Microsoft, Sony and Nintendo each reported a fall in quarterly video game sales. The main reason? People are spending less time playing and more time going out.
At Microsoft, overall gaming revenues sank 7% year-on-year. Sales of the company's Xbox consoles declined 11%, while gaming content and services revenues dipped 6%.
"Everyone saw record numbers during shelter-in-place, with catalog sales of older titles leading the way," Pachter told CNBC."That set up an impossible comparison, and the year-over-year declines were well telegraphed and were expected." Nintendo sold 3.43 million units of its portable Switch console in the quarter, down 23% year-over-year, while software sales slumped 8.6%, to 41.4 million units.
The remote-working trend has also caused delays for new game releases, limiting the pool of games people want to buy. Microsoft, for example, delayed the release of its highly-anticipated sci-fi epic Starfield until early 2023, while Ubisoft pushed back the launch of a game based on the Avatar film franchise.Spiraling prices for everything from gas to groceries and fears of an impending recession could spell further trouble for the sector.
"The impact is likely to be felt on high ticket items which could include console hardware, although limited availability and pent up demand especially for the higher-end consoles means impact will be minimal at present.
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