The Decline of Console Sales: A Look at the Industry's Peak

The golden age of the Wii has never been bettered in terms of video game console sales but does that really mean they’re in decline? The industry upheaval of the last few months has been puzzling on a number of levels, not least why it came to a head so quickly and what’s to blame – was it the pandemic, the increasing cost of making big budget games, or concern about the lack of growth in the console market? All of the above, and more, seems to be the answer but the one element that’s hardest

to understand is why publishers are reacting to these issues as if they’ve only just become obvious, when, for example, the lack of growth in the console market dates back to the PlayStation 2 era. Disappointment at Christmas 2023 sales results for the PlayStation 5 and Xbox Series X/S is probably the primary reason, but as the industry scrambles for answers (and a proper definition of the problem) a high-profile analyst has revealed that the peak for console sales was more than 16 years ago. As you can see from the graph below, which follows the usual generational cycle of the industry, it’s not as if sales are plummeting but it seems clear the current generation has peaked already, and never came close to topping the seventh generation of consoles. (The chart is not adjusted for inflation, which would only increase the totals from earlier year

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World's Art Market Falls to Three-Year Low in 2023The world’s art market fell 4% to a three-year low of $65bn in 2023 due to macroeconomic and geopolitical factors, according to a report. The wealthy were also affected by disruptive changes. The highest-priced works experienced the greatest falls, while art priced at over $10mn at auction saw a 40% decline. Private dealers with annual turnover of over $10mn reported a 7% decline in sales. However, dealers with turnover below $500,000 saw an 11% increase in sales.
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