Video game industry happy 2014 is over, with software sales slumping

The video game industry had a lot to cheer for, as developers are excited to make games for the Microsoft Xbox One, Sony PlayStation 4 and PC, but slumping game sales caused major headaches.

Hardware sales are racking up strong sales numbers, but not enough gamers are purchasing new titles, according to The NPD Group. Hardware sales increased 20 percent, up to $5.07 billion throughout 2014 - but Microsoft and Sony are engaged in a price war, with console prices continually dropping.

Disc video game sales in December dropped 2 percent year-over-year, down to $1.28 billion, as the industry strives for stability. A 2 percent year-over-year drop is smaller than previous months, and could indicate that gamers were willing to break out the wallet for new titles.

In addition to software sales, consoles bundled with video games proved to be popular, with a whopping 121 percent growth year-over-year, NPD figures report.