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The PC and console market experienced a 2.6% growth in 2023, although playtime hours decreased throughout the year, as reported by market researcher Newzoo in their second annual market report.
Newzoo’s comprehensive report highlighted a forecasted decline in the number of players over time.
Lead analyst Tom Wijman expressed cautious optimism about the market’s recovery, noting that significant growth is not immediate and identifying strategies to engage new players, compete for playtime, and integrate gaming into mainstream media.
The report also explained the hiring and subsequent layoffs in the industry as playtime surged during the pandemic and then decreased as habits returned to pre-pandemic levels.
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Key insights
The industry is expected to see modest growth amidst challenges, with revenues from the PC and console market increasing by 2.6% in 2023, totaling $93.5 billion. However, average quarterly playtime has decreased by 26% since Q1 of 2021, with over 60% of playtime dedicated to games released six or more years ago.
Approximately 60% of new game playtime in 2023 was dedicated to franchises that release annual installments like Call of Duty, NBA2K, or EA FC, amounting to 15% of total playtime.
Emerging markets show promise, with forecasted compound annual growth rates of +4.7% and +4.8% for PC and console players, respectively, from 2023-2026.
The full PC and console gaming in 2024 report is available for free download on the Newzoo website.
