Morton Grove – – September 7, 2026 -- U.S. spending on new physical video games fell to $1.5 billion in calendar year 2025, the lowest annual total since tracking firm Circana began measuring the category in 1995, according to data shared by Circana analyst Mat Piscatella and cited by The Old School Game Vault.
The figure marks a steep drop from the category's peak of $11.6 billion in 2008. A separate rolling 12-month measurement from Circana, covering the period ending May 2026, put spending at approximately $1.6 billion -- down from a peak of roughly $11.5 billion for the 12 months ending May 2009.
Sealed Super Mario 64 sold for $1.56 million in 2021
While mainstream physical sales shrink, the market for rare vintage collectibles has moved in the opposite direction at its extreme high end. Heritage Auctions reported that a factory-sealed, Wata-graded 9.8 A++ copy of Super Mario 64 sold for $1.56 million in 2021 -- the first video game to sell at auction for more than $1 million.
The Old School Game Vault's analysis stresses that this sale reflects an exceptional case, not a typical resale outcome. Condition, completeness, scarcity, and collector demand all factor into whether a specific title commands a premium, regardless of the broader market's overall decline.
Condition and completeness separate common titles from valuable ones
A loose cartridge, a complete boxed copy, and a factory-sealed example are treated as distinct products by collectors, according to the report. A game released decades ago may stay inexpensive if many copies survive, while another from the same era can command higher prices if well-preserved or complete copies are rare.
The analysis recommends that sellers evaluate individual items in a collection rather than accepting a single blanket valuation, since common mass-market titles can sit alongside rarer consoles, accessories, or editions worth closer inspection.
The Old School Game Vault, based in Morton Grove, Illinois, has operated as a nationwide retro game buyer and seller since 2008 and maintains an online pricing database covering more than 22,000 games, consoles, and accessories.