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    Row K Entertainment Emerges as Major New Hollywood Buyer With Splashy TIFF Shopping Spree – TheWrap

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    Row K Entertainment Emerges as Major New Hollywood Buyer With Splashy TIFF Shopping Spree – TheWrap

    Row K Entertainment Emerges as Major New Hollywood Buyer With Splashy TIFF Shopping Spree – TheWrap

    Charlie Hunnam Reflects on Playing a Serial Killer in Monster: The Ed Gein Story – Yahoo

    Charlie Hunnam Reveals the Dark Challenges of Playing a Serial Killer in Monster: The Ed Gein Story

    “Reba” cast, then and now: See the stars 24 years later (and who’s reunited for another show) – Yahoo

    “Reba” cast, then and now: See the stars 24 years later (and who’s reunited for another show) – Yahoo

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    Here’s Why Taylor Swift Dropped Elizabeth Taylor’s Name in Her New Album

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    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

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    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

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    ARM Institute opens technology project call to speed submarine manufacturing – The Robot Report

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Home Entertainment

Digital Game Sales Continue Killing Off GameStop, Analyst Says

March 27, 2024
in Entertainment
Digital Game Sales Continue Killing Off GameStop, Analyst Says
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Video game and nerd culture retailer GameStop appears to be floundering once more. According to a Reuters report, the company recently laid off an unspecified number of employees after reporting a decline in earnings in the fourth quarter as physical sales fall and digital purchases rise.

Princess Peach’s Leading Role And More New Releases

Read More: GameStop’s New Billionaire Boss Calls For ‘Extreme Frugality’ In Email To Staff

As Reuters reported on March 26, GameStop said earlier this week that its earnings in 2023’s fourth quarter—from October 1 to December 31—totaled just $1.79 billion. For comparison, the company’s 2022 earnings during the same period were $2.23 billion, which equals a staggering 80 percent decline in overall sales. Wedbush Securities analyst Michael Pachter, who spoke to Reuters, attributed this drop to the rise of e-commerce.

“An increasing mix of digital downloads is hurting physical retail, and there is simply no reason to go to the store if a consumer can just order a game and download it immediately,” Pachter said. “Revenues are highly unlikely to rebound unless management figures out a way to drive store traffic. I suspect that they will keep trimming costs to generate breakeven or better, but it is inevitable that their sales will decline to an unsustainable level.”

IGN corroborated Reuters’ report in a March 27 story, saying that net income across the board for GameStop saw a two percent decline, going from $313.1 million in 2022 to $6.7 million in 2023. Another factor hurting the company is the job cuts, which have been reduced to about 8,000 full-time staff and between 13,000 and 18,000 part-time staff as of February 3. For comparison, the company had roughly 11,000 full-time staff and between 14,000 and 27,000 part-time staff in 2023. According to IGN, GameStop CEO Ryan Cohen has not commented on the news yet and, apparently, the company hasn’t held an earnings call to discuss all of this. It appears Reuters learned most of this information through a press release on GameStop’s official website.

Kotaku has reached out to GameStop for comment.

Read More: GameStop Keeps Finding New Ways To Rip People Off

This is the latest blow to the brick-and-mortar retailer, which has been going through it for a few years now. The company tried getting into cryptocurrency and NFTs in 2022, only to shutter its entire marketplace after just two years. Stores have closed, employees have quit, and its chief financial officer, Diana Saadeh-Jajeh, resigned after pushing hard for crypto initiatives.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Kotaku – https://kotaku.com/gamestop-layoffs-digital-sales-rise-physical-games-fall-1851369619

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