LogInA recent industry report reveals that despite the contraction of game market revenues from 2021-2022, the industry bounced back in 2023, generating $183.9 billion globally.
According to market researchers at Newzoo who just updated their Global Games Market Report 2023, after a recovery period in 2021-2022, the global games market achieved a growth of 0.5% year-on-year (YoY), generating $183.9 billion in 2023.
Mobile game revenues experienced a slight dip last year, dropping 2.1% YoY, but still accounted for nearly half of the global market. In sharp contrast, the PC games market, which accounted for just 22% of total revenues, saw the most significant growth of any segment at 8.4% YoY. On the other hand, console game revenues witnessed a mere 0.3% growth.
"PC revenues from publicly listed companies were up nearly 9% YoY. On the private company side, Valve, Epic Games, and miHoYo showed strong performances. We also saw that successful gaming companies pursuing cross-platform strategies acted as a beneficial catalyst for the PC market."
In 2023, PC and console gaming together generated $94.0 billion, marking a 3.1% YoY growth. However, it's worth noting that despite this market growth, playtime hours have seen a considerable decrease, as the report stated:
"According to our recently released PC & Console Gaming Report 2024, average quarterly playtime has decreased by -26% since the first quarter of 2021—the first quarter we had full playtime data for PC, Xbox, and PlayStation."
The report also highlighted a stark reality — a staggering 90% of the new game revenue in 2023 was dominated by just 43 titles.
Check out the blog post from Newzoo here for more information about the global games market in 2023 and don't forget to join our 80 Level Talent platform and our Telegram channel, follow us on Instagram, Twitter, and LinkedIn, where we share breakdowns, the latest news, awesome artworks, and more.