Report: Games Industry to Hit $68B in 2012

The global games industry will jump from $41.9 billion in 2007 to $68.3 billion in 2012, according to PriceWaterhouseCoopers.

The annual growth rate of 10 percent would best "all other media sectors except for online advertising and access," according to a report in The Hollywood Reporter.

Citing PWC's upcoming "Global Entertainment and Media Outlook: 2008-2012," THR says that console games revenue will grow to $34.7 billion in 2012, up from $24.9 billion last year.

Online and wireless games will have the fastest growth, the report says. Online will grow to $14.4 billion in 2012 compared to $6.6 billion in 2007. Wireless game revenue will grow to $13.5 billion from $5.6 billion.

An increase in broadband penetration will help drive online revenues, and advancements in mobile phone tech will make wireless more appealing to a wider base of consumers, according to PWC.

PC retail will fall from $3.8 billion to $3.6 billion as online models such as subscriptions gain momentum.

Videogame advertising will shoot from $1 billion to $2.3 billion in 2012.

The report also said that the U.S. will lag behind in growth compared to the rest of the world, growing 7.9 percent annually to $17.7 billion in 2012 from $12.1 billion last year.

Last year, overall U.S. industry sales (which include not only software, but also accessories and hardware) were $18 billion, a new record, according to the NPD Group.

NPD analyst Anita Frazier said this month that the U.S. is on track for a year in the $21-$23 billion range. via next-gen

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