There is a real degree of existential uncertainty currently gripped the gaming industry. For all the growth, global visibility, and sheer volume of content being produced, one uncomfortable question is keeping many awake at night: Is the industry running out of road?

Over the past decade, the industry has been defined by performance metrics, monetisation models, and subscription platforms. But the very mechanisms that once propelled it forward now seem to be holding it back. From the mass layoffs, conservative greenlighting, and bloated “just ship more” pipelines driven by Game Pass-like services, the industry is chasing scale, often at the expense of creativity.

Looking East, looking small – but still looking back

It is natural to search for momentum elsewhere. In China, gaming still works. Economically, creatively, and culturally. There, a younger, more risk-tolerant audience engages deeply with experimental formats and monetisation models that prioritise progression over polish. Pay-per-play might jar with Western sensibilities, but in those markets, it resonates. Meanwhile in the West, indie studios are punching above their weight, with smaller teams creating bold, visionary titles that can break through the noise, while many AAA titles vanish upon impact.

But there is a catch. Neither of the above paths point to a repeatable, industry-wide model. China’s success is rooted in cultural context. It is about momentum, not a blueprint. Indie hits remain inspiring, but exceptional. Even Nintendo, gaming’s most iconic innovator, seems to be treading water. The Switch 2, while a welcome improvement, felt more like an iteration than a revolution. And with £60 price tags on flagship titles, it is hard not to feel like they are playing into Steam’s hands, where comparable titles can be found at a fraction of the cost, especially with resellers like Green Man Gaming.

Right now, we’re clinging to the last models that worked instead of inventing what is next.

iPads, handhelds, and the quiet death of the console

In the background, hardware is shifting. Consoles – once central to gaming culture – are quietly losing relevance. Their replacement is not just one thing, either, but many. The Steam Deck, ASUS ROG Ally, handheld hybrids, cloud gaming, and above all, the iPad.

Services like Nvidia’s GeForce Now are removing the final friction. Making high-performance PC games playable on handhelds or, remarkably, even iPads. Gen Alpha and beyond are not waiting for the next console cycle. They are already playing across devices, across formats, and across realities.

It is reminiscent of what happened in the casino world a decade ago. When loyal, long-session players aged out, the industry pivoted toward mobile-first engagement. Faster sessions, wider access, and more dynamic interactions. Gaming today faces a similar time of reckoning. If we keep designing for a player who no longer exists, we risk designing ourselves out of relevance.

Even hardware manufacturers who once swore by exclusivity are pivoting toward platform-agnosticism. Why? Because it is no longer about where games are played, but about how many people are playing them. And to compete with mobile’s reach, PC and console must embrace reach over restriction. It is not a question of idealism, but survival.

Still, subscription models like Game Pass come at a cost: more games, less time, thinner margins. Content becomes commoditised. Discoverability drops. Quality suffers. And long-term value gets harder to defend.

Time to redefine what it means to play

What comes next will not be defined by better monetisation. It will be defined by reinvention.

And this moment? It is not a decline, it is a natural phase in the creative cycle. One that every great medium passes through before its next leap.

Spatial computing, generative AI, immersive systems – these technologies are converging to reshape how we play, what we play, and even why we play. Play is no longer just a product. It is becoming a layer – economic, creative, social – woven into our lives.

The next great games will come from unexpected places. And the next evolution of gaming may not look like gaming at all. But that is an exciting opportunity.

Yes, VC funding has pulled back. But as we can see at Gamescom, player engagement is growing. Revenues are up. Governments from as far afield as Canada, Turkey, and the UAE are stepping in with public investment. The appetite is there. So is the momentum. What we need now is support for the builders, and the courage to build better.

When it comes to the advertising industry surrounding gaming, I believe the future will be shaped by how well we listen, learn, and adapt. Across platforms, audiences, and modes of play. From install to in-game engagement, from context to lifetime value, we must measure what truly matters and build from there. With solutions like ours helping marketers make sense of it all.