers, with 1,900 affected, followed by Unity Technologies with 1,800 staff, and Sony Interactive Entertainment with 900 staff. Additionally, over eight studios laid off their entire staff and shut down.[5][6][7][1]

The 2024 layoffs were not a singular event but rather the culmination of several converging factors. The COVID-19 pandemic unexpectedly fueled a surge in video game demand.[8] This led companies to make ambitious investments in acquisitions, mergers, and staff expansion, anticipating sustained growth[9]. However, as the world reopened and the market returned to pre-pandemic trends, the rapid growth proved unsustainable, and companies found themselves with bloated operational costs, necessitating cutbacks.[10]

Causes[edit]

Rising development costs[edit]

The cost of developing AAA games has steadily climbed in recent years due to several factors. The increasing complexity of game design, the adoption of advanced technologies to create "visually stunning" experiences, and rising player expectations for expansive and cinematic content all contributed to this cost inflation.[11][12] This put immense pressure on company budgets.[13] The global economic slowdown in 2024, coupled with rising interest rates, made it more challenging for companies to secure funding. This limited their ability to invest in new projects and maintain existing ones, further contributing to the need for workforce reductions.[14]

According to a report cited by the Competition and Markets Authority (CMA), development budgets for AAA video games have surged in recent years.[15] While AAA releases previously had budgets ranging from $50-150 million, games set for release in 2024 or 2025 are now seeing budgets of $200 million and higher. Some franchises, like Call of Duty and Grand Theft Auto, have budgets exceeding $300 million and $250 million, respectively. Additionally, according to the CMA, one major publisher mentioned that a single AAA game could have development costs between $90-180 million and marketing budgets ranging from $50-150 million.[16] For certain franchises, such as one cited by the CMA, combined development and marketing costs reached $660 million and almost $550 million, respectively.[17] Activision noted the increasing need for multiple studios to meet the demands of annual Call of Duty releases, leading to greater reliance on outsourcing.[18]

Rising development costs have prompted video game publishers to either cancel or delay their games and lay off development teams. The Embracer Group notably announced the cancellation of 29 titles.[19] Microsoft Gaming canceled Odyssey, a game Blizzard Entertainment had worked on for over 6 years, and laid off some of the same staff who had worked on Odyssey and Overwatch 2.[20] Sony canceled a live service game from Naughty Dog and London Studio, resulting in layoffs at both studios.[21][22] Electronic Arts canceled an untitled Star Wars game by Respawn Entertainment, indicating a shift in focus away from licensed titles towards live service games and original IP.[23]

Consumer shift[edit]

The rising cost of video game development has compelled major gaming companies like Sony and Warner Bros. Games to shift their focus on creating mobile and live service games.[24][25] Layoffs and studio closures affected successful live service game companies as well, such as Epic Games and Bungie.[26][27] Some live service games launched in 2023 shut down within months, impacting developers and publishers alike.[28] These games, which employ a significant portion of the industry workforce and generate substantial profits, faced challenges including rising development costs, user fatigue with monetization, and revenue declines post-COVID-19. Trends like battle royale games are maturing, and expanding franchises to mobile platforms doesn't always yield expected returns.[29] Sony's entry into live service games has faced challenges and delays.[30] Making Sony to delay major live service games.[31]

Despite live service initiatives are more popular, 68% of producers say their pipelines cannot support these kinds of projects. [32]Furthermore, 53% of major studios expect difficulties in handling their technical debt. 88% of developers questioned said they are looking into integrating new tools into their workflows due to the steep rise in game production expenses and complexity.[33] The market is nearing saturation, leading to increased competition for player time and higher user acquisition costs.[34][35]

Post-pandemic slowdown[edit]

The first few months of the COVID-19 pandemic brought about a sharp increase in revenue for the gaming sector worldwide as people looked for indoor entertainment.[4] According to IDC, in 2020, revenue from mobile games climbed by 32.8% to $99.9 billion, while expenditure on digital PC and Mac games increased by 7.4% to $35.6 billion.[36] The amount spent on home console games increased significantly as well, reaching $42.9 billion, up 33.9%.[37][38]

In the ensuing years, this growing pattern abruptly stopped. [39] Revenue growth from mobile gaming fell by 15% in 2021, and then fell even further in 2022 and 2023, to -3.3% and -3.1%, respectively. Sales of PC and Mac games saw a brief rise of 8.7% in 2021, a drop of 1.4% in 2022, and a rebound of 2.1% in 2023.[40] Similarly, after a remarkable surge in 2020, console game spending plateaued in 2021 with growth at 0.7%, followed by a decline of 3.4% in 2022, before returning to growth at 5.9% in 2023.[38][41]

The new trend in video game industry, Metaverse, has led many investors and companies to believe that it is the future of the gaming industry. Companies like Meta and Microsoft have made significant investments in this space.[42] The Metaverse, while promising, has encountered challenges impacting investor expectations.[43] Meta reported significant operational losses of $13.72 billion in its Metaverse division in 2021, raising concerns among investors. Meta's acknowledgment that full realization of Metaverse products may take another 10 to 15 years tests investor patience with its long-term horizon.[44] Inflation and economic uncertainties have affected consumer behavior, delaying the adoption of Metaverse-related technologies like headsets. Meta revised its monthly active user targets downward from 500,000 by the end of 2022 to 280,000, disappointing investors with lower-than-expected engagement.[45]

Mergers and acquisitions[edit]

One of the primary reasons for layoffs in the video game industry is mergers and acquisitions.[46] Video game companies believed that the significant growth witnessed during the pandemic would continue afterward, leading many firms to explore mergers and acquisitions. Between 2020 and 2023, 14 out of the 20 most expensive video game acquisitions in video game history occurred, with major players such as Microsoft, Sony, Embracer Group, Take-Two Interactive, and Electronic Arts each making at least one acquisition.[47] After several acquisitions, Embracer Group announced that they will undergo a significant restructuring of the company, including the closure of studios, layoffs of employees, and cancellation of dozens of video game projects.[48]

Major layoffs[edit]

January[edit]

At the beginning of the year, Unity Technologies, Twitch, Playtika, and Discord each announced separate layoffs affecting 1,800, 500, 400, and 170 jobs, respectively.[6][49][50][51] Unity attributed its layoffs to a restructuring aimed at refocusing on its core business for long-term profitability.[6] Twitch's CEO mentioned that despite paying out over $1 billion to streamers the previous year, the company's size didn't align with its growth trajectory.[49]

On January 22, 2024, Riot Games announced a significant restructuring, leading to the layoff of 530 employees, which accounts for about 11% of the company's total workforce. The company also shut down Riot Games' indie publishing label, Riot Forge. The decision was made as part of Riot's strategy to refocus on fewer, high-impact projects, aiming for a more sustainable future. [52]

On January 25, 2024, Microsoft Gaming underwent a substantial restructuring, resulting in the layoff of 1,900 staff. Additionally, the President of Blizzard Entertainment, Mike Ybarra, and Blizzard's co-founder and chief design officer, Allen Adham, departed from the company. As part of the restructuring, Microsoft Gaming canceled Blizzard Entertainment's game Project Odyssey and laid off major teams working on Overwatch 2.[5]

On February 29, 2024, Eidos-Montréal laid off around 97 staff members as part of the ongoing restructuring within the Embracer Group. Additionally, the company reportedly canceled its new Deus Ex game, which had reportedly been in development for two years. Eidos-Montréal cited the global economic context, industry challenges, and the comprehensive restructuring announced by Embracer as reasons for the impact on their studio.[53]

February[edit]

On February 27, 2024, Sony Interactive Entertainment announced the layoff of 900 employees across various studios. The company attributed the decision to restructure operations in response to the evolving economic landscape and changes in product development, distribution, and launch strategies. Layoff timelines will vary by location. Additionally, PlayStation's London Studio will be closed entirely.[7]

On February 28, 2024, Electronic Arts (EA) announced the layoff of 670 staff members. EA's CEO, Andrew Wilson, outlined the company's focus on owned IP, sports, and massive online communities as part of its business advancement. Additionally, EA shut down Ridgeline Games and canceled a Star Wars single player game developed by Respawn Entertainment. [54][55]

List of major layoffs[edit]

Company Date Number of layoffs % of workforce Ref.
Microsoft Gaming January 25, 2024 1,900 ~8% [5]
Unity Technologies January 8, 2024 1,800 ~25% [6]
Sony Interactive Entertainment February 27, 2024 900 ~8% [7]
Electronic Arts February 28, 2024 670 ~5% [54]
Riot Games January 22, 2024 530 ~11% [52]
Twitch January 9, 2024 500 ~35% [49]
Playtika January 11, 2024 400 ~10% [51]
Discord January 11, 2024 170 ~17% [50]
Wildlife Studios February 29, 2024 133 ~21% [56]
Lost Boys Interactive January 15, 2024 125 Unknown [57]
Pixelberry Studios January 17, 2024 120 Unknown [58]
Thunderful Group January 17, 2024 105 ~20% [59]
Eidos Montreal February 29, 2024 97 ~20% [53]
Supermassive Games February 26, 2024 90 ~30% [60]
Reikon Games January 25, 2024 70 ~80% [61]
NCSoft West February 2, 2023 70 ~20% [62]
Netmarble January 19, 2024 70 Unknown [63]
Sega of America March 8, 2024 61 ~10% [64]

Closed studios[edit]

Reactions[edit]

Media outlets[edit]

Some media outlets compared the 2024 layoffs to the video game crash of 1983, when the US video game market collapsed due to an oversaturation of poorly made, low-quality games, causing the video game industry to enter a recession for two years. This has sparked discussions about a potential "second video game crash."[72][73]

Publishers[edit]

Both Microsoft and Sony have acknowledged that the current approach cannot continue and are exploring alternative business models. Microsoft Gaming CEO Phil Spencer addresses the stagnation in the gaming industry, recognizing its repercussions on job cuts and the challenging decisions faced by companies. He underscores the importance of industry expansion for long-term sustainability, advocating for a shift towards enlarging the player base rather than solely concentrating on extracting revenue from existing players. By prioritizing the growth of Xbox through attracting new players and nurturing creators, Phil aims to guarantee enduring strength and prosperity for the platform and the industry overall.[74][75]

Sony Interactive Entertainment chairman Hiroki Totoki stated that he acknowledges the need to manage development costs better in PlayStation studios, recognizing industry-wide challenges like rising expenses and lengthy schedules.[76] Totoki emphasizes sustainable profitability and transparently addressing challenges while highlighting the significance of first-party titles achieving growth across platforms.[77][78]

Future[edit]

Growth[edit]

Despite the layoffs, studio closures, and cancellations of video game projects, as well as high inflation, the video game market continues to remain robust.[79] Many investors and industry analysts believe that the video game industry will recover in 2025 with major releases like Grand Theft Auto VI, Monster Hunter Wilds, 2XKO, Death Stranding 2: On the Beach, Pokemon Legends Z-A, and others.[80] Investors also expect Nintendo to release its new hardware, which will boost video game sales and revenue.[81] Executive Director of Circana (The NPD Group), Mat Piscatella, stated that consumer demand remains strong, but consumers are under pressure due to economic challenges. Some parts of the industry are already growing and in a healthy position, like mobile, and Piscatella believes that other segments will follow suit in 2025.[82]

According to a PwC report, the global gaming industry is expected to reach a value of $321 billion by 2026.[83] Deloitte predicts that the share of theatrical box office revenues from video game intellectual property (IP) will double by 2025. Additionally, most major video streaming platforms are expected to include shows based on popular games.[84] Another report by GlobalData suggests that the video games market could become a $300 billion industry by 2025. Factors contributing to this growth include mobile gaming and innovative offerings.[85] Bain & Company predicts that global gaming revenue could surge by over 50% in the next five years.[86]

References[edit]

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  4. ↑ 4.0 4.1 Parvini, Sarah (2023-11-20). "The video game industry boomed during the pandemic. Now thousands are being laid off". Los Angeles Times. Retrieved 2024-03-05.
  5. ↑ 5.0 5.1 5.2 Warren, Tom (2024-01-25). "Microsoft lays off 1,900 Activision Blizzard and Xbox employees". The Verge. Retrieved 2024-03-02.
  6. ↑ 6.0 6.1 6.2 6.3 Carpenter, Nicole (2024-01-08). "Unity cuts 1,800 more staff in 'company reset'". Polygon. Retrieved 2024-03-02.
  7. ↑ 7.0 7.1 7.2 "PlayStation's Sony to cut 900 jobs amid brutal year for video game industry layoffs". NBC News. 2024-02-27. Retrieved 2024-03-02.
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  14. ↑ "Blockbuster Game Development Costs Are Out Of Control". Kotaku. 2023-05-01. Retrieved 2024-03-05.
  15. ↑ Parreno, Ryan (2023-05-04). "CMA Discovers Video Game Budgets Are Ballooning To As Much As $ 1 Billion". Gameranx. Retrieved 2024-03-05.
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  24. ↑ Peters, Jay (2023-05-24). "PlayStation is betting big on new franchises and live service games". The Verge. Retrieved 2024-03-05.
  25. ↑ Pureza, Gabriel Machado (2023-11-09). "Warner Bros. Wants to Turn Biggest Franchises into Live-Service Games". Game Rant. Retrieved 2024-03-05.
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  28. ↑ "What the heck is happening with live service games?". www.gamedeveloper.com. Retrieved 2024-03-05.
  29. ↑ Melrose, Carter. "Why Battle Royale Games Like 'Fortnite' Are Everywhere (It's Not Just Money)". Wired. ISSN 1059-1028. Retrieved 2024-03-05.
  30. ↑ Kaser, Rachel (2024-01-23). "Subscriptions, live service games will slow down in 2024 | Newzoo". VentureBeat. Retrieved 2024-03-05.
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  34. ↑ Severin, Karol (2023-07-25). "Competing in the live service games sector is about to get really difficult". MIDiA Research. Retrieved 2024-03-05.
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  36. ↑ "data.ai and IDC Report Reveals that Mobile Extends Lead Over PC and Console as the Gaming Market is Set to Hit $222 Billion". www.businesswire.com. 2022-05-25. Retrieved 2024-03-05.
  37. ↑ "Mobile Gaming Vs Console Gaming Statistics 2023: Revenue, and Market Share". 2024-02-02. Retrieved 2024-03-05.
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  39. ↑ "Multiplatform". multiplatform.com. Retrieved 2024-03-05.
  40. ↑ Takahashi, Dean (2023-06-19). "Traditional gaming shrinks to 26.7% of game and esports revenue as overall U.S. sales head to $72B by 2027 | PwC". VentureBeat. Retrieved 2024-03-05.
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  48. ↑ Parrish, Ash (2023-12-05). "More layoffs at another Embracer Group studio". The Verge. Retrieved 2024-03-05.
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  50. ↑ 50.0 50.1 Heath, Alex (2024-01-11). "Discord is laying off 17 percent of employees". The Verge. Retrieved 2024-03-02.
  51. ↑ 51.0 51.1 Writer, Jeffrey Rousseau Staff (2024-01-11). "Playtika reduces staff by 10%". GamesIndustry.biz. Retrieved 2024-03-02.
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  56. ↑ Writer, Jeffrey Rousseau Staff (2024-02-29). "Wildlife Studios cuts 21% of its staff". GamesIndustry.biz. Retrieved 2024-03-02.
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  86. ↑ "Level Up: The Future of Video Games Is Bright". Bain. 2022-10-13. Retrieved 2024-03-06.


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