Video Game Insights: State of the PC games (Steam) market in 2023
The report provides a full picture of how the Steam market was feeling in 2023 - and what to expect in the future.
2023 was a record year for Steam. Games worth $9 billion were sold (excluding microtransactions). This accounts for more than 580 million copies, with almost 14 thousand games released. The platform's peak concurrent users (CCU) exceeded 33.6 million.
In 2023, 61% of Steam's total revenue from sales was distributed among the top 10 games (that were released in 2023). This is the highest figure since 2016.
In 2023, the top 100 launched games on Steam (in 2023) generated 91% of the total revenue (from games released in 2023).
Game sales on Steam grew by 17.8% in 2023 compared to the previous year. The platform size in 2023 is twice as large as it was in 2019.
Baldur’s Gate 3, Hogwarts Legacy, Lethal Company, Sons of the Forest, and Starfield - leaders on Steam in terms of the number of copies sold (I’ve excluded free games).
Baldur’s Gate 3 ($657M), Hogwarts Legacy ($341M), Starfield ($235M), Resident Evil 4 ($159M), and Sons of the Forest ($116M) - leaders on Steam in terms of revenue from sales.
Interestingly, only 2 free games are in the top list on Steam in terms of the number of copies - Overwatch 2 and The Finals.
In 2023, only 6 out of the top 24 games on Steam had microtransactions. This is the lowest figure since 2018. Although the share of microtransactions in games with sales exceeding $100 thousand is growing - in 2023, they were present in 20% of projects.
RPG and adventure games grew on Steam in 2023, while MMOs, simulators, and casual projects lost their positions.
The number of games on Steam continues to grow each year. In 2023, 12.6% more games were released than in 2022.
Out of almost 14 thousand released games, only 930 earned more than $1 million in sales. 157 games earned more than $10 million, and only 20 surpassed the $50 million mark.
Out of 14 thousand projects, 309 are free.
The average price per copy of a game sold on Steam in 2023 was $15.5. And it is increasing every year.
Future Forecast
VGI predicts that in 2024, revenue on Steam will decrease by 2.5% to $8.8 billion. This is due to fewer releases, an increase in the share of consoles, and the growing presence of subscription services in the market.
It is expected that the number of copies sold on Steam will reach the 2023 results only in 2026. There will be a slight decline in 2024 and 2025.
The average price per sold copy on Steam will increase to $18.1 by 2028.
VGI expects that revenue from game sales on Steam will grow to $11.5 billion by 2028.