Back in 2005 videogame sales surpassed the movie industry. In 2007 videogames are set to surpass the music industry, according to consulting firm PricewaterhouseCoopers (PwC). Their latest study of the global entertainment industries expects videogame sales to grow through 2011. In America videogames will rival music sales in 2007 and are set to surpass the ailing music industry in 2008.
Their “Global Entertainment and Media Outlook” report predicts key growth engines will include online and wireless games, new-generation consoles and the burgeoning in-game advertising business.
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By 2011, the worldwide gaming market will be worth $48.9 billion at a compound annual growth rate of 9.1% during the five-year period, with gains slowing every year because of the maturation of the current generation of consoles, according to the report. The compound gains handily exceed the 6.4% advance that PwC foresees for the overall entertainment economy during the period. Its data include consumer spending on games, but exclude spending on hardware and accessories.
Growth per region varies:
* For the U.S. gaming business, PwC projects 6.7% compound annual gains for the next five-year period, up to $12.5 billion.
* Asia-Pacific should remain the region with the highest overall spending on gaming during the period and reach $18.8 billion in 2011, PwC forecasts. Despite its leading size, its 10% average annual gains will only be exceeded by…
* … The combined region of Europe, the Middle East and Africa (EMEA), which is pegged for a 10.2% compound annual gain and is set to remain at No. 2 in terms of worldwide gaming.