According to NewZoo's Global Games Market Report 2024, the global games industry recorded steady growth compared to the previous year, with revenue reaching $184 billion, representing a 0.2% year-on-year increase, and approximately 3.9 billion players across PC, mobile, and console platforms. Of which, Asia- Pacific (APAC) continues to be the largest and most influential market, accounting for 46% of global revenue and home to 1.9 billion players. North America ranked second with 27% of revenue and 400 million players, while Europe, despite having a higher number of players than North America (700 million), accounted for 18% of revenue. indicating a lower average spending level. By platform, mobile remains the leader in both revenue and user base, with $92 billion in revenue in 2024 (up 2.8% YoY) from 2.6 billion players, driven by the widespread adoption of affordable smartphones in mobile-first markets. Meanwhile, the PC platform recorded $42 billion in revenue from 667 million players, showing a slowdown from the previous year.
During 2024–2027, NewZoo forecasts the global games market to grow at a CAGR of 3.9%, with the APAC region continuing to lead the way. 2025 is expected to see a significant shift in the monetization model of games. Hybrid monetization—a combination of in-app purchases (IAP) and in-app advertising (IAA)—is forecast to grow by 26.1%, reflecting the trend of optimizing the player experience and expanding the target user base.
Artificial intelligence (AI) continues to be a strategic trend in game development. AI is applied to gameplay testing, content creation, and moderation, thereby increasing the level of personalization and appeal of the product. AI-generated content is expected to become popular, leading to the emergence of optimized “clone” games based on successful titles. VNGGames is also capturing this trend through the Artian platform, applying AI to the process of character design, motion capture, and content localization – thereby optimizing efficiency and enhancing creativity in game development.
Despite positive growth prospects, the global gaming industry still faces many challenges – especially in terms of monetization in a market saturated with popular titles and lacking innovative premium products.
The PC market is witnessing a paradox: user engagement is soaring, with concurrent player counts on platforms like Steam hitting record highs, but revenue is falling. This is largely due to the dominance of the free-to-play model, while many products have entered a saturation phase, limiting the ability to generate new revenue streams.
In the mobile space, regulatory changes are a key factor to watch. The EU’s Digital Markets Act (DMA), along with similar regulations in Japan and the UK, have forced Apple and Google to allow third-party app stores and alternative payment systems. While this opens up new revenue opportunities for publishers, it also fragments the market, requiring the management of multiple distribution systems and fee structures. Consumer behavior remains entrenched in traditional stores, making the short-term impact difficult to predict.
In Vietnam, the legal environment also poses new challenges. According to the new decree on the management of Internet services and information on cyberspace, all online casino games will be banned from December 2024. At the same time, players under 18 years old are limited in playing time per day, which may affect the level of interaction and revenue in the game.
Over the past 20 years, VNG has made important and sustainable contributions to the gaming industry in Vietnam and Southeast Asia. Starting in 2004 under the name Vinagame, the company pioneered the popularization of online games in Vietnam through the resounding success of Vo Lam Truyen Ky, marking an important turning point for the domestic gaming industry. To date, VNG has released more than 200 game titles in Vietnam and more than 40 game titles in the international market, serving about 79 million users every quarter with a staff of more than 1,200 people.
We have affirmed our position through the successful transition from PC games to mobile games in the period of 2016-2017, marking a major step forward in technology and user preferences. Expanding to the regional market with studios in Bangkok, Kuala Lumpur, Jakarta, Taipei, Shanghai and Beijing not only proves our international competitiveness but also demonstrates VNG's maturity in the gaming sector, in terms of technology, experience and resources.
In addition to business activities, VNGGames is also a pioneer in promoting eSports in Vietnam, typically playing an important role in making eSports an official sport at the 31st SEA Games, contributing to bringing home 4 gold medals for the Vietnamese delegation. This success contributes to affirming the potential of the domestic gaming and eSports industry on the regional map.
VNG's 20-year journey cannot be complete without the important contribution of ZingPlay Game Studios (ZPS), one of VNG's pioneers in "Going Global". Starting in 2007 with casual games, ZPS has always "Embraced the Challenge", making efforts to continuously transform from computer platforms to web and then mobile, building a solid position with products that suit user tastes, gradually expanding to Southeast Asia, South Asia and Latin America.
2024: Maintain the leading position in Vietnam and the region
Stable business results
In 2024, VNG's gaming revenue will benefit from changes in accounting policies applied from 2023, although total bookings will decrease slightly due to the lack of new titles with great influence in the international market. However, in the long term from 2019 - 2024, VNG's position will remain stable.
| FY23 | FY24 | YOY (%) | |
| Total Booking (billion VND) 1 | 7,930 | 7,233 | (9%) |
| Bookings from international markets (billion VND) | 1,891 | 1,639 | (13%) |
| Quarterly Active Users (QAU, million) 2 | 78.8 | 74.3 | (6%) |
(1) Bookings is a non-GAAP performance indicator used by VNG to evaluate the performance of the Online Games segment. This indicator reflects the amount of money that users have spent during the period applied for calculation.
(2) Number of quarterly active users, calculated by taking the average of QAUs of the quarters in the calculation period.
In 2024, VNG released 17 game titles in Vietnam and internationally such as Forsaken World 2, Tay Du Beo, Thien Long Bat Bo, ROBLOX VN, CheonSangBi Mobile, Ghost Story: Thien Nu, Bomber VNG... In particular, projects about to launch such as Phong Than Mobile, MU Luc Dia VNG, Crossfire VN (Vietnam market). Genesis (Taiwan - Hong Kong market). Cookie Run, Lineage2M - NCV joint venture (Southeast Asia market) are expected to create new growth for the company. In addition, VNG also carries out long-term game development projects to diversify the portfolio, optimize strategic cooperation and joint venture agreements, and avoid dependence on short-term, high-risk game titles.
VNG has successfully applied self-developed AI tools throughout the game development and release process. AI solutions are deployed in game design, graphic design and AI chatbot building. AI also improves the efficiency of localizing marketing campaigns and multilingual translation to serve global release.
At the end of 2024, VNGGames will launch the Play Now platform, providing convenient minigames without new downloads, effectively integrating with Zalopay and maximizing the potential of the Zalo ecosystem; cooperating with VNG Cloud to improve the quality of infrastructure and technology services.
In the self-developed game segment, VNGGames has successfully launched 4 shooting games with a total of 50 million installs, focusing on prominent international markets such as the United States, Japan, India and Canada. At the same time, VNG ZingPlay Game Studios (ZPS) recorded strong growth with more than 10 international games launched in the first half of 2024, optimizing features to enhance user experience. ZPS has expanded its market to Tier 1 countries and recorded international revenue surpassing domestic for the first time.
In addition, ZPS also established Board Craft Studio, promoting the application of artificial intelligence (AI) in game development, focusing on three areas: content development with 32 board games; building effective support tools for developers; and promoting creativity through advanced AI applications.
Complying with Decree 147/2024/ND-CP by closing card-related games demonstrates ZPS's serious legal commitment and protection of user rights.
Also in 2024, VNGGames promoted a reputable international payment gateway (VNGGames Shop) and specialized customer care channels (Loyalty Customer Care Program - VNGGames Club and Customer Support Center - VNGGames Support).
It can be seen that VNGGames' 2024 business strategy revolves around key factors such as expanding the game market, optimizing technology, developing a good network of strategic partners, and constantly updating marketing trends as well as user preferences. VNGGames also promotes the construction of internal databases, and invests in data-artificial intelligence to create long-term competitive advantages. We also actively compare and evaluate our performance through third-party data platforms and market reputation.
Strategic Partnership - The Foundation for Growth and Innovation
In 2024, we strengthen our position through cooperation with global partners such as Riot Games, Roblox, Tencent Games and NCSOFT and leading technology partners such as Facebook, Google.
ROBLOX - VNG
In 2024, VNGGames officially launched Roblox - VNG, marking an important step in bringing the global creative gaming platform Roblox to the Vietnamese market. With the goal of building a creative, safe and culturally appropriate gaming community, Roblox - VNG has attracted more than 5 million users in just the first 6 months of operation. The platform integrates security features according to international standards, complies with Decree 147/2024/ND-CP on cyberspace management, and provides a Vietnamese interface and domestic programs such as "Roblox Vietnam Challenge" to encourage user participation. This cooperation not only adds value to users but also supports the training of young technology human resources, contributing to the national digital development strategy by 2030, according to a report by the Ministry of Information and Communications (2024).
NCV Joint Venture (NCSOFT)
In August 2024, VNGGames announced the establishment of a joint venture NCV Games with NCSOFT - Korea's leading game corporation, to exclusively publish NCSOFT's blockbuster games in Vietnam, Thailand, Malaysia, Indonesia, Singapore and the Philippines. This cooperation not only demonstrates NCSOFT's deep trust in VNGGames' publishing, operating and understanding of the regional market, but also affirms our position as a reliable strategic partner in the global market.
RIOT GAMES
In the field of eSports, VNGGames has signed a strategic cooperation agreement with Riot Games to implement the League of Legends (LoL) tournament development plan in 2025, aiming to organize a large-scale tournament across Asia - Pacific, expected to gather top teams from Vietnam, Korea, China, Japan .... VNGGames is committed to investing in eSports infrastructure, including professional playgrounds such as GG Stadium, and building an ecosystem to train young players so that eSports can become a prominent high-performance sport in Vietnam.
In addition to game development partners, VNGGames also maintains and strengthens strategic partnerships with leading technology partners to optimize marketing activities, user growth, game operations and community development in each market and globally:
- Google: Through more than 10 years of cooperation, including 5 years at the strategic level, Google has always been a trusted partner of VNGGames. The two sides have jointly implemented many projects, from expanding users through Google Ads and Firebase, enhancing the brand on YouTube, to developing technology infrastructure with Google Cloud and optimizing game operations on Google Play.
- Facebook: With its strength in community building, Facebook has supported VNGGames in bringing game products to global players, while providing diverse experiences and connecting the gaming community.
Towards a sustainable gaming industry
With 20 years of experience, VNGGames has been actively accompanying the Vietnamese gaming industry, aiming for sustainable development and commensurate with its great potential, as well as its position in the national digital economy - similar to many developed countries in the region and the world.
As a member of the Executive Committee of the Vietnam Entertainment Electronic Sports Association (VIRESA), we have organized and sponsored major tournaments such as PUBG Mobile National Championship and League of Legends Vietnam Championship Series, helping the Vietnamese eSports team win 4 gold medals, 3 silver medals at the 31st SEA Games and top 4 in the continent at the 19th ASIAD. These achievements are laying the foundation for changing social awareness about games.
In addition, VNGGames is also committed to training high-quality game human resources through a cooperation agreement with the Posts and Telecommunications Institute of Technology (PTIT). Since July 2024, we have organized internships, taught, consulted, and evaluated training programs for PTIT. This is the first time games have been included in official specialized training at a regular university in Vietnam, aiming to support the "Make in Vietnam" strategy and the digital nation orientation to 2030, as stated in Resolution 57-NQ/TW on innovation.
We also continue to closely accompany the Department of Broadcasting and Electronic Information at the series of events of Vietnam Game Festival - Vietnam Gameverse 2024. VNGGames plays the role of strategic sponsor, product exhibition, community exchange and professional contribution through the Game Hub Advisory Council, supporting young creative studios. These efforts affirm VNGGames' pioneering role in building a professional, sustainable and responsible gaming ecosystem.
Putting the Human Factor First
VNGGames is always consistent with its sustainable development strategy by focusing on people: allocating resources reasonably, assigning appropriate tasks to optimize performance. The human resources team always coordinates closely, aiming for common goals, proactively finding solutions to improve productivity.
In 2024, VNGGames officially announced 3 core values: Collaboration. Honoring our words and Ownership, along with 9 specific guiding behaviors for all employees.
Initiatives such as the Culture Spotlight newsletter, the Culture Hub internal portal and the Culture Experience (CX) activities were implemented to help employees quickly integrate, promote collaboration and innovation.
More than 10 engagement activities were held in 7 global offices in 2024, creating a diverse and friendly working environment, overcoming geographical barriers through knowledge sharing, soft skills development, and cultural exchange. At the same time, more than 15 specialized training programs were designed specifically for each group of employees. We also built internal knowledge resources, promoted a culture of continuous learning, and created a solid foundation for future human resource development.
2025: Stick to the goal of Go Global, ready for a multinational team
VNGGames identifies 2025 as a pivotal year in its operations and business strategy, when it must simultaneously streamline and optimize its portfolio, while implementing expansions and investments with a long-term and sustainable vision.
We will continue to translate core values into action through specific KPIs, standardized recruitment processes, in-depth orientation training and regular feedback. VNGGames will implement a transparent performance management system, organize goal setting workshops; focus on developing middle and junior management teams; promote cross-functional knowledge sharing internally. A specialized competency framework for VNGGames will be implemented, and direct feedback will be encouraged via inbox with the Game Management Team.
With the “Go Global” strategy, VNGGames prioritizes a quality product portfolio, focusing on a number of key games with long life cycles; prioritizing user experience in key markets. We build flexible release strategies, continuously adjusting to market trends and user preferences, and plan to launch 20 major games in 2025. The target is to increase the total amount of money players spend during the period by 15%, supported by key strategic directions:
- Revenue and profit growth: Continue to expand publishing capacity and scale in existing markets, ensuring stable growth in total bookings value and annual profits. Continuously review and re-evaluate product portfolio, suspend projects that do not bring high value to focus on games with stable player base or eSports potential.
- Focus on long-term titles and market expansion: Promote and concentrate resources on a number of titles with long-term life cycles and growth (evergreen titles). instead of spreading out the portfolio. Expand the market flexibly, targeting specific markets with large potential such as Southeast Asia, Taiwan, Hong Kong through products that suit the tastes, instead of spreading out widely in a short time.
- Strengthening relationships with international partners and building healthy communities: Continue to cooperate with leading partners, select game titles that are suitable for the target market and users, and build communities and develop eSports to strengthen the loyal player community.
- Enhance core competencies: Invest in improving human resources and technology capabilities, focus on efficiency and profit performance, and prioritize the development of large titles through strategic partnerships, reducing dependence on small titles to optimize revenue.
- Effective AI application: Enhance the application of GenAI to promote sustainable development and improve operational efficiency. In fact, many large game companies in the world have shown the effectiveness of applying AI to optimize advertising processes and costs, especially in the trend of hybrid monetization. VNGGames' creative team has researched and developed Artian - a digital drawing platform that combines AI and art based on the Stable Diffusion image generation model, helping studios save up to 50-70% of production time and costs, while increasing work efficiency 3 times compared to normal. In addition, we also apply AI and automation in many areas, such as AI chatbots to support customers, helping to reduce operating costs and increase response speed, as well as automate game testing, speed up the development process, detect errors effectively and improve product quality. The next step is for VNGGames to find a way to tie AI closely to business goals, instead of just stopping at improving internal performance as it is now.
Outstanding achievements
- Creative Marketing Campaign with Creators/Influencers/Artists - MMA SMARTIES X Global for Vo Lam Truyen Ky (JX) MAX
- Outstanding Achievement in Mobile Gaming - AppsFlyer
- Top Publishers of 2024 - Data.ai
- Top 2 Asia (excluding China and Japan) and Top 2 Vietnamese enterprises with the most active parent companies in the gaming sector according to Mobile Performance Score - Data.ai
- Top Game Publisher of the Year - Vietnam Game Award 2024
- Game of the Year - Teamfight Tactics - Vietnam Game Award 2024
- Best of Google AI and Brand & Creators - Youtube Works Awards 2024
Conclusion
VNG’s 20-year journey in the gaming industry is a clear testament to its strategic resilience, adaptability, and regional ambitions. From paving the way for online gaming in Vietnam to building a diverse and competitive gaming ecosystem in the international arena, VNG has established a sustainable position.
The road ahead will be an opportunity for VNGGames to transform more strongly, continue to innovate and expand internationally. With a solid technology foundation, a creative team, and a long-term investment orientation, we are ready to enter a new stage of development - dynamic, innovative and leading the trend. The initiatives and positive results achieved in 2024 will help us consolidate our position and open up many new opportunities both domestically and internationally.
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Source: https://www.vng.com.vn/news/enterprise/vng-va-hanh-trinh-20-nam-tien-phong-nganh-game.html
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