According to the latest statistics released by market research firm NPD Group, there was a 25 percent year-on-year plunge - to more than $755 million - in the US retail sales of video-game software, hardware and accessories for the month of October; thereby marking the 11th consecutive monthly decline for the video-game industry.

Going by the figures shared by NPD Group, while software sales fell 25 percent to nearly $433 million, the retails sales plunge for October was chiefly led by the dwindling sales of gaming consoles, which witnessed a 37 percent fall to over $187 million during the month.

The best-selling console yet again was Microsoft's Xbox 360, with a sales figure of 277,000 units in October; though Sony and Nintendo refrained from releasing monthly sales figures for their respective PlayStation and Wii consoles.

However, with the video-game industry entering the crucial holiday-shopping season, NPD Group analyst Liam Callahan said that there are indications of a rising momentum in the coming weeks.

Callahan further added that despite the fact that hardware unit sales across all video-gaming platforms saw a year-on-year decline in October, a look at the average per-week sales in comparison to the September figures clearly shows that "several consoles realized higher sales" last month.