Mobile gaming has been dominating the gaming industry for a while now with consoles and PCs lagging behind. However, 2023 is shaping up to be an essential year for consoles. Despite being seen as a declining segment in the market, console gaming is making a big comeback this year. So here’s how console gaming is catching up to mobile gaming and what’s behind this resurgence in 2023.
How is Console Gaming Making a Comeback?
According to a new report from Newzoo, console gaming is seeing a major revival this year. The market is expected to generate $56.1 billion in revenue in 2023, which marks a 7.4% rise over the previous year. The sizeable revenue bump follows a worse-than-expected performance for consoles in 2022. Console gaming is currently the second largest segment, right behind mobile gaming. However, the latter now accounts for less than half of the global games market for the first time in years.
The mobile platform accounted for 49% of the gaming market, while console gaming accounted for 30% of the global total in terms of revenue. While consoles are still behind mobile gaming, the 7.4% growth was the biggest rise when compared to the 0.8% and 1.6% year-on-year growth of mobile and PC segments, respectively. 2023 has been widely regarded as one of gaming’s best years, and consoles have clearly had a leading role in this.
Factors behind this Incredible Growth
There were several reasons for the remarkable rise of console gaming. One of the key shifts was the focus on developing new games that were based on the lucrative live-service model by both Microsoft and Sony. This strategy helped retain gamers with new titles well after launch with the added benefit of continuous monetisation. The post-pandemic period led to the rise of home entertainment systems, which is where consoles thrived. Consoles are also benefitting from the rise of other gaming services and innovations like cloud gaming and VR headsets that further expand the audience.
Apart from this, there were blockbuster AAA launches in the market, including Hogwart’s Legacy, The Legend of Zelda: Tears of the Kingdom, Assassin’s Creed Mirage, and others. The rest of the year is also gearing up for highly anticipated titles like Bethesda’s Starfield on the Xbox Series X/S and Marvel’s Spider-Man 2 on the PlayStation 5. Meanwhile, Nintendo is also looking to capture its loyal fanbase with a new 2D Mario game.
Conclusion: Console Gaming in 2023 and Beyond
The global gaming market is expected to cross the $200 billion mark by 2026, with consoles playing a pivotal role in this growth. Video games on consoles typically take between 4 to 7 years to develop and constantly push innovation in the industry. These titles showcase some of the most complex and technically advanced virtual worlds for players to immerse themselves in. Consoles blend high-quality graphics and robust gameplay while also offering exclusive games. The segment will continue to be at the heart of interactive entertainment and media, with its impacts resounding across the 3.4 billion gamers across the globe.