The PC & Console

Gaming Report
2024

©2024 Newzoo. All rights reserved.

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2
The state of PC and console gaming in 2024
Welcome to the second edition of Newzoo’s annual PC and console report.

Last year saw many highly anticipated and delayed games make landfall while significant layoffs cast a shadow
over the industry. The market did recover after a slight dip in 2022, but truly significant growth is still not on the
immediate horizon. Playtime is on the decline in 2024, and market consolidation is pushing more eyes and cash
into the hands of fewer games and studios.

Despite all of this, we remain cautiously optimistic. There are many ways to stay in the game, especially as
emerging markets bring new players to the fore and gaming weaves itself more into the mainstream. Breakout
hits like Baldur’s Gate 3 show that well-developed games that understand and respect their player bases while
offering depth can still make their mark.

In this report, we explore the state of the market today, providing insight to help stand out in a tough market.
Aside from getting into trends like a downturn in playtime, this report offers insight into potential opportunities
in 2024 and beyond. We also explore recent hit games to zoom in on shared best practices.

This free resource draws from the Newzoo Platform, focusing on the Game Performance Monitor, with
supporting data and insights from all our tools. We also delve into our Games Market Reports and Forecasts for
valuable market context.

We hope you enjoy reading it as much as we loved writing it. Thanks for tuning in.

Tom Wijman
Lead Analyst

3
Executive summary

The market will grow at Gamers will clock in Competition is fierce, but
modest rates fewer playtime hours opportunities do exist

Last year was massive for new Playtime has shrunk since its peak in 2021 Many breakout titles from the
game releases, but the overall and is trending downward. last two years share success
market is slowing down. factors, giving insight into viable
Games that have been out for six or more gameplay and storytelling
New player growth will flatten years are capturing over half of playtime, strategies.
out in the coming years. and that share is increasing.
Player growth in emerging
Console gaming will be the Fewer publishers are scooping up more markets is more promising than
main growth driver. player engagement and revenue, though in established ones.
players are still seeking out a diverse
Games-as-a-platform’s array of games. There are still many trend-
prevalence means every new chasing gamers out there ready
game will have to contend The barriers between PC, console, and to jump on the ”next big thing.”
with Fortnite and Roblox. mobile gaming are coming down.

PC and console gaming 90% of new game revenue

Average quarterly playtime has
generated $93.5 billion (USD) in 2023 was captured by
decreased by -26% since Q1 2021.
in 2023, with +2.6% growth YoY. just 43 titles.

4
Written by Newzoo’s market analysts
Powered by data from our Platform
This report mainly draws from the Game Performance Monitor,
our Platform’s title-level tracker, with input from the entire
product suite, market analysis team, and gamer researchers.

5
Contents
1. The PC and console market outlook
2. Gamers are clocking in fewer playtime hours
3. Reckoning with a crowded market
4. Growth opportunities
5. What comes next?
6. Navigate the market with Newzoo

6
 The PC and console market outlook
Growth will remain modest, with console as the main growth pillar moving forward
The PC and console market grew by +2.6% in 2023,
with PC games contributing most to this growth

With downloaded/boxed PC growth as a primary

contributor, PC and console game revenues grew
by +2.6% last year to reach $93.5 billion last year.
PC games

$40.4Bn 2023 was a massive year for game launches. Many

hotly anticipated, and in some cases, delayed,
titles finally made it into gamers' hands, in some
+3.9% YoY
ways spoiling them for choice.

A significant number of the year's most successful

games were cross-platform releases, some of
which sold very well on PC, driving growth for the
2023 Total
43% segment. However, much of this success didn't
$93.5Bn supplement live service revenues or back catalog
sales.
57% +2.6% YoY Premium titles cannibalized time and revenues
from the live-service heavy hitters, again
highlighting that live-service monetization tends
to be a somewhat zero-sum game.
Console games

$53.1Bn Our revenues encompass consumer spending on games:

physical and digital full-game copies, in-game spending, and
+1.7% YoY subscription services like Xbox Game Pass. Mobile revenues
exclude advertising. Our estimates exclude taxes, secondhand
trade or secondary markets, advertising revenues earned in
and around games, console and peripheral hardware, B2B
services, and the online gambling and betting industry.

Source: Newzoo Games Market Reports and Forecasts | January 2024 8

Premium transactions accounted for the highest share
of PC and console game revenues in 2023

In 2023, revenue from premium transactions

Share of yearly PC revenues by category Share of yearly console revenues by category accounted for 56% of PC spending and 57% of
US & UK 2023 US & UK 2023 console spending.

Premium's revenue share was high on console,

partly thanks to the full slate of blockbuster
premium launches. The time spent playing those
games took some revenue share away from
recurring spending.
12% 8%
On top of that, successful pay-to-play live service
launches that generated almost half of the year’s
revenue, like Diablo IV, still generated more
premium than recurring revenues (of course,
recurring revenue for those titles should grow as a

56% 33% percent of total revenue over time).

30% 57%
Switching gears from premium revenues, in-game
spending accounted for 43% of PC and console
revenues in 2023. The share of recurring revenues
grew on PC despite the success of premium hits
like Hogwarts Legacy and Baldur's Gate III.

*Subscription revenue is based on revenue generated from

subscription-based consumer spend per title. It excludes
Premium Microtransaction Downloadable Content Subscription* multi-game subscriptions, such as Xbox Game Pass.

Source: Newzoo Game Performance Monitor | PC, Xbox, PS, Switch | 2 Markets (US & UK) | 2023 9
PC and console revenue growth will stay below
pre-pandemic growth levels through 2026

From 2015 to 2021, PC and console revenue grew

PC and console revenue growth PC Console Revenue growth
rapidly, reaching $94.3 billion, with growth
2015 - 2026F exceeding 50%.

The market will grow by a forecasted $14.1 billion

+$14.1 Bn from the end of 2023 to 2026, a more
(+2.7% CAGR) $107.6 Bn conservative growth outlook than before the
+$32.1 Bn -$0.8 Bn pandemic. Most of the growth will come from an
(+7.2% CAGR) $94.3 Bn (-0.4% CAGR) $93.5 Bn expanding console install base and the rumored
new Nintendo device.

Other growth drivers will include the sizable

library of content available on next-gen consoles
$62.2 Bn 57% 57% 60% and household budgets shifting toward late-cycle
software. Developers will have to sharpen their
competitive edge in light of this more modest
51% growth. The goal for game makers will be to
capture and hold player interest while also
converting players to payers at scale in this
saturated market environment.
43% 43% 40%
49%
Our revenues encompass consumer spending on games:
physical and digital full-game copies, in-game spending, and
subscription services like Xbox Game Pass. Mobile revenues
2015 2016-2021 Growth 2021 2022-2023 Growth 2023F 2024-2026 Growth 2026F exclude advertising. Our estimates exclude taxes, secondhand
trade or secondary markets, advertising revenues earned in
and around games, console and peripheral hardware, B2B
services, and the online gambling and betting industry.

Source: Newzoo Games Market Reports and Forecasts | January 2024 10

New player growth will slow down for the PC
and console market in the coming years

Our PC and console forecast for 2023 to 2026

PC & console players growth over the years PC Console
anticipates a CAGR of 1.6% for PC players and 3%
2018 – 2026F
for console players, reaching 909 million and 683
million, respectively. The flat growth trend from
2021 to 2023F will continue as it has since the
pandemic surge dwindled.
PC CAGR: +4% PC CAGR: +0.9% PC CAGR: +1.6%
Console CAGR: +8.9% Console CAGR: +3.8% Console CAGR: +3.0% Forecasted growth rates from 2023F to 2026F
are significantly lower than in the period from
2018 to 2021.

909M Slower player growth rates will impact the

851M 867M
industry's capacity to "expand the pie" via net
756M organic growth.
683M
625M It will be increasingly challenging to grow a game's
580M
player base, particularly in our current landscape,
449M where evergreen titles and robust content
pipelines reign supreme.

Want a more expansive view of PC and console player

growth now and in the future? The Games Market
Reports and Forecasts toolkit gives you actionable
2018 2019 2020 2021 2022 2023F 2024F 2025F 2026F data, forecasts, and trends to make smarter and bolder
strategic decisions.

Source: Newzoo Games Market Reports and Forecasts | January 2024 11

Games ranking in the top 10 by average MAU are over seven years
old on average and generally fall into one of four categories

Top 10 games by average MAU in 2023

Per platform

PC | 37 Markets | 2023 PlayStation | 37 Markets | 2023 Xbox | 37 Markets | 2023 Switch | US & UK | 2023

1 Fortnite 1 Fortnite 1 Fortnite 1 Fortnite

2 Roblox 2 Grand Theft Auto V 2 Call of Duty: Modern Warfare II/III/Warzone 2.0 2 The Legend of Zelda: Tears of the Kingdom

3 Minecraft 3 Call of Duty: Modern Warfare II/III/Warzone 2.0 3 Grand Theft Auto V 3 Super Mario Bros. Wonder

4 Counter-Strike 2 & GO* 4 EA Sports FC 24 4 Minecraft 4 Mario Kart 8

5 The Sims 4 5 Roblox 5 Roblox 1 5 Minecraft

2
6 Call of Duty: Modern Warfare II/III/Warzone 2.0* 6 Rocket League 6 Tom Clancy's Rainbow Six: Siege 6 Pokémon Scarlet/Violet

7 League of Legends 7 Minecraft 7 Rocket League 7 Fall Guys

8 Valorant 8 Tom Clancy's Rainbow Six: Siege 8 Starfield 8 Animal Crossing: New Horizons

9 Grand Theft Auto V 9 Apex Legends 9 Apex Legends 9 Hogwarts Legacy

10 Rocket League 10 Fall Guys 10 FIFA 23 10 Super Smash Bros. Ultimate

Average years on the market 9.6 years Average years on the market 7.4 years Average years on the market 7.2 years Average years on the market 3.9 years

* Call of Duty: Modern Warfare III and Counter-Strike 2 share the same executable with their predecessors, and these rankings include the average MAU of those releases plus their predecessors.

Source: Newzoo Game Performance Monitor | PC, Xbox, PS coverage for 37 Markets (excl. China & India) | Switch coverage for US & UK | 2023 12
What’s behind the success of the top 10 PC, Xbox,
and PlayStation games by average MAU?

Gaming platforms Competitive multiplayer games

Strengths: diversity of experiences on Strengths: competitive nature,
offer; utilizing community to power culminating in active esports scenes;
content creation and brand compelling core gameplay loop.
collaborations.

Annual franchise releases Sandbox games

Strengths: fan loyalty; licensing deals and Strengths: tools that allow for creativity
roster updates (only applies to sports and expression; strong community; active
titles). modding community.

Starfield is the only single-player title to appear in the top 10 Nintendo Switch’s ranking differs significantly from the
games by average MAU in 2023. That also makes it the only other three. It contains six exclusive titles, all of which are
new franchise to appear in this top 10 ranking on any published by Nintendo. This makes it all the more impressive
platform covered. that Fortnite managed to top that chart, too.

Source: Newzoo Game Performance Monitor | PC, Xbox, PS coverage for 37 Markets (excl. China & India) | Switch coverage for US & UK | 2023 13
Every new game release will have to compete with Fortnite and Roblox

Fortnite and Roblox allow creators to build unique

Fortnite and Roblox MAU growth (%) by month Fortnite Roblox
content, resulting in players getting new
PC, PlayStation, Xbox | 37 Markets | July – December 2023
experiences on a consistent basis.

Fortnite launched OG in This third-party strategy lets gaming platforms like

November 2023, and LEGO Fortnite and Roblox stay ahead of the content
Roblox launched on Fortnite, Fortnite Festival, treadmill.
PlayStation in and Rocket Racing in the
October 2023 subsequent month Live-service games that don't go the games-as-a-
platform route, in contrast, rely on internal
development teams and can't release content at
+60% the same pace.
+54%
While Fortnite and Roblox already gobble up a
sizable player base, engagement can balloon
when certain content launches. For instance, the
fall 2023 launches of Fortnite OG and LEGO
Fortnite, among other releases, led to significant
+16% MAU growth (without taking too many players
from the Roblox ecosystem).
+2% +2% +3%
It's essential for studios to remember that they are
competing with these platform behemoths for a
0% -3% share of limited player hours. Maintaining a viable
-4% -5% -5%
player base or gaining new audiences is currently
-12% always in competition with Fortnite and Roblox.
Jul Aug Sep Oct Nov Dec

Source: Newzoo Game Performance Monitor | PC, Xbox, PS coverage for 37 Markets (excl. China & India) | 2023 14
Gamers are clocking in fewer playtime hours
Overall playtime is shrinking, while older games capture most playtime
Average quarterly playtime has decreased by -26% since Q1 2021

Average hours per quarter played on PC, Xbox, PlayStation As lockdowns ended across the world, players
turned to other options for entertainment,
January 2021 - December 2023, with quarter-on-quarter growth rates
stepping away from the screens that had sustained
them during the pandemic.

This trend has resulted in a -26% decrease in

average quarterly playtime from Q1 2021 through
Q4 2023.
-11%
-4% -1%
-4% +1% Typically, we would expect to see growth in Q4
-6% -1% +3%
-6% 1% 0% (as we did in 2022) thanks to holiday releases and
more available playtime hours away from work,
school, and other commitments. However, this
didn't come to pass in Q4 2023.

If you look ahead to this year and the next several,

this trend will likely continue, evidenced, as well,
by playtime being down by -10% in January 2024.
Decreasing playtime may also be exacerbated by
the relatively light release schedule expected this
year.

Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23

Source: Newzoo Game Performance Monitor | PC, Xbox, PS | 37 Markets (excl. China & India) | 2021-2023 16
Playtime per title is trending down as overall playtime declines

Average hours per quarter played on PC, Xbox, PlayStation

January 2021 - December 2023, with quarter-on-quarter growth rates

-11%
-4% -1%
-4% +1%
-6% -1% +3%
-6% 1% 0%

66 titles
accounted for 80% of playtime
in 2023, in line with the trend of
the last two years.

Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23

Source: Newzoo Game Performance Monitor | PC, Xbox, PS | 37 Markets (excl. China & India) | 2021-2023 17
Titles six years old and over accounted for more
than 60% of playtime from 2022 through 2023

Players are spending more time on games

% of total hours played by release date < 3 Years 3-5 Years 6+ Years
that came out six or more years ago. The time
January 2021 – December 2023
spent on these accounts for over 60% of the
time spent in games in 2023.

These older games are gaining an increasing

21% share of playtime over games between three
and five years old, which dropped in playtime
2021 34%
in 2021 and 2022. The drop in playtime in
45% 2022 can be attributed to Fortnite's shift into
a 6+-year-old game, but not in 2023.

19% 2023 was a solid year for new game releases*,

with the share of new game playtime rising to
2022 24% 23% (from 19% in 2022).
57% Both new games and 6+-year-old games took
playtime from the category of games between
three and five years old. This shows just how
23% difficult it’s become to create a game that
2023 16% keeps players engaged for a long time.

61%

0% 10% 20% 30% 40% 50% 60% 70%

* New games are defined as games that launched after January 1st, 2022.

Source: Newzoo Game Performance Monitor | PC, Xbox, PS | 37 Markets (excl. China & India) | 2021-2023 18
The top five older titles accounted for over 25% of all playtime
in 2023, making it tougher for new titles to compete

In 2023, the top five titles out of all six-year-

% of total hours played by release date 6+ Years old
old games captured 27% of all playtime.
January 2021 – December 2023

These titles included the usual suspects:

Fortnite, Roblox, League of Legends,
Minecraft, and Grand Theft Auto V.

The longevity of these titles and their

2021 supremacy over playtime, combined with the
finding that playtime hours are shrinking
overall, indicates how entrenched these hours
are.

Simply put, these hours are not part of the

2022 addressable market for other games.

2023
27%
8.4% 5.9% 5.2% 4.3% 2.9%

Fortnite Roblox League of Minecraft Grand Theft

2017 2006 Legends 2011 Auto V
2009 2013

Source: Newzoo Game Performance Monitor | PC, Xbox, PS | 37 Markets (excl. China & India) | 2021-2023 19
 Over 60% of playtime spent on new titles
went to franchises with annual releases

Out of that 23% share of total playtime that

% of total hours played by release date Annual franchise releases
went to new games (released fewer than two
January 2021 – December 2023
years ago), yearly franchise titles accounted
for 60%. That means that annual releases
snagged around 15% of total playtime.

Annual release titles include Call of Duty:

Modern Warfare, EA Sports FC, NBA
2021 2K, Madden, and MLB The Show.

Studios hoping to release a new title will find it

challenging to include these playtime hours in
their addressable market, as they nearly
always go to these games that engage players
2022 on a reliable annual basis. In other words, it's a
tall order to steal playtime hours from a Call
of Duty or big sports title.

15%
2023

6.8% 3.9% 1.7% 0.8% 0.4%

Call of Duty EAFC / FIFA NBA2K Madden The Show

Source: Newzoo Game Performance Monitor | PC, Xbox, PS | 37 Markets (excl. China & India) | 2021-2023 20
 New titles competed for 8% of the total playtime in 2023

The remaining playtime spent on new titles

% of total hours played by release date New releases*
comprised 8% of the total playtime in 2023.
January 2021 – December 2023
While that may sound dire, the reality is that
it’s easily possible to be successful within
these constraints.

The top five titles within this smaller portion of

2021 new game playtime were Diablo IV, Hogwarts
Legacy, Baldur's Gate 3, Elden Ring,
and Starfield. Collectively, these games
accounted for 3.5% of last year's total
playtime.

It's worth noting that four of these titles are

2022 premium games, while only one of them is a
live service.

8%
2023

1.4% 0.8% 0.6% 0.3% 0.3%

Diablo IV Hogwarts Baldur’s Elden Ring Starfield

*Excl. Annual Titles (Call of Duty, NBA2K, etc.) 2023 Legacy Gate III 2022 2023
2023 2023

Source: Newzoo Game Performance Monitor | PC, Xbox, PS | 37 Markets (excl. China & India) | 2021-2023 21
 90% of new game playtime was spent on 48 titles,
with over 1,400 titles accounting for 10% of this playtime
In 2023, only 48 titles accounted for 90% of
Share of playtime as a % of total hours spent on new titles
new game playtime in the US and UK. Of
January 2023 – December 2023
these 48 titles, 25 were live-service pay-to-
play games, 20 were premium, and the
remaining three were free live services.

Live-service pay-to-play games dominated,

Live-service accounting for nearly three-quarters of new
free-to-play game playtime. The 25 titles included the
1% 3 Titles new Call of Duty and sports games, as well
as popular new releases such as Diablo IV.
Live-service
pay-to-play
10% Others The remaining 10% of all new game playtime
25 Titles 1,400+ titles
73% New game was spread over 1,400+ titles. These
playtime 2023 included Assassins Creed: Mirage, Lies of P,
Marvel’s Midnight Suns, and Wo Long: Fallen
Dynasty.
16% Premium
20 Titles While these games didn’t accrue as much
playtime as the live-service pay-to-play
giants, it’s worth noting that falling into this
10% doesn’t automatically mean that these
games were unsuccessful.

New Games/Titles are defined as titles released starting in 2022.

*Call of Duty: Modern Warfare is listed as a pay-to-play live service as the Warzone is persistent with the main title.

Source: Newzoo Game Performance Monitor | PC, Xbox, PS | 2 Markets (US, UK) | 2023 22
 90% of new game revenue in 2023 was captured by 43 titles

Switching from new game playtime to new

Share of new title revenue game revenue, you can see that even fewer
New game revenues | January 2023 – December 2023 titles captured 90% of revenue.

Premium titles accrued 32% of new title

revenue despite accounting for only 16% of
playtime, while 47% of new title revenues
Premium came from annual releases.
26 Titles
The one free-to-play title that captured play
time (THE FINALS) is absent due to being
Live-service 32% launched in December 2023.

pay-to-play New game While this shows that it’s difficult to directly
17 Titles 59% compete with heavy-hitting pay-to-play
revenue 2023
titles, monetizing upfront and after the initial
purchase seems to be a preferable strategy
for live services, allowing well-oiled premium
IPs to compete.

10%
Others
1,400+ Titles

14.3% 10.8% 10.4% 6.8% 2.2%

New Games/Titles are defined as titles released starting in 2022.
Call of Duty EAFC / FIFA NBA2K Madden The Show
*Call of Duty: Modern Warfare is listed as a pay-to-play live service as the Warzone is persistent with the main title.

Source: Newzoo Game Performance Monitor | PC, Xbox, PS | 2 Markets (US, UK) | 2023 23
 Following industry trends, all subgenres are losing engagement
time, except for Third-Person Shooters and Action RPGs
Shooters dominate the top 10 subgenres by
Playtime by subgenre and percent change from 2022-2023 2022 2023
playtime but are declining overall. Third-person
shooters saw an increase, but only due to the
addition of third-person mode in Call of Duty
II/III/Warzone.
First-Person Shooter -6%
Despite the downturn in playtime, Action RPG
games managed to overcome the trend to
Third-Person Shooter +27% increase (+5%), but with significant help from
massive titles released in 2023 like Diablo IV,
Adventure Sandbox -4% Hogwarts Legacy, and Starfield.

Hero Shooter -11% MOBA and Adventure Sandbox games seem to

be more resilient than others. However, these
subgenres are driven by a few strong
Action RPG
+5% contenders with highly sticky user bases.

Realistic Sports -10% MOBAs have League of Legends and DotA 2,

while Adventure Sandboxes are held up by
Open World Survival Craft -8% Minecraft, Roblox, and Grand Theft Auto V.
These genres are likely to remain in the top 10
for the foreseeable future.
Action-Adventure -11%

MOBA -4% Subgenres are part of the Newzoo Games Taxonomy

The Newzoo Games Taxonomy is a granular and cross-
platform classification framework for games on a large
Looter Shooter -11% variety of elements. It consists of over 250 variables
across 12 unique categories.

Source: Newzoo Game Performance Monitor | PC, Xbox, PS | 37 Markets (excl. China & India) | 2022-2023 24
Keep tracking playtime and revenues
Go beyond the report with Newzoo’s Game Performance Monitor, the
leading data tool for tracking thousands of PC and console games globally.

10,000+ 37 100+
Games tracked across PC, Xbox, 37 markets covered Metrics including MAU, DAU,
PS, and Nintendo Switch worldwide, 9 regions lifetime players, and revenue

Coverage of the top platforms:

Playing, spending, and viewing player data for PC and console games

Player overlap, acquisition, retention, and churn between titles

Tracking data on millions of players’ behavior per platform

Premium and recurring revenue for 1000+ games in 6 markets

Take the product tour Find out more

25
Reckoning with an overcrowded market
How do you get discovered and stand out in the PC and console market?
 A small number of publishers dominated
the PC and console market in 2023

PC and console publishers commanding the top 80% by MAU Declining playtime is just one of the challenges facing today's PC and
January 2023 – December 2023 console games market.

We also see that, over time, fewer publishers are scooping up an

Month Number of Publishers outsized share of engagement. In each month of 2023, between 28 and
34 publishers commanded 80%* of MAUs, a publisher count that has
Jan 32
been trending down since 2021.
Feb 28
What’s more, a group of 23 publishers was consistently present in this
Mar 28 list in 2023, with five additional publishers appearing in this ranking at
least eight months.
Apr 30

May 30 This left little room for other publishers to break through, but several
studios managed with single or multiple titles. Prominent examples
Jun 31 included Larian Studios' Baldur's Gate 3 and Gearbox
Jul 34 Publishing's Remnant II and Risk of Rain 2.

Aug 32 Publishers capturing the top 80% MAU in all 12 months of 2023: 2K,
Activision Publishing, Bandai Namco, BHVR, Bethesda, Blizzard, Bungie,
Sep 29
CDPR, Capcom, Epic Games, Epic Games Publishing, Mojang, Psyonix,
Oct 29 Riot, Roblox, Rockstar, SIE, Square Enix, Ubisoft, Valve, Xbox Games
Studio, miHoYo
Nov 28

Dec 28

* Newzoo looked at 80% of MAU for each title measured during a single month as a measure for the majority of player engagement.
These MAU are not deduplicated, meaning a player was counted once for each title they played during a specific month.

Source: Newzoo Game Performance Monitor | PC, Xbox, PS | 37 Markets (excl. China & India) | 2023 27
 Fewer companies are scooping up most of the engagement,
but players are still playing a diverse array of titles
While publishers are grabbing more
Average number of titles capturing % MAU share per month 2021 2023 engagement, players are still getting into
2021 versus 2023 roughly as many titles as before.

Title diversity has yet to see as significant an

impact as publishers in terms of MAU.

The number of games capturing 75% of

28 players in 2023 was identical to how many
50%
26 achieved the same thing in 2021 and close to
identical in the other brackets.

The trend suggests that fewer publishers are

136
75% finding success with more titles. The
136
industry may be consolidating, but players
aren't following suit in terms of how many
games they play (just that their playtime
186 hours are dropping).
80%
187

397
90%
390

- 50 100 150 200 250 300 350 400 450

Source: Newzoo Game Performance Monitor | PC, Xbox, PS | 37 Markets (excl. China & India) | 2021-2023 28
 Game studios are relying on safer bets like
established franchises to improve discoverability

% of top new PC/console releases in 2023 by MAU

Franchise versus no franchise
Top five games of 2023 with no franchise by MAU
PC, PS, Xbox | 37 major markets | Dec 2023

20%

No franchise 46% #1 #2 #3 #4 #5

THE FINALS BattleBit Ready or Not Starfield Party Animals

Remastered

80%
Players flock to recognizable franchises. Over half of the top new
games in 2023 (by MAU) were installments in a franchise.
Has franchise 54%
While attracting players to a new title that’s not part of a franchise is
rare, it’s not impossible. Success can come from a studio’s fame or
unexpectedly stellar quality.

If you look at the top five games that aren’t from franchises, you can
note that several are First-Person Shooter titles with quite unique
Top 250 Top 50
gameplay angles.

Source: Newzoo Game Performance Monitor | PC, Xbox, PS | 37 Markets (excl. China & India) | 2023 29
 You don’t need to stand out if gamers know your IPs—Remakes and
remasters remain a viable way to use nostalgia to capture player interest

Live services Leveraging back catalogs

Fortnite OG launched in November 2023 Long-standing game developers are well positioned to leverage their large back
catalogs of beloved IP through remakes and remasters. Square Enix, for instance,
launched Final Fantasy VII Rebirth, the second part of a trilogy leveraging nostalgia
for the single original Final Fantasy VII from 1997. Addressing the potential risks of
drawing from one IP and not another, Capcom surveyed fans directly, asking which of
their many IP they would be most excited to see return.

Over 7 million units sold

Final Fantasy VII Remake

+60% +134% Over 6 million units sold

Resident Evil 4 Remake

This launch The launch also

propelled Fortnite's significantly boosted
MAUs by +60%, helping monthly revenues in the
Announced Announced
the game reach its US and UK, increasing
highest engagement by +134%.
MGS 3 Remake Silent Hill 2 Remake
levels in three years.

Source: Newzoo Game Performance Monitor | PC, Xbox, PS | 37 Markets (excl. China & India) | 2023 30
 Remakes can renew the popularity of their original games—Resident
Evil 4’s remake increased the original game’s engagement (by MAUs)

Original Resident Evil 4 MAU

When Capcom announced it was
March 2022 – December 2023
remaking Resident Evil 4, the
original game’s MAUs shot up, with
Resident Evil 4 this increase getting even more
Remake Released significant once the remake
actually launched.

Resident Evil 4
Remake Announced
+57%
Average MAUs increased
for the original game by
+57% after the remake
announcement.

+285%
Average MAUs increased
Mar 2022 May 2022 Jul 2022 Sep 2022 Nov 2022 Jan 2023 Mar 2023 May 2023 Jul 2023 Sep 2023 Nov 2023 for the original game by
+285% compared to pre-
announcement MAUs.

Source: Newzoo Game Performance Monitor | PC, Xbox, PS | 37 Markets (excl. China & India) | March 2022 – December 2023 31
 The power of transmedia—Film and TV adaptations can increase
their game of origin's engagement (MAUs) at launch

Average MAU increase around transmedia campaigns and releases

Analysis of 35 game IP releases
+35%
The average MAU increase for games in a
franchise after a transmedia release is +35%.
1.6 M

1.4 M Transmedia strategies have the power to re-engage fans of

a franchise and boost engagement across its entire
1.2 M catalog. The success of these strategies has led to 36 video
game IPs being in production as of July 2023. Nintendo is
1.0 M even investing in animation and film production for future
endeavors.

0.8 M Across the 11 franchises we examined, transmedia

campaigns and releases have had a net positive effect on
0.6 M their games. Both new and returning MAU generally
increased after an adaptation's announcement and/or
release, with engagement remaining elevated for three
0.4 M months after a release (compared to before an
announcement).
0.2 M
While a transmedia play isn't an automatic win—many film
0.0 M and TV adaptations have fallen flat critically and/or
MAU before media Announce Month MAU Betwee n Rele ase M onth MAU after me dia release financially—recent big releases like The Super Mario Bros.
announce Announce /Re lease (3 month a verage) Movie and The Last of Us showed that video game IPs can
(3 month Average) (Average)
break records and win coveted media awards.

Source: Newzoo Games Market Reports and Forecasts | July 2023 32

 Crossing into mobile gaming has allowed the Call of Duty
franchise to broaden and diversify its audience base

Call of Duty | Demographics by platform played on | 2023

Base: Played Call of Duty (any title) in the past 6 months on each platform | Global (36 markets)

PC Console 📱 Mobile

47% With 2019’s Call of Duty: Mobile, the

41%
29% 33% 46%
24% 26% 33% franchise’s venture into the mobile
21% space, Call of Duty expanded its
Age demographic reach.

Mobile players tend to be a more

diverse cohort, depending on which
game you look at. Our consumer
research in 2023 showed that 40%
67% 60% of Call of Duty players globally who
72%
also play on mobile are female-
Gender 33% 40%
28% identifying gamers.

Also, by expanding to mobile, Call of

Duty firmly established itself in the
10- to 20-year-old demographic,
10-20 21-35 36-65 Male Female who are likelier to play on mobile
(and console).

Source: Newzoo Global Gamer Study 2023

Q. Social media or chat applications actively used (past 6 months). In-game items/virtual goods spent money on (past 6 months).
Base: Call of Duty console gamers (n=8,676), Call of Duty PC gamers (n=5,508), Call of Duty mobile gamers (n=7,382)
33
 Expanding EA FC to mobile has helped EA bring its popular
football (soccer) franchise to mobile-first geographies

FIFA | Demographics by platform played on | 2023

Base: Played FIFA (any title) in the past 6 months on each platform | Global (36 markets)

PC Console 📱 Mobile

Expanding into mobile gaming has

43% 41% 42% been less of a demographic play for
31% 26% 32% 27% 33%
25% EA Sports FC and more of a way to
Age capture mobile-first players in certain
markets.

Football is the world’s most popular

sport, and many places filled with
football fans may not have a critical
71% 69% mass of PC and console gamers.
63%
Gender 29% 31% 37%
In emerging markets, only a fraction of
players have access to the gaming PCs
or consoles needed to play EA Sports
FC 24, but they still want to play the
world’s leading football game.
10-20 21-35 36-65 Male Female
When EA Sports FC Mobile launched,
2.2 million people installed the game
Source: Electronic Arts Inc. Q1 24 Earnings Slides, Newzoo Global Gamer Study 2023 on day one, with 11.2 million new users
Q. Social media or chat applications actively used (past 6 months). In-game items/virtual goods spent money on (past 6 months). downloading it over its first ten days*.
Base: FIFA console gamers (n=10,884), FIFA PC gamers (n=4,490), FIFA mobile gamers (n=5,893)
*EA Sports FC 24 Sees Massive Fan Engagement to Kick Off New Era of Football | Official Press Release
34
 Hitting the right notes and timing in marketing helps put a title
at the top of mind before, during, and after a title’s release
Aided awareness is critical for pre-release
Pre- and post-launch aided awareness strategies, but tracking once a game is out is also
Base: Past 6 months PC and/or console players | United States useful. Especially as games tend to plateau in
terms of how much buzz they have as they
mature.
We compared awareness of three RPGs before,
Cyberpunk 2077 Baldur’s Gate III Starfield during, and after the release of new content.

Baldur's Gate 3 came from a niche studio with an

outstanding reputation in the genre. It had gained
Phantom Liberty awareness pre-launch due to the Baldur’s Gate
DLC drops: 26 Sep
DLC release date
75%
announced 11 Jun
franchise and three years in beta. After it
launched to broad acclaim, awareness shot up.
Starfield is an entirely new IP, but it’s also a new
Several price RPG by one of gaming’s most acclaimed studios,
50%
drops announced Bethesda.
Release: 3 Aug

Release: 6 Sep Cyberpunk 2077, released in December 2020,

plateaued in awareness last year but still
25% experienced small ups and downs. DLC releases,
updates, and other game launches may have
contributed to these changes.

0%
Apr/23 May/23 Jun/2 3 Jul/23 Aug/2 3 Se p/23 Oct/2 3 Nov/23 De c/2 3 Jan/24
Aided awareness involves showing players a list of
titles so they can pick the ones they know or have
heard of. It’s a vital metric powering our Game Health
Tracker.
* Titles are updated based on release schedules each month

Source: Newzoo | Game Health Tracker, Q. Aided awareness (upcoming and released titles)
Base: April 2023 to January 2024 | Past 6 months PC and/or console players in the United States (~n=3,000 per month) 35
 Growth opportunities
Despite a decline in playtime and increased competition, growth is still possible
 Many of the breakout games released in
the last 12 months shared success factors
Capturing lightning in a bottle has never been easy, and
Breakout titles by MAU it's only getting harder. Only a few games can leverage a
Aligned by release date Baldur's Gate III massive marketing budget or pre-existing cultural
significance.
BattleBit Remastered
You can find common success factors between hit games
Palworld to understand what contributed to their unique impact.
These factors never tell the whole story, but they help to
Lethal Company
define commonalities between breakout titles (like the
THE FINALS seven in the table).

Ready or Not Each of these titles rebuilt familiar core gameplay loops
into compelling experiences, bringing in fans of multiple
Helldivers 2 genres and franchises. These games also stuck to those
core gameplay loops, spotlighting the essence of each
title.

Developer support and community building are also

important, even for the single-player Baldur's Gate 3.
Many went through Early Access (or are still in it),
showing a willingness to incorporate player feedback.
These games all remain the core focus of their respective
development teams.

Social elements and virality play a large part in many

breakout games' success. There is often entertainment
MONTH 0 MONTH 1 MONTH 2 MONTH 3 value beyond the core gameplay. Every game here also
had immense quality and depth, cutting no corners to
give players the richest possible experience.

Source: Newzoo Game Performance Monitor | PC, Xbox, PS | 37 Markets (excl. China & India) | 2021-2024 37
 Palworld’s payer overlap with other breakout titles shows there’s
a cohort of players always ready to jump on the “next big thing”
Palworld’s success at the start of 2024 overlapped
Payer overlap index for titles with >150,000 overlap MAU with other breakout titles.
Base game: Palworld
The list on the left contains successful titles that
launched after January 1st, 2023, and had a
Enshrouded 150,000 (at least) MAU overlap with Palworld.

Remnant II First, the high overlap between breakout titles

shows there is an audience of multiplayer-first
Party Animals gamers who are willing to spend money to try
THE FINALS new, high-quality experiences with their friends.

Baldur's Gate III Second, this group is not over-indexing on globally

popular titles, such as Call of Duty or sports
Lethal Company franchises.
Ready or Not
Reaching this group can help with the virality of a
Call of Duty game, which may lead to more excited players
who also spend money on it. A game that
EA Sports FC 24 overlaps with the “next big thing” has the
potential to inherit that coveted moniker in the
Madden NFL 24
future.
NBA 2K24

0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0

The payer overlap index measures how much more likely the primary game’s player base is to spend
money in other titles compared to the average payer on that platform.

Source: Newzoo Game Performance Monitor | PC (Steam), Xbox | 2 Markets (US, UK) | January 2024 38
The barriers between PC, console, and mobile gaming are coming down—
There are players willing to cross platform boundaries to play and pay
Nearly half of players (47%) play on two
Platform overlap Share of payers & time spent playing platforms or more. Players who engage
Base: Total players By number of platforms played on | Base: Total players with more platforms tend to invest more
time and money into gaming. This means
that expanding beyond a single platform
Total Total can provide more routes to reach attractive
79% 41% Played on Played on Played on
and potentially lucrative player groups.

1 platform 2 platforms 3 platforms Like any expansion strategy, the right

experience and reverence for specific
gaming audiences are needed. If you’re
Mobile only
13% thinking of expanding to the mobile market,
here are some key questions:
35% 9%
69% 85%
All 3
Share of • Your game’s demographics will change.
15%
payers 41% How will you deal with that?
• What does this mean for your
4% messaging?
16% • What channels should you use to
communicate with your audience?
• Should you enable cross-play between
8% 11h 18m mobile and non-mobile versions?
8h 24m • Does your monetization strategy fit
Average time mobile?
Total
spent playing 4h
43% per week There’s practically no market for premium
games on mobile—if your game doesn’t
Played on 1 platform: 52% thrive off microtransactions, the best option
Played on 2 platforms: 32% may be licensing your game to Netflix or
Apple Arcade.
Played on 3 platforms: 15%

Source: Newzoo Global Gamer Study 2023 (Global weighted average across 36 markets)
Q. Platform player overlap, Payers (past six months), Time spent per week per platform
Base: Total players (n=58,040) Players that have played on one platform (n=29,099), Two platforms (n=18,920), Three platforms (n =10,021) 39
Player growth in emerging markets will
significantly outpace established markets
In the next several years, most new players
Comparing player growth on PC and console in established versus emerging markets entering the PC and console space will come from
2023F-2026F emerging gaming markets.

CAGR +0.2% Player numbers will grow in established and

emerging markets, but growth in the latter will far
outpace the former.

CAGR +4.7% Emerging markets will see 23 times more player

$54.5 $54.1 growth on the PC side of things, while emerging
Bn Bn $51.8 console player growth will eclipse established
Bn
markets by more than double.
$40.2 $40.5
$37.1 Bn Bn
Bn In a competitive industry, emerging markets
PC players in established markets PC players in emerging markets
present an opportunity to grow player bases
outside of commonly targeted places. Finding the
right messaging and distribution channels to reach
these new player segments will be an important
CAGR +2.2%
success factor moving forward.

CAGR +4.8%

Established markets are North America, Europe, Eastern Asia

2023F 2024F 2025F 2026F (including China, Japan & South Korea), and Oceania.
Emerging markets are Latin America, Africa & the Middle East,
Central and Southern Asia, and Southeast Asia. Players are defined
as having played a game on PC or console in the past six months.
Console players in established markets Console players in emerging markets

Source: Newzoo Games Market Reports & Forecasts | January 2024 40

Partnering with cloud gaming providers is a
powerful way to unlock emerging markets
Cloud gaming awareness, usage, and interest in
Cloud gaming awareness in emerging markets Cloud gaming usage in emerging markets trying are higher than average in emerging markets.
Base: Total (urban) online population in emerging markets* Base: Total players aware of cloud gaming in emerging markets*
Just over 32% of the (urban) online population within
the emerging markets covered are aware of cloud
gaming services (almost 5% above the global
average). Respondents in emerging markets score
higher than the global average on experience trying
2.6% cloud gaming services and interest in trying.

Various cloud gaming service providers have

27.5% successfully expanded into mobile-first regions such
32.5%
as Latin America, India, and Southeast Asia. These
services often partner with local telco and OTT firms
for reach and mostly come in the form of a
subscription.

Providing gaming content to these services can help

67.5% provide an early foothold in these markets. Yes,
69.9%
ARPPU for these subscription services is low, but it’s
an opportunity to grow alongside these markets to
gain a first-mover advantage.

Players in emerging markets generally don’t own

home consoles. By removing the hardware
requirements (the most significant barrier to entry),
cloud gaming is likely the most viable way to reach
players in emerging markets, given the current
Aware Not aware Tried it Interested in trying Not interested
economic conditions.

Source: Newzoo Global Gamer Study 2023

Q. Cloud gaming awareness; Tried cloud gaming
Base: Total (urban) online population in emerging markets* (n=32,373); Total players aware of cloud gaming in emerging markets* (n=9,821)
*Emerging markets included: Brazil, Mexico, China, Indonesia, Philippines, Vietnam, Thailand, Malaysia, Argentina, India, Saudi Arabia, United Arab Emirates, South Africa, Colombia, Chile, and Egypt. 41
What comes next?
The PC and console market may be in a tough spot, but there are many ways to stay ahead of the game

There are still opportunities Be aware of Emerging markets will

for growth in PC and macrotrends outside provide a cohort of
console gaming. the gaming industry. new, excited gamers.
Despite playtime declining and competition PC and console gaming (and gaming in general) New player growth may be stagnating in
increasing, there are still opportunities out is constantly weaving more closely into the Western markets, but emerging markets are
there waiting to be seized. wider entertainment world. Many of the trends brimming with new players.
in the wider entertainment industry will also be
Retaining players will be one of the key pervasive in video games (and vice versa). The PC and console player base in emerging
challenges moving forward (it already is), so markets is growing quickly. Reaching these
mixing monetization models may reduce the For game makers, transmedia storytelling has players is a solid play for AAA and indie studios
risk when games aren’t able to engage players never been as prevalent as it is now. The alike.
for longer stretches of time. second highest-grossing movie of 2023 was The
Super Mario Bros. Movie, and the HBO Of course, reaching new players in emerging
Look to other breakout games in your genre or adaptation of The Last of Us raised the bar on markets or really any market requires sharp
with other key similarities to see what storytelling across the entire TV medium. strategic thinking. It’s not a one-size-fits-all
resonates. solution.
Transmedia strategies may be the right lever to
Many players are working through extensive pull for your studio, though you must have a Embracing cloud gaming may be a more
backlogs or have their default live-service very clear and guarded approach to how your prevalent way to reach these emerging markets,
games, so anything you release has to be more IP can be used. as it removes many technical barriers to giving
focused and polished to gain their attention. more players access to huge games with heavy
hardware requirements.

42
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Meet the authors of this report

Writing and analysis Contributors Editing

Tom Wijman Michiel Buijsman L Isaac Simon

Lead Analyst Senior Market Analyst Senior Writer & Editor

Michael Wagner Orla Meehan

Senior Market Analyst Research Manager
Design

Brett Hunt Alexis Pamboris Spyros Georgiou

Business Development Research Director Design Lead

Diego Rondon Tello Ben Porter Ngoc Linh Nguyen

Director of Market Director Consulting Visual Design Intern
Analysis & Consulting

Mary Brune Tyler Long

Head of Consumer Insights Director of Product

Devan Brennan
Management Consultant

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