During the first half of this year, Xbox released its major first-party titles, including Forza Horizon 5 and The Elder Scrolls IV: Oblivion Remastered, on its rival platform, PlayStation. Based on this, Microsoft's gaming revenue increased by 10% compared to the same period last year.

Microsoft announced its Q4 fiscal year 2025 results (April to June 2025) on the 30th. Gaming revenue was up 10% year-on-year. Specifically, Xbox content and services revenue saw a 13% boost, driven by first-party performance and Game Pass, though Xbox hardware revenue took a 22% tumble. Absolute figures for gaming revenue were not disclosed.

The key point Microsoft emphasized regarding this quarter's gaming revenue is its status as a 'top publisher' on PlayStation. In the earnings call, Microsoft CEO Satya Nadella noted, "With the successful launches of Forza Horizon 5 and Oblivion Remastered this quarter, we have established ourselves as a top publisher on both Xbox and PlayStation."

In fact, several Microsoft titles have climbed the PlayStation sales charts in the US, a key market for Xbox. According to Circana, the US market research firm, both Forza Horizon 5 and The Elder Scrolls IV: Oblivion Remastered secured the 2nd and 3rd spots in the PlayStation top 10 sales list for Q2 2025. Other titles like Call of Duty: Black Ops 6, Doom: The Dark Ages, Indiana Jones and the Great Circle, and Minecraft also made the top 10.

Aggressively releasing first-party titles on PlayStation has improved Microsoft's gaming performance. However, the decline in Xbox hardware revenue during the same period indicates that the console business, including the Xbox Series X/S, is stagnating. Even after the acquisitions of Bethesda and Activision Blizzard, Microsoft continues to struggle in the console platform competition. The question is whether Microsoft can pull out a new card to turn this around.

Other highlights of Microsoft's gaming performance were also revealed. Minecraft hit record-breaking monthly active users (MAU) and revenue following its successful film adaptation, while Call of Duty: Black Ops 6 reached a cumulative player count of 50 million. Game Pass annual revenue also crossed the $5 billion (approx. 7 trillion KRW) threshold for the first time. Finally, Microsoft mentioned it currently has 40 games in development and plans to unveil even more in the future.