In a landmark year for the PC gaming industry, Steam achieved unprecedented success in 2023, with sales hitting a staggering $9 billion, excluding microtransactions, and the release of nearly 14 thousand games. Video Game Insights' State of PC Games (Steam) 2023 report delves into the driving forces behind this monumental growth and provides a glimpse into the future trends that will shape the market over the next five years.

Steam's 2023 statistics are nothing short of impressive, as more than 580 million copies of games were sold, and the platform boasted a peak concurrent user count exceeding 33.6 million. The revenue distribution landscape on Steam also underwent a notable shift, with 61% of the total revenue from sales concentrated among the top 10 games released in 2023, the highest percentage since 2016. The number of games on Steam continues to grow each year. In 2023, 12.6% more games were released than in 2022.

Breaking down the revenue stream further, the top 100 games launched on Steam in 2023 generated a staggering 91% of the total revenue from games released in the same year. This indicates a concentration of financial success within a select group of titles, highlighting the competitive nature of the platform.

Notable leaders in terms of copies sold and revenue include titles like Baldur’s Gate 3, Hogwarts Legacy, Lethal Company, Sons of the Forest, and Starfield. The revenue champions, excluding free games, were Baldur’s Gate 3, Hogwarts Legacy, Starfield, Resident Evil 4, and Sons of the Forest.

A noteworthy trend in 2023 was the limited presence of microtransactions, with only 6 out of the top 24 games featuring them. This marks the lowest figure since 2018, although their share in projects exceeding $100 thousand in sales is on the rise, accounting for 20% in 2023.

The report also sheds light on the changing landscape of game genres on Steam. RPG and adventure games experienced growth in 2023, while MMOs, simulators, and casual projects saw a decline in their market positions. 

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.

Looking towards the future, Video Game Insights predicts a 2.5% decrease in Steam's revenue to $8.8 billion in 2024. This projection is attributed to a reduction in game releases, an increased focus on consoles, and the rising prevalence of subscription services in the gaming market. Although a slight decline in the number of copies sold is expected in 2024 and 2025, VGI anticipates a resurgence to 2023 levels by 2026.

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. In terms of pricing, the average cost per game on Steam is predicted to rise to $18.1 by 2028, reflecting a steady increase each year. Despite the forecasted dip in revenue in the short term, VGI projects a growth to $11.5 billion in-game sales revenue on Steam by 2028.

These findings bear significant relevance to the evolving landscape of web3 gaming, where decentralized and blockchain-based technologies are reshaping the gaming experience. As the PC gaming market navigates changes and challenges, understanding these trends becomes crucial for web3 developers and enthusiasts alike, laying the groundwork for the future of interactive entertainment in the digital realm.