The video game industry continues to slide.

NPD Group reported on Monday night that hardware and software sales fell 31%, and that's bad news for Microsoft (NASDAQ:MSFT) and Sony (NYSE:SNE) as the two companies gear up to release their next-generation consoles later this year.

In this video, Fool contributor Rick Munarriz explains how it's not just folks saving up for the new Xbox One and PS4 who are holding back the industry.

Longtime Fool contributor Rick Munarriz has no position in any stocks mentioned. The Motley Fool owns shares of Microsoft. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.