Mobile and Console Games Dominate Video Game Market

While PC-based browser games will lose importance this year, according to a recent Newzoo forecast, titles released for consoles will prove a significant revenue driver next to the revenue champion mobile games. Games published on consoles like Sonys PlayStation 5, the Nintendo Switch or the Microsoft Xbox Series S and X are also a crucial growth driver.

As Newzoo data suggests, console games will generate revenues of $56 billion, an increase of 7.4 compared to 2022. This, according to Newzoo analysts, can be explained by delayed big-budget titles finally seeing the light of day in 2023. These include the already-released Hogwarts Legacy, Final Fantasy XVI and The Legend of Zelda: Tears of the Kingdom as well as upcoming titles like Starfield and Spider-Man 2. Nevertheless, mobile games continue to be the most lucrative segment in the games industry, with a projected revenue of almost $93 billion, although slow revenue growth may indicate a beginning saturation of the market.

Overall, the gaming industry will see an estimated revenue of $188 billion with software in 2023, with most of it generated in the Asia-Pacific and North American regions. This makes the video game industry the entertainment sector with the highest revenue potential. In 2021, its estimated earnings were higher than that of movies and recorded music combined.