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PC Game Revenue Could Overtake Console Revenue by 2028, Newzoo Forecasts

Newzoo projects PC games software and services revenue will overtake console revenue by 2028. The forecast excludes hardware and estimates faster PC growth from 2025 to 2028.
From TheFinanceBase Team3 min to read
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Newzoo forecasts that global PC games software and services revenue will surpass console revenue by 2028. Its 2026 PC & Console Gaming Report projects PC revenue to grow at a 6.6% compound annual growth rate (CAGR) from 2025 to 2028, versus 4.4% for console revenue. This is a forecast, not an outcome that has already happened—and it compares spending on games, not sales of PCs or consoles.

What Newzoo forecasts for PC and console revenue

Newzoo’s 2026 PC & Console Gaming Report projects that PC games revenue will grow faster than console games revenue over 2025–2028, putting PC ahead by 2028. The report forecasts a 6.6% CAGR for PC and 4.4% for consoles. CAGR describes the average annual rate of growth across the period; it is not a claim that revenue will rise by exactly that percentage each year.

Newzoo estimates the combined global PC and console games market generated $88.3 billion in 2025 and forecasts it will reach $103.7 billion in 2028. Those are Newzoo figures, with 2025 presented as an estimate and 2028 as a projection—not final audited totals.

What counts as “gaming revenue” in this comparison

The headline can sound like a comparison of PC and console hardware markets, but hardware is excluded. Newzoo measures nominal consumer spending on games software and services, globally. Its definition includes boxed and digital full-game purchases, in-game spending such as microtransactions and downloadable content, in-game subscriptions, and console multi-game subscriptions including Xbox Game Pass and PlayStation Plus.

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The measure excludes taxes, second-hand sales, advertising, hardware, business-to-business services, and gambling. Newzoo’s PC category covers games played through storefronts such as Steam and Epic Games Store, physically purchased games, browser games, casual sites, social networks, Steam Deck, and other PC handhelds. Console covers games played on PlayStation, Xbox, or Nintendo hardware. The figures are nominal rather than adjusted for inflation.

Why Newzoo expects PC revenue to grow faster

Newzoo links its PC projection to an expanding player base, growth in Eastern Asia, wider storefront adoption, higher average selling prices, and premium game spending. It also forecasts growth in console revenue and players, but at a slower pace, supported by premium releases, hardware cycles, and higher premium or subscription pricing. These are the report’s explanations for its outlook, not proof that any one factor causes the projected difference.

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Player counts offer context, but not a direct revenue comparison. Newzoo forecasts more than 1 billion PC players globally by 2028 and reports that China’s PC player count grew 11.7% year over year in 2025. Its player totals are not deduplicated across platforms, so someone who plays on both PC and console may be counted in both platform groups.

How PC and console spending differ

The revenue mix helps explain why faster PC growth does not mean PC players spend only on full-price games. Newzoo estimates that microtransactions generated 48% of PC revenue in 2025 ($20.6 billion), while premium game sales accounted for 29% ($12.5 billion). For consoles, it estimates that premium games made up about half of 2025 revenue.

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In Newzoo’s account, PC growth combines player-scale expansion with spending through several channels, including in-game purchases and premium games. Console revenue is more premium-led and remains exposed to release timing and platform cycles. Neither mix guarantees the future growth rate; they describe the market as the report estimates it.

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What could change the forecast

A forecast depends on assumptions about player growth, spending, releases, and market conditions. PC Gamer noted that memory and storage supply pressures could affect the outlook. That is a potential source of uncertainty, not evidence that Newzoo’s projection has already failed. Actual revenue through 2028 could differ as conditions change.

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The central qualification is scope: Newzoo predicts PC will pass consoles in global games software and services revenue, not in hardware sales or every measure of gaming activity. Its forecast is useful for understanding the direction it expects the market to take, but it should not be read as a settled result.

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