Microsoft: Console industry worth $27 billion

Microsoft: Console industry worth $27 billion
Craig Chapple

By Craig Chapple

May 20th 2013 at 12:15PM

Console sector worth more than mobile, handheld and social gaming combined, claims computing giant

The console gaming market is worth nearly three times as much as the mobile and tablet game sectors, according to Microsoft.

Taking to Xbox Wire, the company cited research that claimed global consumer spend on console gaming had exceeded $27 billion, 42 per cent of the total market.

The data also suggested that PC came in at second at $12 billion, while mobile and tablets brought in $10 billion in consumer spend.

Handheld and social browser gaming rounded off the market at $8 billion each.

In total, Microsoft said total worldwide gaming spend had reached $65 billion.

Of that total, profit from software had hit $12.1 billion.

Games was also cited as the fastest growing entertainment sector, growing seven per cent year-on-year, faster than TV, film and music.

Microsoft believes that with the next generation of consoles such as the PS4, next Xbox and Wii U, the console market will grow 28 per cent over the previous generation to 385 million users.

Despite Microsoft's claims however, previous research conducted by Digi-capital released earlier this year claimed that mobile and online would eventually taking a leading share in the market.

It said that those sectors could reach a revenue share of $48 billion by 2016, 55 per cent of the entire game industry, which it anticipates could reach a potential valuation of $83 billion.