LogInThe decline was caused by the lack of PS5 and Xbox Series S availability as well as the delay of several major game releases.
Ampere Analysis has released a new report providing insights into the global console gaming market in 2022.
According to the report, the console market's revenue decreased by 7.8% last year reaching $56.2 billion, compared to $60.9 billion generated last year. The analysis firm attributes this to the lack of PlayStation 5 and Xbox Series X availability as well as the delay of several major game releases.
Sony led the global console market, with a 45% share of total consumer spending (including spending on console hardware, games, and services). It is followed by Nintendo with a 27.7% share and Microsoft with a 27.3% share.
The report claims that a lack of PlayStation 5 and Xbox Series X availability constrained the sales of these consoles in 2022.
During the year, Microsoft's Xbox Series devices, including the more readily available Series S, slightly increased its share of unit sales by taking advantage of Sony's supply chain challenges. However, according to analysts, the demand for Series S during the holiday season indicates that it lacks the high-end appeal of Series S.
The availability of PlayStation 5 improved in late 2022 and it has been more consistently available globally in 2023.
In 2022, spending on console subscription services grew by 5.6% to hit $7.8 billion, with Microsoft increasing its market share lead in the console subscription segment.
In-game and downloadable content was the weakest area of monetization, according to the report. It dropped nearly 15% as the market adjusted to a return to typical post-pandemic consumer behavior, and the macroeconomic conditions started to have an impact.
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