The video game market has rebounded after the consolidation following the pandemic boom, but growth is more concentrated than ever. Bain’s annual Video Game Consumption Survey finds that young gamers (unsurprisingly) continue to fuel top games’ success, especially platform-style games. Their players most highly value social, creative elements and gameplay; graphics are less important. That’s been the case for a while for many gamers, but it’s even more pronounced among younger players.

AAA studios are adapting, but they’re also getting squeezed by nimble indies capitalizing on evolving tastes and technology’s democratization of game development and distribution. Studios of all sizes are selling more directly to consumers, reducing distribution fees and deepening relationships with players. Stoking players’ love is even more crucial as fans spend more time with favorite franchises through cross-media extensions.

Leading companies are breaking new ground by embracing a core truth: Success still depends on creating a great game, but now, that’s just the start.