Gaming Market Size To 2020: Game console customers shattered industry expectations in 2014

Its no secret that consumer electronics go out of date with a speed that makes conspiracy theorists claim that these are planned extinctions. However in case of aging video game consoles the trend followed has mostly been in the search of gold within old. It can take nearly a decade of tempting for Sony and Microsoft to get all the players to embrace shiny upgrades, so the video game industry as a whole counts on the old console warhorses to continue to drive sales long after they have officially become outmoded. However a significant drift from this trend is with the Xbox 360 and PlayStation 3, which consumers are giving up much faster than expected.

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It's been just over a year since Sony introduced the PlayStation 4 and Microsoft started selling the Xbox One. Reportedly, sales of the older consoles dropped more than 60 percent in the first 10 months of 2014. Furthermore, sales of games specific to these older consoles dropped 50 percent over the same period. Electronic Arts, the massive game publisher, lowered its annual revenue guidance at the beginning of 2014 because players had stopped buying older games faster than anticipated. The retail chain GameStop blamed disappointing performance in its sales of older games in the early quarters of 2014 because of weak demand. The rush of customers away from the old isn't necessarily good news for companies hastening to turn out hot games for the new. Industry experts have suggested that a part of the cause behind this shift in consumer behavior is because the market went too long without a new set of devices. Consumers were therefore ready for something new and responded by buying more new consoles than the gaming industry anticipated. Together, Sony and Microsoft sold about 160 million consoles during the last technology cycle, which adds up to a lot of established customers. Even as game makers focus on the newest technology, they regularly put out versions of new games for older machines. Electronic Arts released updated versions of popular football games for the PS2 for nearly 13 years in a row. This alone shows the conviction of game makers till now that older consoles would still be in use. An idea now shattered in 2014. Gaming Market Size Source : Grand View Research  

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