Game industry 2007 investment to best music industry |
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According to an industry analysis report published by PricewaterhouseCoopers (PwC), the video game industry will continue to be considered as an above-average growth segment of the global entertainment industries. Additionally, they have claimed that this year's investments made by the game industry is "set to exceed" the current spending for the music industry.The global spending has jumped 14.3% to US$ 31.6 billion back in 2006, and PwC expects that the amount should climb another 18.5% to US$ 37.5 billion in 2007. The report also projects that the game industry will officially overtake the music industry by 2008 in the US, as data from key growth factors in the industry have been gaining performance this year.
Such factors include that of online and wireless games, next generation consoles and the advent of in-game advertising. Although much of the analysis took the US into question, PwC cut back on US-only expectations and spread its views over the global scape.
The report claimed that it was the Asian region and the combined strength of the EMEA (Europe, Middle East, and Africa) sectors that truly spearheaded the growth of the game industry. It stated that Asia has "generally outperformed" in the global industry overall, thanks to the growing popularity of casual, online and wireless gaming.
It's leading growth is only rivalled by that of EMEA's average growth factor, which exceeds the region's 10% compound annual gain by a miniscule 0.2%. And the report also added that the US will constantly be outperformed by Asia and EMEA from 2007 all the way to 2011.
The report also claims that Sony, Microsoft, and Nintendo's new generation consoles will experience slow growth until 2011. While next-generation consoles will be outperformed by growth in other segments of the industry, PwC remains stern that the consoles will prove significant and integral to the industry's progress.
In all cases, however, in console-dominated US, the PC game industry will continue to find a decline this year through to 2011.
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