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

📆 8/10/2022 12:00 PM
📰 ChannelNewsAsia

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Gaming companies are facing a slowdown in demand for video games from pandemic highs, raising doubts about their ability to weather an economic downturn.Rising prices and a lack of hit titles have added to problems for video game publishers Activision Blizzard Inc and Electronic Arts that are also battlin

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.

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