Newzoo revises 2023 games revenue forecasts down to $184B

Newzoo announced today that it is updating its Global Games Market Report 2023 with its final adjusted estimates and analysts’ forecasts for the year. According to the market research company, this is the last adjustment to the 2023 market report before the 2024 report is published in July. In the last adjustment in August 2023, Newzoo predicted that the games market would generate $187.7 billion in 2023. However, Newzoo’s latest report puts its new estimate at $183.9 billion, down 2%.

According to Newzoo’s revised estimates, mobile gaming accounts for less than half of the overall revenue at $89.9 billion, which is down 2.1% YoY. By contrast, revenue from PC was up by almost 9%, and the PC and console market combined generated $94 billion, which is up 3.1% YoY. Newzoo’s Tom Wijman attributes this growth in part to the boost from cross-platform release strategies. As an example of this in action, Sony revealed in its recent earnings report that Helldivers 2, which it launched on both PC and PlayStation, was its fastest-selling first-party title. Circana analyst Mat Piscatella noted that Steam accounted for 60% of the game’s sales in February.