NEW YORK, NY -- (Marketwire) -- 05/07/12 -- The Video Game Industry has transformed from one dominated by major consoles to one focused on social and mobile games. Consumers are increasingly less willing to spend upwards of $50 for a console game when they can purchase games on their mobile devices for under $5. Revenues for mobile gaming are expected to skyrocket from $5 billion to $16 billion in 2016 according to ABI research. Five Star Equities examines the outlook for companies in the Multimedia & Graphics Software Industry and provides equity research on Majesco Entertainment Co. (NASDAQ: COOL) and Glu Mobile Inc. (NASDAQ: GLUU).
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The emergence of the mobile game market has had a significant impact on traditional video game sales across the world. According to a report by the NDP Group, an independent market research firm, video game hardware, software, and accessories sales declined $1.1 billion (25 percent) in March when compared to a year earlier. Video game giant, Nintendo, recently reported their first annual loss in over three decades. The company for the fiscal year ending March 31, 2012 saw losses of over $530 million on $8 billion in revenue.
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Majesco Entertainment is a provider of video games for the mass market. Building on more than 20 years of operating history, the company is focused on developing and publishing a wide range of casual and family oriented video games on all leading console and handheld platforms as well as online, social networks and mobile devices. For the first quarter ended January 31, 2012, Majesco's net revenues were $66.2 million, up 37 percent versus $48.5 million in the same period a year ago.
Glu Mobile is a leading global developer and publisher of "freemium" games for smartphone and tablet devices. Glu's unique technology platform enables its titles to be accessible to a broad audience of consumers globally. Shares of the company saw a sharp jump early Thursday morning after the company released first quarter results that topped estimates. The company's total GAAP smartphone revenues of $17.4 million grew 192% from first quarter 2011 and comprised 81% of total GAAP revenues.
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