November 11, 2020
Despite missing out on new-generation video game consoles coming out this week, new data from The NPD Group found that third-quarter (ended Sept. 30) consumer spending on video games hit an all-time quarterly high of $11.2 billion, which was up 24% from $9.03 billion in the previous-year period.
The tally was down $400 million, or 3.5%, from Q2, but up $300 million, or 2.7% from Q1 — with both quarters setting respective revenue records year-over-year.
After more than a year of declining revenue, the video game industry fortunes have skyrocketed in 2020 — largely due to stay-at-home gamers during the coronavirus pandemic.
Console sales (excluding PlayStation 5, Xbox Series X and Series S) increased 16%, while sales of headsets, controls, gamepads and related accessories increased 35%.
Video game software sales shot up 24% to $10.04 billion from $8.38 billion driven by mobile and subscription spending, in addition to game downloads.
Top-selling games included Among Us, Animal Crossing: New Horizons, Call of Duty: Modern Warfare, Fortnite, Ghost of Tsushima, Madden NFL 21, Marvel’s Avengers, Minecraft, NBA 2K21, Paper Mario: The Origami King, Super Mario 3D All-Stars and Tony Hawk’s Pro Skater 1 + 2.
“We continue to see more video game players, playing for more hours, across more devices,” analyst Mat Piscatella said in a statement. “We can anticipate another record-breaking quarter in Q4, in large part due to PlayStation 5 and Xbox Series consoles entering the market with one of the fastest-selling consoles in U.S. history, the Nintendo Switch.”