Video game hardware sales plunge to 13-year low as prices soar on memory, storage shortage

The video game industry is taking a serious beating from the global memory and storage shortage. Microsoft (MSFT), Nintendo (NTDOY), and Sony (SONY) have all raised the prices on their respective consoles to offset both the increased component costs and the prior impact of tariffs. And that's sent sales plummeting. According to data from market research group Circana, video game hardware sales for August fell 15% year-over-year to their lowest August totals in 13 years. Take Sony's PlayStation 5, for example. A version of the console without a disc drive launched at $399 in Nov. 2020. Today, it will cost you $599. A version with a disc drive launched at $499, and now costs $649.