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Saturday, February 24, 2024
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Video Games Drive Record Spending in August

  • August finished with record highs for consumer spending on gaming.
  • Total spending reached $4.4 billion, a 7% increase year-over-year.
Design: Alex Brooks

August saw record highs for consumer spending on video game hardware, content, and accessories. 

Total spending in August reached $4.4 billion, a 7% increase year-over-year, according to NPD Group. Since the start of 2021, spending has totaled $37.9 billion, a 13% spike compared to the same period a year prior. 

The influx of cash benefits several major players in the video game industry. 

  • Sony posted a record operating profit of $2.57 billion in its fiscal Q1 behind the PlayStation 5 console — which has sold more than 10 million units since its November 2020 release. 
  • Microsoft saw Xbox hardware revenue increase 172% year-over-year during fiscal Q4 2021. The company’s overall gaming category generated $3.7 billion in revenue during the quarter. 

Despite the record-setting month, the video game industry still faces adversity.

Sony and Microsoft are experiencing production delays for their new consoles due to the semiconductor shortage plaguing the tech industry, which may extend until 2023. 

Last week, Tencent and NetEase lost more than $60 billion in combined market value as investors anticipate more restrictions on gaming in China, the world’s largest gaming market. 

Japan-based Nintendo’s revenue decreased by 9.9% to $2.94 billion in fiscal Q1. Sales of the Switch console declined 22% year-over-year in Q1.

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