Earlier this morning, we reported on a rumor of the next-generation Xbox to require an Internet connection for it to remain functional. The move would be a direct threat for the used game market, which is currently dominated by GameStop and also gains half of its profits from the sale of used video games.
The news of this rumor has spread across the Internet like wildfire, and as a result, GameStop’s shares have dropped substantially, down as much as 11.4 percent today, which is their biggest drop since May 17. As of this writing, GameStop’s shares seem to be leveling off at at $25.20 per share, which is still a big drop from its $26.81 recorded at yesterday’s closing. (more…)
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