Michael Pachter, an analyst at Wedbush Morgan who is no doubt paid an enormous sum of money to get just about everything wrong, is actually copping to a few mistakes in his predictions for 2009.
Mr. Pachter predicted a 7% rise in sales during November.
Reality: 8% decline.
“…It should have been evident that a slowdown was coming, but many observers (including us) were lulled into the belief that the video game software business was recession-proof. Compounding our error was the belief that Wii sales would never slow, and that the music genre could continue to grow.”
“Wii hardware unit sales are down a staggering 28% through November. Even though combined PS3 and Xbox 360 sales are actually UP 5% this year, in absolute terms, the three consoles have sold almost 14% fewer units than in the prior year.”
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