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GameStop stock drops after PlayStation Now reveal

US retailer's share price slumps due to digital service announcement

The stock of major US retailer GameStop has dropped following the PlayStation Now announcement.

Sony revealed the new service at CES in Las Vegas on Tuesday, stating that PlayStation Now will be an online network that streams a range of PS3 and PS2 games across numerous devices such as tablets and TVs.

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As a result, GameStop stock is now trading down almost 9%, dropping from as high as $49.06 per share earlier in the day to as low as $43.60 per share after the announcement, GamesIndustry reports.

Though the news is far from the biggest crash GameStop has ever seen - in 2008 the stock dropped from $56 per share to only $17 over the course of seven months - it still hints at the possible implications Sony's focus on a digital future may have on game retailers.

While revealing the PlayStation Now service at CES on Tuesday, PlayStation chief executive Andrew House claimed that, for the first time, flagship PS3 titles such as The Last of Us and Beyond will be playable on tablets, Bravia TVs, PS Vitas and PS4s.

Customers can either purchase a game to stream individually, or pay for full library access via a subscription fee. Multiplayer, and other network services such as trophies, will also be included. How much a PS Now subscription will cost is unclear.

The service will launch in the US over the summer, with a beta trial coming in January. Plans for Europe have not yet been discussed, though PlayStation UK has told CVG that EU dates will be announced when possible.

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