October Game Sales Down 24 Percent

[InternetCheers]

As much excitement as the arrival of the new consoles is creating, the coming generation also means gamers are biding time and saving cash. According to The NPD Group, videogame sales for October were $365 million, a 24% drop from the same period last year.

It isn't just consumers who are holding out for the Xbox 360, PlayStation 3, and Nintendo's Revolution. Publishers, who are also preparing for next-gen hardware, are releasing fewer blockbuster titles this holiday season, especially compared to last year's abundance of hits (Grand Theft Auto: San Andreas, Halo 2, and Half-Life 2 -- to name just three titans).

Console sales alone were $294 million in October, while handheld games brought in $71 million.

Of course, Microsoft is the first to usher in the new console generation with the Xbox 360's arrival November 22. Analysts expect sales to pick up during this period.

"We do not believe that recent weakness will persist, and expect a sales rebound in November and December," Wedbush Morgan Securities analyst Michael Pachter told Reuters.