Video Games Expected to Rebound

NEW YORK (TheStreet) -- Video game sales reported a sharp decline in October, but are expected to rebound with some big launches this month.

Market research firm NPD Group said total video game sales sank 19% in October to $1.07. Consoles plunged 23% to $380.7 million and game software fell 18% to $572.7 million.

Even price cuts on consoles from companies like Sony(SNE Quote) and Microsoft(MSFT Quote) have had little meaningful impact.

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And it looks like more price cuts are on the horizon. On Thursday, Toys 'R Us announced that from Nov. 14 through Nov. 16, it will be selling Nintendo's Wii console for just $99.99 with the purchase of a Wii Starter Bundle for $249.99. The toys retailer will also offer discounts on Xbox 360, Wii and PlayStation games.

The industry is on track to generate full-year revenues between $20 billion and $21 billion, slightly lower than last years' $21.3 billion, NPD said.

Earlier this week, video game retailer GameStop(GME Quote) was removed from Goldman Sachs' conviction buy list, after the company reaffirmed its original third-quarter guidance.