The CEO of GameStop — one of the world's largest video game retailers — has said that Sony’s decision to halt the production of physical game discs in 2028 is “totally irrelevant” to the company's business. Speaking to BloombergTech in an interview on Thursday, July 16, Ryan Cohen made the comments while responding to questions on how console makers’ going disc-less might affect GameStop amid the company's controversial bid to buy eBay.
When asked, “If the hardware makers are reportedly moving to disc-less on the console side, future game launches are digital only, where does that fit in for the business plan?” Cohen responded, “It doesn’t matter at all. Software, it mattered in the past. Software today makes up less than 12% of the business, and collectables makes up over half the business. So, it’s totally, totally irrelevant.”
Cohen's characterization doesn't exactly match GameStop's own filings, but the underlying trend does. In fiscal year 2025, the company reported total net sales of $3.63 billion. At $729.3 million, Software — which includes physical game discs, game cartridges, and digital download codes by GameStop’s classification — accounted for 20.1% of the total, the lowest among the company's product categories. Collectibles brought in $1.06 billion at 29.2 percent, while hardware and accessories — including new and pre-owned hardware, accessories, hardware bundles, interactive figures, strategy guides, and mobile/consumer electronics — remained the largest single line at $1.84 billion, or 50.7 percent.
The year-on-year growth figures also appear to support Cohen's stance, with software revenue dropping 27% in FY24 and hardware revenue dropping 12%. Meanwhile, revenue from collectibles — covering apparel, toys, trading cards, gadgets, other pop-culture products, and submission services for authentication and grading of trading cards — grew by 47%.
Category |
FY2025 net sales |
Share of total |
FY2024 net sales |
Change |
Hardware & accessories |
$1.84 billion |
50.7% |
$2.09 billion |
−12.3% |
Collectibles |
$1.06 billion |
29.2% |
$717.9 million |
+47.7% |
Software |
$729.3 million |
20.1% |
$1 billion |
−27.5% |
Much of the Bloomberg interview was focused on Cohen's somewhat controversial bid for eBay. GameStop began accumulating eBay stock on February 4 and delivered an unsolicited, non-binding proposal on May 3 to acquire all outstanding shares at $125 apiece, split evenly between cash and GameStop stock — an offer valuing eBay at roughly $56 billion, against GameStop's own market capitalization of around $10 billion. eBay's board rejected it on May 12, with chairman Paul Pressler writing that the board had determined the proposal was "neither credible nor attractive." Cohen has said he intends to take the offer directly to eBay shareholders.
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