Video game sales decline for the 11th consecutive month

The hard times continue for the video game industry as sales in the United States have declined for the 11th month in a row. According to the latest numbers from NPD Group, sales of games, hardware and accessories fell 25% year-over-year in October from $1 billion in 2011 to 755.5 million, Bloomberg reported. Console sales have plummeted 37% to $187.3 million as consumers continue to wait for the next-generation offerings from Microsoft (MSFT), Sony (SNE) and Nintendo (NTDOY), while software sales fell 25% to $432.6 million. For the 22nd consecutive month, Microsoft’s Xbox 360 console was the best-selling gaming system, although sales declined 31% from 393,000 in October 2011 to 270,000 in 2012. The research firm estimates that traditional retail sales of video games account for about half of all spending, while the rest comes from digital downloads. Sales are expected to rebound in the coming months as we approach the holiday season, along with the release of hit games such as Call of Duty: Black Ops II and Halo 4.