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Game industry to grow 5.8% annually

PricewaterhouseCoopers analysts say videogames will outpace other entertainment in North America

Videogame industry revenue in the US and Canada will grow at an average rate of 5.8 per cent annually for the next five years and will outpace all other forms of entertainment, says PricewaterhouseCoopers.

In a recent report, the firm said that it expects the videogame industry to generate USD 17.2 billion in sales in 2009, and grow up to USD 21.6 billion in 2013.

By comparison, the music industry is expected to decline 4.4 per cent annually to USD 7.2 billion in 2013, films will rise 3.4 per cent a year to USD 45.1 billion and TV subscription fees will grow 5.4 per cent annually to USD 97.3 billion.

PricewaterhouseCoopers entertainment and media partner Stefanie Kane attributes the growth to videogames being a smarter purchase for cost-conscious consumers, saying that videogames provide "unlimited hours of fun" after purchase, compared to the limitations of other media.

The group also reports that in-game advertising will show revenue of USD 886 million in 2009 and USD 1.4 billion by 2013. It also said that the global videogame market will grow at an average of 7.4 per cent annually and show revenue of USD 73.5 billion in 2013.