US gamers are spending a lot less on video games now than they did in 2021
Posted On August 2, 2022
US consumer spending on video game products has fallen by $1.78 billion in Q2, according to market research firm NPD. Overall, spending in video gaming in the US totaled $12.35 billion in the recent quarter, down 13 percent year over year. The findings follow both Microsoft and Sony reporting revenue declines in gaming as the pandemic growth slows.
Sony warned of a weaker PlayStation business earlier this week as it saw game software sales plummet 26 percent year over year. Sony blamed the slump on a lack of big PlayStation titles this year compared to 2021 and less time spent playing games in general. Microsoft’s Xbox hardware revenue dipped 11 percent year over year in its recent quarter alongside a 6 percent drop in Xbox content and…