🐻 does not expect Sony's decision to stop providing its store with game codes to have a negative effect.
The former confirmed it would stop selling game codes to all retailers as of April 1, with gamers enc💜ouraged to purchase codes directly from the PlayStation Store. Such a development was initially thought to pose a threat, especially given GameStop's struggles as of late. However, according to company CFO Rob Lloyd, the change won't have thatಞ big of an impact on the company.
Speaking on an earnings🍌 call on Wednesday, Lloyd revealed that he was invo🅠lved in discourse with Sony regarding the change. He also pointed out that the majority of games bought from GameStop are via point cards and not full-game download codes.
"Most of the sales of full-game downloads ... at retail come in the form of currency," he noted (h/t ). "So the move by Sony to go back to the currency model, we don't expect it to have a material impact on our results bec🦄ause we'll continue to sell that currency."
It's a bit early to say, considering it's only been two days since Sony stopped p🅰roviding the store with game codes. But, as things stand, GameStop could use all the help it can get.
The company reported having lost $673 million for the last fiscal year with net sales going down three percent to the tune of $8.29 billion. This loss marks the biggest since 2012 for GameStop, who🎃 recorded a $269.7 million reverse back then.
The company will have to think up fresh strategies as the used game market has been dwindling for some time now; Lloyd 🏅says they've fully recognized that it's become an are of concern.
"We recognize the challenges facing our pre-owned video game business and are prepared ♏to address them as we continue to evolve our business model going forward," he assured investors.
The board attempted to sell the company a while back, before making a complete u-turn that led to their s🦩tock price crashin𒉰g to a 14-year low in January.
Whether Sony's💮 change affects them at all is something left to be seen but Lloyd seems t🅘o be of the view that it won't.
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