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Video Game Revenues On-Par with Movie Industry! - 5th Apr [by Flamed up]Video Games Explode: Global Revenues Now on Par with Box Office
Video game software sales are finally matching up with the entire film industry at the global box office. Analyst Daniel Ernst forecasts global game revenues to grow even higher this year.

In a new report from Hudson Square Research on the outlook for the 2009 fiscal year in the video game sector, analyst Daniel Ernst notes that the video game industry's recent surge has finally allowed it to catch up to the movie business on a global basis.

For the fiscal year ended this March, global video game (software) revenues grew 38 percent. Global software sales reached $26.5 billion, only slightly behind the film industry's $26.7 billion.

"Gutenberg's press supplanted the oral story, the television supplanted the radio, the Internet is supplanting the newspaper, and the DVR is supplanting the network schedule. Consumers are increasingly in control of their media experience - narrowing in on what they consume, where they consume it, and when they consume it. We see interactive entertainment (video games) as an extension of that control, where the protagonist, settings, and outcomes are dictated not by the author or screenwriter, but by the players themselves," noted Ernst.

He added, "While the film industry's set of home movie windows provides another leg of growth equal to or greater than box office sales, we believe the rise of video games to the same revenue stature provides a notable perspective."

Over the current 2009 fiscal year, Ernst anticipates global software revenues to climb another 31 percent to $34.6 billion. Hardware revenue, on the other hand, will see a slight (five percent) decline to $18.9 billion.

Source: Taowolf