The NPD Group has released the results of a US video game industry report for Q1 2022, showing declines across the board, but the downturn was always expected given the impact of the pandemic.
Spending on video games increased during the height of the pandemic, so results in 2022 were always going to look weak by comparison. For Q1 2022, total spending across hardware, content, and accessories was $13.9 billion, down 8% compared to Q2 2021. Accessories fell by the biggest percentage, dipping 16%, with hardware spending falling 15%, and games spending dropping by 7%.
According to the new Q1 2022 Games Market Dynamics report from The NPD Group, U.S. spending on video game hardware, content and accessories reached $13.9B in the quarter, a decline of 8% when compared to Q1 2021. Content spending was -7% vs YA, hardware -15% and Acc -16%. pic.twitter.com/T3egW7J4Wx
— Mat Piscatella (@MatPiscatella) May 4, 2022
Despite the declines in Q1 2022, the US video game industry is still trending “well above” pre-pandemic levels, NPD’s Mat Piscatella said. Spending likely fell in Q1 2022 due to a return to “experiential” spending, Piscatella said, as well as a lack of availability of new consoles. Additionally, many US citizens received a stimulus payment in Q1 2021, driving higher spending on games.
For Q1 2022, the Switch sold the most total units but the Xbox Series family of systems drove the most dollar sales due to the higher prices. As for games, From Software’s Elden Ring was the best-selling full-price game in Q1 2022 based on dollar sales.
Despite the Q1 declines compared to a year ago, the U.S. video game market continues to trend well above pre-pandemic levels. Reasons for the Q1 decline likely related to return to experiential spending, lack of available new generation hardware, and the Q1 2021 stimulus comp. pic.twitter.com/6LnPoPkkve
— Mat Piscatella (@MatPiscatella) May 4, 2022
For the content category, subscription services led the way in terms of growth, with a mid-single digital percentage spending gains compared to Q1 2021.
The NPD will release its full Q1 2022 Games Market Dynamics report soon, so keep checking back for more.
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