PC and Console Gaming Sees 3% Growth in 2023, According to Newzoo

The latest report from Newzoo reveals a 2.6% increase in global consumer spending on PC and console gaming, reaching $93.5 billion in 2023. Key highlights from the report include: - The total PC and console gaming market reached $93.5 billion, representing a 2.6% year-over-year increase. - Console games, including both physical and digital copies, generated $53.1 billion in revenue, up 1.7% from the previous year. - The PC gaming segment, comprising digital and physical titles, saw a 4% year-over-year increase, totaling $40.4 billion in revenue. Newzoo attributes the growth in consumer spending to the strong lineup of game releases in 2023. In terms of market breakdown, console titles accounted for 57% of the revenue, while PC titles made up 43%. Newzoo noted, 'The high revenue share of premium titles on console was partly due to the numerous blockbuster premium launches, which drew revenue away from recurring spending.' Notably, just 43 titles drove 90% of the revenue for new games released in 2023. Furthermore, 17 pay-to-play live service titles, including Diablo 4, accounted for 59% of consumer spending on new titles that year. Looking ahead, Newzoo predicts that the PC and console gaming market will reach $107.6 billion in revenue by 2026.