Gaming industry's fortunes fade as spending squeeze follows pandemic bump

Gaming companies are facing a slowdown in demand for video games from pandemic highs, raising doubts about their ability to weather an economic downturn.

U.S. consumer spending on video games fell 11 per cent in June and is expected to decline 8.7 per cent this year, data from analytics firm NPD showed. Activision Blizzard reported smaller-than-expected quarterly profit, while rival Electronic Arts and Take-Two Interactive warned of disappointing sales ahead.

Console makers too have taken a hit as gaming revenue dropped for Xbox-maker Microsoft, while PlayStation-maker Sony cut its forecast and Nintendo posted lower sales.Gaming chipmakers are seeing a knock-on effect of the cooling demand. Advanced Micro Devices Inc said sales of its sales of graphic gaming cards fell, while Nvidia flagged a 19 per cent sequential drop in revenue.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Take-Two forecasts weak annual sales as lack of major titles hits gaming industry:Take-Two Interactive Software Inc on Monday became the latest videogame publisher to forecast weak annual sales, providing further evidence that absence of major releases and easing COVID-19 curbs have reined in the industry's growth.Shares of the New York-based company dropped nearly 7 per cent in extended
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Video gaming comes into focus for NFT industry as interest in cartoon avatars coolsAs global fervour for cartoon avatar non-fungible tokens (NFTs) cools, more companies are betting on video gaming as the NFT market's next potential growth driver even though some analysts have questioned the sustainability of such a business model. Magic Eden, a marketplace for NFTs based on the Solana blockchain, is hoping that US$27 million (S$36.8 million) of fresh funding raised...
Source: asiaonecom - 🏆 10. / 59 Read more »