Videogames to lead entertainment sector boom through 2009, says PWC

The latest report from well respected market research firm PriceWaterhouseCoopers suggests that videogames will spearhead a major growth spurt for the global entertainment industry between now and 2009.

The firm is predicting that entertainment revenues worldwide will grow by 7.3 per cent annually between now and 2009, bringing the total figure from $1.3 trillion to a massive $1.9 trillion.

The videogames industry, however, will grow by an astonishing 16.5 per cent every year to reach a net worth of $55 billion by 2009, a figure which doesn't even include hardware sales.

Looking at the figures on a geographic basis, the Asia-Pacific market will be by far the biggest market, with videogame revenues of $23 billion and 18 per cent annual growth - but Europe will be the fastest growing region, with the EMEA territories recording annual growth of 19.1 per cent to reach $14.3 billion in revenues in 2009.

The United States, meanwhile, will grow at just 12.9 per cent annually and will reach $15.1 billion dollars by 2009, according to the PWC figures.

"The growth of the console game market, the largest segment of the industry, is dependent on the cycle of new game consoles," explains the report. "The next generation of game consoles should have a major impact in the market in 2006 and 2007. The introduction of handheld game consoles and their associated games will buttress the console game market in 2005."

"The next generation of consoles, with their embedded online capabilities, will also have a positive effect on the demand for online gaming," the report continues. "The migration to broadband Internet connections will enhance the online gaming experience, spurring demand."