Console sales to boost videogame market growth through 2027

Videogame consoles are projected to drive market growth until 2027, according to Newzoo. The anticipated releases of "Grand Theft Auto VI" and a new Nintendo Switch are expected to boost sales after a slow recovery from the pandemic. The videogame industry faced challenges in 2024, including layoffs and project cancellations due to economic concerns. However, analysts believe the upcoming console launches will help revive consumer interest and spending. From 2024 to 2027, console software revenue is expected to grow by 7%, surpassing the 2.6% growth for PC. By 2027, console revenue is projected to make up over 56% of the total software revenue of $92.7 billion.