2020 has been a tough year for bringing products to market. The COVID-19 pandemic has delayed sports seasons, the Olympics, major movie releases, and massive trade shows.
The latest iPhone has been affected too, Apple (NASDAQ: AAPL) pushed back the release date. However, one major consumer event is still on schedule to happen next month. What is it? It’s the highly anticipated release of the newest gaming consoles from Microsoft Corporation (NASDAQ: MSFT) and Sony Corp. (NYSE: SNE).
Pre-orders for the consoles—Microsoft’s Xbox Series X and Sony’s PlayStation 5—sold out in just a few hours last month. The $500 price tag did not seem to deter buyers.
The next-generation consoles arrive with videogames, the favorite entertainment source especially these days as many movie theaters closed and Americans still stuck at home with no certain date of returning to the social life we once lived.
According to research firm IDC, U.S. videogame sales are forecasted to rise 19% to $45.6 billion this year. The U.S. film box office, however, peaked at just $11.9 billion in 2018 and has grossed a lowsy $1.9 billion this year.
