Prior to its downsizing last year, E3 was widely viewed as the annual event where the biggest new games would be revealed. Now, thanks to pre-E3 showings of major titles due for release later in the year, the event lacks the surprise announcements it once did and therefore offers less in the way of business opportunities for retail and investors, according to Pachter.

"The conference used to offer retail, media and investors an early look at games and an opportunity to speak with company managements," the analyst told The Street.

“Now the games have long since been announced and the event is virtually useless for retail and for investors."

According to the report, numerous analysts believe E3 announcements are unlikely to impact any videogame stocks in the short term. Nevertheless, the platform holders have promised some big announcements at next week’s event, and there continues to be much speculation about the possible introduction of hardware price cuts, new controllers, peripherals and games.