PC revenue set to pass console by 2028 as consoles slow

PC gaming is forecast to pass console in revenue by 2028, and the numbers behind that call are specific. Newzoo projects PC growing at a 6.6% compound annual rate from 2025 to 2028, against 4.4% for console.¹ The combined PC and console market grew 7% in 2025 to $88.3 billion, and is forecast to reach $94.3 billion in 2026 and $103.7 billion by 2028.¹

The argument for why PC pulls ahead comes down to choice. An analyst cited by GamesRadar says PC players have more of it, and that PC has “really strong momentum” while PlayStation and Xbox struggle.² Newzoo’s data points the same way. Engagement outside the top 20 PC titles rose from 33% in 2022 to 42% in 2025, and premium games, up 11.8% across AAA, AA and indie, made up 29% of PC revenue.¹ Pricing is looser too. Newzoo’s Ben Porter says there is “way more price dynamism within PC,” and games under $30 that cleared $5 million in revenue rose from 17 in 2024 to 26 in 2025.¹

Console runs on a different engine. Premium titles were about half of console revenue in 2025, and games above $50 made up nearly 80% of that premium share.¹ Newzoo describes console as more dependent on blockbuster releases and hardware, and notes microtransaction revenue slipped on pressure across some live-service ecosystems.¹ Porter says consoles move in cycles, with upgrades and shifts in spending, while PC grows slowly and steadily.¹

Xbox shows the strain most clearly. Porter says Game Pass lets players try more games with less friction, but day-one launches on the service pull sales out of the charts. In his words, the dollars are “countered by Game Pass.”¹ Xbox looks quieter on raw sales than PC, he says, especially in the pricing tiers where PC is growing.¹

The PC player base is also forecast to pass one billion in 2028, driven by East Asia.¹ Porter says Japan, historically mobile first, is discovering Steam in a bigger way, and he notes the mix differs by country: China brings volume at lower revenue per paying user, while South Korea and Japan bring high revenue per user.¹

The platform holders are reacting, and not in PC’s favor. Bloomberg reports Sony will no longer release its major single-player PlayStation games on PC, a reversal after years of ports including Spider-Man 2 and both The Last of Us games.³ Online games are expected to keep coming to multiple platforms.³ The Verge also notes that Microsoft’s new Xbox chief, Asha Sharma, told staff she is reevaluating exclusives.³

The two trends point in opposite directions. Players and revenue are moving toward the open platform, while the console makers consider walling their best games back in.

Our read: Console makers appear to be betting that exclusives are the one thing PC cannot copy, which is a reasonable bet when blockbusters and hardware are what carry the business. Newzoo’s numbers suggest the cost: a market where growth comes from price flexibility, back catalogue and a wide spread of games, none of which a closed box does well. The 2028 crossover is a forecast, not a result, and the next Newzoo update will show whether the gap is widening on schedule.

Footnotes

1. GamesIndustry.biz, “PC will overtake console revenue by 2028, says Newzoo”. Retrieved October 31, 2026. ↩ ↩² ↩³ ↩⁴ ↩⁵ ↩⁶ ↩⁷ ↩⁸ ↩⁹ ↩¹⁰ ↩¹¹

2. GamesRadar, “Why is PC gaming outpacing consoles? “PC players have a bit more choice,” analyst says”. Retrieved October 31, 2026. ↩

3. The Verge, “PlayStation exclusives aren’t coming to PC anymore”. Retrieved October 31, 2026. ↩ ↩² ↩³