TLDR:
– Industry projected to reach $190 billion by the end of 2024
– Over 10,000 layoffs in 2023, with 8,000 so far in 2024
In a recent interview, Konvoy VC’s Co-Founder and Managing Partner, Josh Chapman, discussed the current state of the gaming industry. Chapman highlighted the industry’s projected growth to reach $190 billion by the end of 2024. However, the sector has faced challenges, with over 10,000 layoffs in 2023 and 8,000 layoffs recorded in 2024. Chapman attributed these layoffs to a period of readjustment in response to intense competition and the need for efficiency and resource optimisation.
On the slowdown of layoffs, Chapman expressed optimism, stating that the worst is likely behind us and the layoff rate is expected to lessen as the year progresses. He also touched upon the future of venture capital funding, indicating that while large M&A activities may be muted, early-stage venture investments remain active. Chapman emphasized the industry’s resilience and encouraged individuals seeking opportunities in the industry to remain proactive and resilient.
