Is Xbox Leaving The Console Market? Know Everything About Xbox
by Madhumitha
Updated Feb 16, 2024
Is Xbox Leaving The Console Market?
No, Xbox isn't leaving the console market. Phil Spencer, the boss of Xbox, confirmed that they're sticking around during a chat with employees. He said they're still going to make new consoles. Even though they're big on Game Pass, a subscription service, they're not giving up on consoles.
Xbox wants to have different kinds of gaming devices, like consoles, computers, and even mobile phones through Cloud Gaming. Some folks were worried because Xbox Series X and Series S didn't sell as much as PlayStation 5, but Spencer says that's not the end of the world.
He thinks their plan, which includes Game Pass and making games for other consoles like PlayStation, will keep them going strong. So, while Xbox faces challenges, they're not backing out of the console race. It's like they're saying, Hey, we're still here, and we've got big plans ahead.
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Xbox
Xbox is a popular gaming brand owned by Microsoft. It includes five gaming consoles, games, a streaming service called Xbox Cloud Gaming, and online services like Xbox network and Xbox Game Pass. The brand started in the US in 2001 with the original Xbox console. Microsoft used the Xbox name for digital media from 2012 to 2015.
In 2022, Microsoft made Xbox part of its new Microsoft Gaming division. Xbox Game Studios, ZeniMax Media (which owns Bethesda Softworks), and Activision Blizzard (which owns Activision, Blizzard Entertainment, and King) are some of the big names under Microsoft Gaming.
The first Xbox console was the first one made by an American company after Atari Jaguar stopped selling in 1996. It sold over 24 million units by 2006. The Xbox 360, released in 2005, sold 86 million units by October 2021. The Xbox One, released in 2013, sold 58 million units. The latest consoles, Xbox Series X and Series S, came out in 2020. Phil Spencer is the head of Xbox, taking over from Marc Whitten in 2014.
Xbox Overview
Product Type
Video gaming
Owner
Microsoft Gaming
Country
United States
Introduced
November 15, 2001; 22 years ago
Markets
Worldwide
Registered as a trademark in
Worldwide
Console Market
The worldwide game consoles market is set to make about $24.1 billion in revenue in 2024. It's expected to grow steadily each year by about 2.12%. The United States leads the pack, making around $7.8 billion in revenue this year.
For each person, the average spending on game consoles is predicted to be around $3.11 in 2024. By 2028, the number of game consoles sold globally is estimated to hit about 63.49 million units.
In 2025, we might see the market grow by about 1.9% in terms of the number of consoles sold. On average, each person is expected to own around 0.010 pieces of a gaming console in 2024.
In Japan, Sony's PlayStation dominates the gaming console scene, especially handheld devices.
Is Xbox Leaving The Console Market?-FAQs
No, Xbox has confirmed its commitment to the console market, with plans to continue developing and manufacturing new consoles.
Speculation arose due to Xbox's emphasis on subscription services like Game Pass, but they remain dedicated to consoles alongside other gaming devices.
While Game Pass is crucial to Xbox's strategy, they view consoles as integral and will continue to develop them alongside other gaming options.
While Xbox faces challenges in console sales, they are exploring a multi-device approach including PC and cloud gaming to reach a wider audience.
There are indications that Xbox is open to collaborations, potentially leading to Xbox titles being available on platforms like PlayStation, while still prioritizing their own console offerings.