Two of the biggest companies that will be affected by Microsoft’s announcement of the Xbox One have seen their stocks fluctuate since yesterday’s press conference, only just in totally opposite directions.
GameStop, the world’s largest used video game retail chain, took a serious hit to its stock value following reports that state gamers will have to pay a fee to Microsoft to pay for used games. Seeing as GameStop makes nearly half of its profits from used video games, consoles, and other products, it would be in the company’s best interest if Microsoft does not follow through with this decision.
Microsoft has since backpedaled a bit, but the news still caught on, and GameStop’s stock fell 5 percent on the day to 36.78/share.
On the other hand, Microsoft’s biggest competitor, Sony, saw a quick dip in stock prices before the presentation, but it quickly re-surged upon its conclusion and closed the day out with a 9.25 percent increase at 22.91 points.
Why the stock market has chosen Sony to be on top at this point in the race is not yet known. Neither console reveal seemed to blow away the gaming press and audience, both the Xbox One and PlayStation 4 receiving a lot of ho-hums from us and other publications.
General consensus seems to be that Microsoft’s presentation yesterday was too heavily focused on console functions and entertainment. The company promised “it’s all about the games” at E3 this year, and briefly mentioned 15 exclusive titles which will be available within the first year. Without showing them off though, I am willing to be more than half are throwaway Kinect games.
Microsoft closed the day down just .66 percent from before it started the presentation.