Gaming Hardware Was Always Expected To Struggle In 2024, But It Was Worse Than One Analyst Expected
Circana has shared new video game data that shows how challenging 2024 was for video game hardware. Total spending on PlayStation, Xbox, and Switch devices in the US declined a gargantuan 25%, dropping to $4.9 billion (down from $6.45 billion in 2023).
For December 2024 specifically, spending on new video game hardware fell 29%, declining to $1.1 billion. PS5 hardware sales in December 2024 dropped by 18%, with Xbox Series X|S and Switch sales each declining a more precipitous 38%.
A major drop in spending on video game hardware is expected, of course, given PS5 and Xbox Series X|S being past their prime selling peaks and the Switch's maturity in the market, Circana's Mat Piscatella said. That said, Piscatella commented that the decline was bigger than he expected.
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