📷 Image Credit: Polygon.com 👆
By: Charlie Hall
TL;DR With the new generation of gaming consoles, there is a predicted increase in the price of video games. However, with all the additional perks and money that gaming companies put into their games, the consumer is really getting more bang for their buck than ever before.
Both PlayStation and Xbox are constantly evolving to newer generations, and with the Playstation 5 and the Xbox X series, the rise in the price of video games and consoles are also evolving with the newer generation of games. There is an expectation that AAA console video games will increase in price for the first time in several years. We have already seen this occur with the 2K Sport’s announcement that their NBA 2K21 games will increase from approximately $60 to $70 for users using the newest generation of games.
The elevation in price isn’t as bad as it might seem, as the price has remained steady for the past 15 years while gaming enhancements have risen. While it seems most things have risen in price in the past 15 years in the entertainment community, from movie theater tickets to even the cost of a Netflix subscription, video game prices have been among the only mediums to have their price remain relatively stable. When you think about this is surprising that pricing hasn’t changed much, yet the tech has enhancements in graphics, multi-player modes, and open-world systems. In a sense, games had only been getting cheaper for their value for the past few years. Cost per megabyte, gamers are getting their best deal yet as they are getting so much with a relatively low-cost increase comparatively. These days to create a top 10 video game, it typically costs around $100 million compared to the $35 million it would have cost in 2005. The sharp increase on the producers’ side and the lack of an increase on the consumer’s side made this change inevitable.
Written by: Sofia Christensen, Intern
Edited by: Lisa Knight, COO & Mentor