New report reveals that cloud gaming generated nearly $1.5 billion last year

Last year cloud gaming revenue doubled from the 2020 figure (which was around $671 million), according to a new report by Newzoo. According to Newzoo's data, 21.7 million users across various cloud gaming services were responsible for generating almost $1.5 billion collectively. The report also predicts that this number will grow to exceed $6 billion by 2024.

Xbox Game Studios
Xbox Game Studios now has a cloud games division called XGS Publishing Cloud.

It is believed that hardware shortages created by the pandemic have contributed to more widespread adoption of cloud gaming. And with Sony and Microsoft both looking to expand their cloud gaming offerings, it does seem as though things are ramping up in the cloud gaming sector as of late. Microsoft in particular has been keen on getting more game developers on board with its [email protected] program in addition to opening a cloud games division to Xbox's first party studios.

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