The Future of Console Gaming: Is It Time to Rethink the Status Quo?

The notion that console gaming is on its last legs is not a new one. In the early 2000s, it was predicted that PC gaming would be the demise of consoles, but the rise of Steam and indie games proved this notion wrong. Similarly, around eight years ago, handheld gaming seemed to be on the decline with the failure of the PS Vita and the Nintendo 3DS selling half of its predecessor's numbers, only for the Nintendo Switch to revive the market. However, this time around, the console market is indeed showing signs of slowing down, with both Xbox and PlayStation focusing on multiplatform strategies. Sony's recent revelation that it will miss its PS5 shipment target, coupled with its plans to release more games on PC, and Xbox's decision to bring some of its titles to PS5, suggests a shift in the industry. The numbers also tell a story - the console business has not grown in 20 years, with install base figures remaining stagnant despite significant revenue growth driven by subscriptions and digital sales. The pressure to reduce development costs and find new customers is mounting. Nintendo, often seen as a separate entity, has managed to innovate and attract a wider audience with its unique hardware and software offerings, such as the Switch's portability and family-friendly games. The company's ability to cater to both young and old players has been a key factor in its success. The idea that Nintendo is not a competitor to PlayStation and Xbox is narrow-minded, as in today's engagement-based economy, everything is a rival. The console market's failure to grow can be attributed to the lack of innovation, with too many gamers 'ageing out' and not enough new players entering the market. The success of the Nintendo Switch can be seen as a lesson in innovation, with its hardware 'novelty' and software offerings attracting a broader audience. Historically, each console generation has brought something new to the table, from cartridges to CDs, DVDs, and Blu-Rays, as well as innovations like Xbox Live, motion controls, and touch screens. However, these innovations come with risks, as seen with the 3DS and Wii U era. PlayStation and Xbox have also pushed new concepts, such as EyeToy, SingStar, and VR, but often with limited success. Microsoft's innovations have come through services like Xbox Live and Game Pass, as well as hardware like Kinect, which ultimately failed to drive adoption. The initiatives that have failed have often been due to a lack of a compelling use case, highlighting the need for consoles to react and show what's unique about them. The current PS5 and Xbox Series generation have not offered much in terms of innovation, with the focus on nicer visuals and faster loading times. The multiplatform push by Microsoft and Sony may deliver short-term results, but it also points to a console market running short on ideas. As the industry becomes increasingly homogenized, there is still a need for creators to innovate and make the console that bit more interesting once again.