The computer game market is set to grow by 42% this year, and will for the first time see it out-sell the video and music industries in the UK, according to a Verdict Research report. Its growth has been boosted by blockbuster game releases.
The Video Games & Consoles Retailing report has revealed that the computer games market will be worth £4.6bn by the end of the year, thanks largely to the success of games such as Grand Theft Auto 4, Wii Fit and Guitar Hero 3.
The launch of new games in the run-up to Christmas, such as Little Big Planet, is also expected to boost profits, making it more successful than the music and video marketplace.
Matthew Piner, author of the report, says: “Whereas music and video has become somewhat stale, video games has enjoyed an array of technological innovation, which has widened the market demographic enormously and driven phenomenal growth. 2008 has seen video games catapulted into the mainstream entertainment market.”
The report also found that the games industry has seen revenues rise by 113% over the last five years, and the new technologies available in the Xbox 360, Wii and Playstation 3, is helping to widen its audience base.
“Games represent a relatively cheap, but also exciting and innovative, pastime. They are popular with men, women, children and families alike. It offers a more involved form of escapist entertainment, when compared with a CD or DVD,” Piner says.