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.
What caused the video game crash, you may wonder? There wasn’t one specific event, as different variables played into the event in question. Oversaturation was an influential part, as there were simply too many manufacturers in what was becoming a crowded market. While consoles like the Atari 2600 enjoyed considerable success, others seemed to rip off its success. As financial authorities like Robert Jain can attest, it’s difficult for one person to keep up with so many costly devices at once.
Another common cause that’s looked to, as far as the video game crash is concerned, is the decreased quality of the games themselves. “E.T. the Extra-Terrestrial” for the Atari 2600 is a popular example, but it’s far from the only one. As a matter of fact, these products left the buyers with sour tastes in their mouth. Eventually, it reached a point where the people that enjoyed this hobby simply couldn’t justify spending money on shoddy entertainment.
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.
If you would like to know how to better your financial situation, contact Bob Jain today.