If it wasn't obvious by my aggressive title, I am personally very displeased with the price of games going from $60 to $70 next gen. And I truly think the games industry is on the cusp of pushing their luck a little too much.
I know the first argument people are going to bring is inflation and how games in the 80's and 90's were often $60 which would translate to $144 in 1985, $119 in 1990, and $102 in 1995. Which at face value would actually make today's games seem like a steal. But this doesn't take a ton of different factors into consideration, which I will get into.
First off, while games were technically more expensive back in the day, most things were incredibly cheaper. The median home value in 1990 was only $79,000 in the U.S. or roughly $154,000 adjusted for inflation. Today the median home price is $320,000. Gas prices were $1.15 or $2.29 in today's money, before the pandemic we were seeing prices over $2.75- $3.00. Wages of the average worker have barely increased since 2005 around when games started becoming $60 again. (For PS3/360. Up from $50 ) And if you use inflation minimum wage is actually slightly less than 1990. Minimum wage has literally not changed since 2009.
My point of pointing this out is that, inflation doesn't exactly indicate how much money someone has to spend on an already expensive hobby. Because by today's standards, the cost of just living is astronomical compared to the early days of gaming. $70 to a 2020 family is more money than. $144 to a 1985 family in the grand scheme of things.
The next thing we need to look at with modern games isong laster monetization. A lot of games nowadays can make money months or even years after they come out, with DLC, Micro-transactions, battlepasses, ect. A game you once paid, $60 you could end up spending double that on as time goes on, and games like Fortnite have shown that even being F2P, a cosmetic model like that can make a game extremely successful. In 2018 alone Fortnite made $2.4 billion, or roughly the equivalent to 40 million copies of a $60 game. Roughly the same as the entire Uncharted Franchise. The industry isn't strapped for cash, they are making more profit than ever thanks to post launch income like Micro-transactions and DLC.
And then there any final point. Gaming is just so much more mainstream than its ever been. They're selling more copies of games than literally ever before. AAA games constantly break sales records and sells millions of millions of copies. High budget games, like TLOU2 or GTA easily offset their budgets with massive sales figures.
They really don't need your extra $10 per game as much as you need it. There's no reason to defend it or say it's overdue because it's not. And you really have to think about who else this effects, obviously a couple extra dollars isn't a big deal for a gamer who has nothing better to spend their money on. But I suspect this price increase will make big waves with casuals and parents who aren't willing to spend $70-80 on a video game.
Don't even get me started on how much worse it is for the rest of the world that isn't the U.S. or Japan.
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