As both consoles largely conform to a similar template as the previous generation, the demand is not being generated by a unique feature or interface like the Nintendo Wii or Switch.ĭue in part to the pandemic, aggressive promotional pricing, and increased investment by Microsoft, Xbox Game Pass has grown much faster than our initial expectations in 2019. While we do expect both consoles to outpace their predecessors, that gap has yet to be exhibited in most titles so far. But the showcase exclusive title, Spider-Man: Miles Morales, is also available on the PS4.Īs a result, neither console has demonstrated a massive graphical improvement, particularly versus the midcycle consoles, Xbox One X and PS4 Pro. On the PlayStation side, there are a few notable exclusive titles like the pack-in game Astro's Playroom, Sackboy: A Big Adventure, and Demon's Souls, a remake of the classic PS3 title. Most of the other launch titles on the new Xbox consoles are multiplatform games like Ubisoft's Assassin’s Creed Valhalla or Sega's Yakuza: Like a Dragon, which are available not only for the competing PS5 but also on previous-generation consoles. On the Xbox side, the original must-have launch title-Halo Infinite, the sixth entry in the first-person series that arguably made the original Xbox-was delayed into 2021. However, the level is surprising when viewed through a more traditional lens under which demand is driven by must-have launch titles, substantial graphical improvements, or unique interfaces. The high demand for both consoles is unsurprising, given the surge of video gaming interest and playing time during 2020. We expect that the supply shortfall will end by the 2021 holiday season as both companies rev up their supply chains to meet the demand and overcome the pandemic-related challenges, thus eroding most of the premiums in the secondary market. The secondary market for both consoles provides some indication that the demand remains strong, at least among early adopters. Despite the closures of retail outlets in many markets, the new versions of the PS5 and Xbox quickly sold out, and subsequent restocks at every retailer have been snapped up by consumers and scalpers. In November 2020, Sony and Microsoft launched their next-generation consoles to very high demand. Given the number of changes since then, we now take a look at those trends in light of pandemic-fueled acceleration and the potential impacts on the four major publishers we cover: Activision Blizzard ( ATVI), Take-Two ( TTWO), Electronic Arts ( EA), and Ubisoft ( UBI). We examined these trends and the console launches in a previous article. The fourth quarter also saw the launch of the ninth console generation with the debuts of the Sony ( SNE) PlayStation 5 and Microsoft ( MSFT) Xbox Series S and X. The secular trends include the switch to digital downloads and microtransaction growth, with more evolutionary changes including subscription plans and cloud gaming. During 2020, the pandemic and associated stay-at-home regulations provided a tailwind to the secular trends underpinning the growth of video games as well as some potential evolutionary shifts. Video games have been around for over 50 years, and despite its age, the industry continues to not only grow but also evolve.
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