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Why are $70 AAA games slashing prices so drastically?
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No it's the damn autumn sale right now. AAA games stay at full price for years when not on sale.
Only if they're good games that people are still interested in playing. Crappy games slash prices all the time. Exhibit A: Suicide Squad
If it were just the Autumn sale, stuff like Space Marines II would have a steeper discount and frankly that sale is more than a little aenemic.
There are obviously variations in the sales.