Game On: U.S. video game spending fell 3% in April, says Circana

“Game On” is The Fly’s weekly recap of the stories powering up or beating down video game stocks.

NEW RELEASES: Among this week’s most notable new releases is Bandai Namco’s (NCBDY) action role-playing title “Elden Ring Nightreign,” a multiplayer spinoff of 2022’s “Elden Ring.” The game releases May 30 for PC, PlayStation 4 (SONY), PS5, Xbox One (MSFT), and Xbox Series X/S. Also out this week is Electronic Arts’ (EA) racing sim “F1 25,” which launches May 30 for PC, PS5, and Xbox Series X/S.

CIRCANA APRIL: Last week, Circana analyst Mat Piscatella said that April 2025 total market projected U.S. consumer spending across video game hardware, content and accessories fell 3% when compared to a year ago, to $4.1B. 2025 year-to-date spending was 8% behind 2024’s pace, at $17.8B. April video game content spending declined by 2% compared to a year ago, to $3.7B. 18% YoY growth in non-mobile subscription spend and a 16% gain in Console digital premium downloads were offset by declines in other content segments. April hardware spending fell by 8% when compared to a year ago, to $186M. It was the lowest monthly hardware dollar sales total reached in the US market since July 2020 (163M). PlayStation 5 dollar sales declined 5% in April compared to a year ago, but the platform once again led the hardware market in both dollar and unit sales. Nintendo Switch (NTDOY) hardware spending fell 37% in April vs YA, while Xbox Series grew 8%.

Bethesda’s “The Elder Scrolls IV: Oblivion: Remastered” was the best-selling game of the month, instantly becoming the 3rd best-selling game of 2025 year-to-date. It was the best-selling title across each of the PlayStation, Xbox and PC platforms. “Oblivion: Remastered” sold more units in Apr 2025 than “The Elder Scrolls IV: Oblivion” achieved across its first 15 months in market combined following its March 2006 debut and generated more full game dollar sales than the original’s first 14 months combined. Microsoft’s “Forza Horizon 5” was the 2nd best-selling game of April 2025 following its debut on PlayStation 5. It ranked as the 42nd best-selling title of March. Meanwhile, Bethesda’s “Indiana Jones and the Great Circle” also launched on PlayStation 5 during April 2025. The game jumped from 118th on the monthly best-selling titles chart a month ago to 6th. Four of the top five – and five of the top seven – best-selling games of the month on PlayStation platforms were published by Microsoft, Piscatella noted. In addition, Microsoft’s “Call of Duty HQ” led all titles in total U.S. monthly active users across both PlayStation and Xbox platforms during April, according to Circana’s Player Engagement Tracker. “Schedule 1” ranked 1st in U.S. total month active users on Steam.

Other top-selling games in April in the U.S. were Sony’s “MLB The Show 25,” Ubisoft’s (UBSFY) “Assassin’s Crered Shadows,” Take-Two’s (TTWO) “WWE 2K25” and “NBA 2K25,” and Capcom’s (CCOEY) “Monster Hunter Wilds.”

FORTNITE: Epic’s “Fortnite” (AAPL) blocked Fortnite on its iPhones in the U.S. and through the Epic store in the EU, game maker Epic Games said on Friday. Investors in Epic include Tencent (TCEHY), KKR (KKR), Disney (DIS), and Sony.

Meanwhile, The Verge’s Tom Warren reported last week that Microsoft has filed an amicus brief supporting Epic Games in its dispute with Apple and blames Apple for delaying the Xbox mobile gaming store, which was first announced in May 2024. The brief takes issue with Apple’s attempt to overturn the injunction that allows Epic and other developers to freely advertise alternative payment methods in their apps, and not have to pay Apple additional fees for purchases made outside of apps. Microsoft also notes in its filing that “Apple makes no argument that the technical or policy changes cannot be undone,” so it’s urging the ruling to be enforced pending Apple’s appeal. “Microsoft’s own experience managing app stores confirms that Apple’s policies could be restored if Apple ultimately prevails on appeal.”

FTC/ACTIVISION: In other Microsoft news, Reuters reported last week that the U.S. Federal Trade Commission dropped a case that sought to block Microsoft’s $69B purchase of Activision Blizzard. FTC Chairman Andrew Ferguson is seeking to use the agency’s resources for cases that fit with President Donald Trump’s agenda, such as a probe related to whether advertisers colluded to spend less on X, according to the report.

Click here to check out recent Media Buzz Sentiment on Microsoft as measured by TipRanks.