Plasmonics represents a unique approach to confine and enhance electromagnetic radiation well below the diffraction limit, bringing a huge potential for novel applications, for instance, in energy harvesting, optoelectronics, and nanoscale biochemistry. To achieve novel functionalities, the combination of plasmonic properties with other material functions has become increasingly attractive. In this Perspective, we review the current state of the art, challenges, and future opportunities within the field of magnetoplasmonics in confined geometries, an emerging area aiming to merge magnetism and plasmonics to either control localized plasmons, confined electromagnetic-induced collective electronic excitations, using magnetic properties, or vice versa. We begin by highlighting the cornerstones of the history and principles of this research field. We then provide our vision of its future development by showcasing raising research directions in hybrid magnetoplasmonic systems to overcome radiation losses and novel materials for magnetoplasmonics, such as transparent conductive oxides and hyperbolic metamaterials. Finally, we provide an overview of recent developments in plasmon-driven magnetization dynamics, nanoscale opto-magnetism, and acousto-magnetoplasmonics. We conclude by giving our personal vision of the future of this thriving research field