Yes: U.S. spending on new physical game software was up 5% year over year to $738 million in 2026 year to date, according to Circana analyst Mat Piscatella. Spending on Game-Key Card releases rose 631%, offsetting a 3% decline across all other new physical media types. Those are spending figures—not unit sales—and they do not prove that Game-Key Cards caused a broad physical-games revival or that players prefer the format.
What the U.S. physical-game spending figures show
In a post dated October 8, 2026, Circana analyst Mat Piscatella said U.S. year-to-date spending on new physical software had increased 5% from the comparable period a year earlier, reaching $738 million. He attributed the offset to a 631% increase in spending on Game-Key Card physical releases, while spending across all other new physical media types fell 3%. Nintendo Life reproduced Piscatella’s statement.
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The numbers describe dollars spent on new physical software. The 631% rise is not a unit-sales figure, and the report does not state Game-Key Cards’ share of all physical spending. It also does not give an exact year-to-date cutoff date, individual game sales, or a breakdown of what drove the change. The careful description is “2026 year to date, as reported October 8,” rather than assigning the comparison a more precise end date.
A large year-over-year percentage can reflect a small starting base as well as a fast-growing format. Game-Key Cards are a recently introduced option rolling out across Switch 2 releases, but the available figures do not quantify the effects of a growing Switch 2 audience, the number or popularity of available games, prices, promotions, or consumer preference. They establish that spending on the format increased sharply—not why.
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What a Game-Key Card is—and what it is not
Nintendo distinguishes a regular game card, which contains game data, from a Game-Key Card, which does not contain the full game data. In practical terms, it is a physical key for a locally downloaded game, not a full-game cartridge. Nintendo’s Game-Key Card explainer says the player inserts the card, downloads the game, and keeps the card inserted while playing.
The card is not tied to a Nintendo Account. It can be lent to someone else by handing over the card, but that person must download the game data too. The format therefore retains a transferable physical item while still requiring a download and storage space.
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Game-Key Card, regular game card, or digital purchase?
| Format | Where the game data is | Initial download and internet | What must be present to play | Transfer and storage |
|---|---|---|---|---|
| Regular game card | The card contains game data, according to Nintendo. | Nintendo’s format comparison does not establish a universal download requirement for regular game cards; requirements can depend on the game. | The physical game card. | A transferable physical card. Nintendo’s explainer distinguishes this from Game-Key Cards but does not give a general storage requirement for regular cards. |
| Game-Key Card | Downloaded to Switch 2 system memory or a compatible microSD Express card; the card does not contain the full game data. | Internet is required for the initial download and first launch. | The Game-Key Card must remain inserted. | A physical card can be lent; the recipient downloads the game data too. The download needs enough available storage. |
| Digital purchase | Downloaded to the console or compatible storage. | A download is required; Nintendo’s comparison does not establish a single internet rule for every later play session. | No physical card; access is through the digital purchase. | No physical card to hand to another person. Nintendo’s format explainer describes digital software as associated with the purchasing account. |
These distinctions matter when interpreting sales. A Game-Key Card counts as a physical release for the reported spending comparison, but its game data is downloaded. “Physical spending” here describes the retail format, not where all the software data resides.
Download and storage requirements on Switch 2
Nintendo says a Game-Key Card needs an internet connection for the initial download and first launch. The download also needs sufficient free space in system memory or on a compatible microSD Express card. A separate storage card is optional, not mandatory: it is useful if the console does not have enough free space for the game.
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For Switch 2 game downloads, Nintendo says ordinary microSD cards are not compatible for storing game data; the supported expansion format is microSD Express. See Nintendo’s Switch 2 FAQ for storage compatibility details. A Game-Key Card buyer should check available console space before buying and choose compatible expansion storage only if needed.
Which games are included in the report?
The report names Pokémon Pokopia, Elden Ring: Tarnished Edition, and Resident Evil Requiem as notable Game-Key Card releases. It provides no individual sales figures for them, so it cannot establish how much any one title contributed to the 631% spending increase. Piscatella reportedly highlighted the Switch 2 release of Elden Ring in connection with its chart position; that observation is not a sales breakdown of the aggregate spending change.
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- Nintendo eShop Digital Cards are redeemable only through the Nintendo eShop on the Nintendo Switch, Wii U, and Nintendo 3DS family of systems.
- Digital Card balances can be shared across Nintendo Switch, Wii U and Nintendo 3DS family of systems, but may only be used on a single Nintendo eShop account.
Why this is not the same as total U.S. video-game spending
The $738 million figure covers new physical software in the reported year-to-date comparison, not the whole U.S. video-game market. The Entertainment Software Association’s final 2025 figures, revised in March 2026, put total consumer spending at $60.8 billion: $52.4 billion on content, $5.4 billion on hardware, and $2.9 billion on accessories. Those categories span platforms and include spending beyond new physical software, such as digital content and subscriptions. They provide broader market context, but they are not a like-for-like comparison with the physical-software figure. See the ESA’s 2025 industry figures.
What can—and cannot—be concluded
- Established: U.S. spending on new physical software was reported at $738 million in 2026 year to date, up 5% against the comparable prior-year period.
- Established: Game-Key Card spending rose 631%, while all other new physical media types together fell 3%.
- Not established: Unit sales, Game-Key Cards’ share of physical spending, the contribution of any individual title, or the precise year-to-date cutoff.
- Not established: That Game-Key Cards alone caused the increase, or that consumers prefer them over other formats.
The report is a secondary account reproducing Piscatella’s statement rather than a full Circana report. Nintendo’s documentation is the primary source for how its card formats and storage compatibility work; the ESA figures describe a much broader spending measure.
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- The perfect gift for anyone who loves to play—including you. Choose from over 1,000 new, classic and indie games – delivered directly to your Nintendo Switch, Wii U or Nintendo 3DS family of systems.
- Nintendo eShop Digital Cards are redeemable only through the Nintendo eShop on the Nintendo Switch, Wii U, and Nintendo 3DS family of systems.
- Digital Card balances can be shared across Nintendo Switch, Wii U and Nintendo 3DS family of systems, but may only be used on a single Nintendo eShop account.
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