GTA 6 and consoles predicted to enhance gaming market

The gaming market is set for a big transformation thanks to Grand Theft Auto 6 (GTA 6) and new-generation consoles. Experts believe these upcoming releases will boost consumer spending and help the market recover from recent economic challenges through 2027. According to research firm Newzoo, GTA 6 and Nintendo's next Switch console are expected to drive a significant part of this growth. Take-Two Interactive, the company behind GTA 6, has already enjoyed major success with GTA 5, which sold over 210 million copies by the end of 2024. The excitement surrounding GTA 6 suggests it could become one of the best-selling video games of all time. Sony and Microsoft are also enhancing their console platforms. Prominent titles like God of War and Call of Duty are generating interest on PlayStation, while Xbox is expanding its Game Pass service. Console gaming is anticipated to grow faster than PC gaming, with software spending projected to increase by 7% between 2024 and 2027. After a slow recovery from the pandemic, the gaming industry has faced challenges like layoffs and project cancellations. Yet, experts believe that the release of GTA 6 and the new Nintendo Switch will provide the needed momentum for a faster recovery. By 2027, console revenue is expected to account for over 56% of the total market, reaching around $92.7 billion. In 2023, gaming playtime grew by 6%, driven by popular titles, indicating a strong demand for console gaming. With the highly anticipated launches, the gaming market is on track for significant growth in the coming years, solidifying console gaming’s leading role in the industry.