Gaming is one of the biggest industries in the world, trumping music and Hollywood alike. What you may not know is that it wasn't always as affluent as it is today. If you look back more than 3 decades ago, you'll see that it was in rough shape following the event now known as the video game crash of 1983. For those that would like to know more about this event, financially or otherwise, here are some details provided by Bob Jain.
For a clear understanding of how monumental this event was, consider that revenue in the gaming industry was at $3.2 billion in 1983, which makes its near-97 percent decrease to $100 million in 1985 that much more remarkable. Between these years, though, the gaming market became disinterested in the hobby they enjoyed so much. As a result, they stopped buying games and consoles alike, with stores finding it difficult to move product.
When it comes to the reasons why the video game crash occurred, there are many points to cover. According to the Robert Jain and other such names in finance, oversaturation in the market made it difficult for gamers to keep up, as they couldn't feasibly spend money on multiple systems. Furthermore, the libraries of games on said systems were too alike to warrant additional purchases. With a crowded market, it's easy for the average consumer to feel overwhelmed.
Another reason the video game crash occurred is the lack of quality associated with the games being purchased. One of the best examples of this was "E.T. the Extra-Terrestrial," which was an Atari 2600 game based on the Steven Spielberg movie of the same name. Despite the movie being a classic, the game was seen as the exact opposite. Its reputation is well-known among gamers and many will argue that it's the longest-lasting byproduct of the crash.
Of course, video games would become popular once more, due in large part to the release of the Nintendo Entertainment System. With a sense of quality control in place, the NES was focused on producing high-quality content, which was something that the industry before the crash struggled to bring. Even though gaming is in a much a better place now, history shouldn't be overlooked. Needless to say, the video game crash of 1983 made an impact, for better or worse.
For a clear understanding of how monumental this event was, consider that revenue in the gaming industry was at $3.2 billion in 1983, which makes its near-97 percent decrease to $100 million in 1985 that much more remarkable. Between these years, though, the gaming market became disinterested in the hobby they enjoyed so much. As a result, they stopped buying games and consoles alike, with stores finding it difficult to move product.
When it comes to the reasons why the video game crash occurred, there are many points to cover. According to the Robert Jain and other such names in finance, oversaturation in the market made it difficult for gamers to keep up, as they couldn't feasibly spend money on multiple systems. Furthermore, the libraries of games on said systems were too alike to warrant additional purchases. With a crowded market, it's easy for the average consumer to feel overwhelmed.
Another reason the video game crash occurred is the lack of quality associated with the games being purchased. One of the best examples of this was "E.T. the Extra-Terrestrial," which was an Atari 2600 game based on the Steven Spielberg movie of the same name. Despite the movie being a classic, the game was seen as the exact opposite. Its reputation is well-known among gamers and many will argue that it's the longest-lasting byproduct of the crash.
Of course, video games would become popular once more, due in large part to the release of the Nintendo Entertainment System. With a sense of quality control in place, the NES was focused on producing high-quality content, which was something that the industry before the crash struggled to bring. Even though gaming is in a much a better place now, history shouldn't be overlooked. Needless to say, the video game crash of 1983 made an impact, for better or worse.
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If you'd care to know how to better your financial situation, contact Bob Jain today.
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