TECH NEWS

Soaring Console Prices Pummel US Hardware Sales In Record Slump

U.S. video game spending tanked in July as soaring hardware prices and a rapid shift toward digital downloads crushed traditional retail sales, which haven't been this bad since 1995.

The gaming market faced a major slump last month, marked by steep declines across hardware, accessories, and physical software. According to market research firm Circana, overall industry spending fell 10% year-over-year to $4.5 billion. The most dramatic hit occurred in physical game software sales, which cratered to an all-time July low of just $85 million, the single lowest monthly total recorded since tracking began in 1995. This sales drop for physical disc games reflects an accelerating digital transition, highlighted by Sony’s recent announcement to phase out physical PlayStation disc manufacturing by 2028, for example.

Likewise, US consumer spending on consoles dropped 29% year-over-year to $282 million, which is the worst July for revenues since COVID. Total unit volume dropped 39%...

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