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Virtual reality was undoubtedly the focus at this year’s Electronic Entertainment Expo (E3). Though the industry is in a nascent stage, it has the potential to change the entertainment and gaming space significantly.
GameStop Corp. (NYSE: GME) CFO Rob Lloyd was on CNBC Friday to discuss how virtual reality will fit in the video game space and could be big business for his company. He also touched on why the company discontinued its streaming service.
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Will Invigorate Gaming
On how GameStop sees virtual reality products being a part of its business, Lloyd said, "You think about virtual reality like an additional console cycle or a small console cycle. It will reinvigorate the category. We are about a year and a half into the console cycle now with the Xbox One and the PlayStation 4, and they are selling very well – very strongly."
He continued, "But the virtual reality products, we think they are going to come to the market in 2016. And when those hit, that’ll invigorate the category again and that’ll be good for GameStop because our customers will come in, line up at midnight to get those headsets when they launch."
Consumers Didn’t Wanted Streaming
Lloyd was asked why the company discontinued its streaming service. He replied, "The streaming service wasn’t something that the consumers wanted. What we do have is a billion dollar digital business. We have what consumers want, whether it’s physical or digital, they can come into our stores and get that.
"We are adding to the products in the stores. The virtual reality stuff we'll add to that next year, but for this year, our focus is on Loot and collectible items that gamers want associated with video games, movies, television shows. That’s a growing category for us," Lloyd said.
Image Credit: Public DomainCrypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.