Global Gaming Revenue for PC and Consoles Dropped to $92.3 Billion in 2022

According to a recent report by Newzoo, the global consumer spending on PC and console gaming experienced a decline of 2.2% in 2022, totaling $92.3 billion. Key highlights from the report include: - The total spent on PC and console games was $92.3 billion, marking a 2.2% decrease from the previous year. - Console games generated $51.8 billion in revenue, down 4.2% year-over-year. - Digital and physical PC games saw a revenue of $38.2 billion, representing a 1.8% increase. - Browser-based PC games brought in $2.3 billion, a 16.7% decline from the previous year. Newzoo attributes the decrease in spending partly to the reduced number of console game releases in 2022. In terms of market share by revenue, console games dominated with 56.2%, while boxed and downloaded PC titles accounted for 41.3%. Browser-based PC games made up 2.5% of the global gaming revenue. The United States led the market with $31.2 billion in revenue, accounting for 34% of the market share. The Asia-Pacific region followed with $30.2 billion, representing 33% of total game spending. Europe ranked third with $24.3 billion in earnings, making up 26% of the market. Notably, the US and China together accounted for 48% of the gaming revenue in 2022. The report also observed a trend of AAA and AA publishers shifting towards live services and subscription models, citing examples like Fortnite, Minecraft, and Roblox. This shift is expected to result in fewer new title releases and a focus on extending the lifespan of established franchises. Moreover, the report predicts an increase in the availability of gaming consoles due to improvements in the supply chain. As stated by Newzoo, 'Developing games exclusively for PC or console will remain viable in the coming years, driven by live services, improved access to hardware, and hybrid monetization models.'