Will Games Outsell Music/ Video In UK In 2008?
A huge shift in consumer attitudes has turned video games into the UK’s most popular form of entertainment, with retail analysts Verdict Research predicting that spending on games will rise by 42% to £4.64bn in 2008, against sales of music and video at £4.46bn.
In the last five years the video games market has more than doubled in value, while music sales have stagnated.
“The music and video market is not just suffering from a slowing of growth but a massive transfer of spend to online,” according to Malcolm Pinkerton of Verdict Research.
It is online sales of CDs and DVDs that have grown rapidly, rather than digital downloads, which still only account for around 4% of music and video sales.
According to the Entertainment Retailers Association however, figures for 2007 show sales of games software at £1.7bn, compared to £1.4bn in music sales and £2.2bn for video revenues. [Via]
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Filed under: Business
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