Analysts think retail game industry could hit six-year low in 2012

The gaming industry is struggling a bit so far this year with hardware and software sales down. Some of this can be attributed to the fact that major gaming consoles have been around for years so almost everyone that wants one already has the hardware. However, software sales are also down according to analysts. Analysts are now predicting that the game industry could hit a six-year low in 2012.

Last week analysts from NPD Group announced that console and handheld software sales were down a whopping 42%. Prior to the sales estimates coming out, the expected decline for the industry was 26% for console and handheld software sales. Sales for console and handheld software dropped from $503 million last April to $292 million for April 2012.

The only segment of the gaming industry that didn't take a beating according to the numbers from NPD Group were the accessories makers. Accessories grew from $147.8 million last year to $148.6 billion this year. That is very meager growth, but at least it's not a loss. I think what the game industry needs are more compelling video games and new hardware. Some top video game titles have sold extremely well in 2012.

[via Gamasutra]