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Games Set to Overtake Music Market

The Financial Times reports that the global video games market will expand to three times the size of the recorded music market by 2014, according to a new study by PwC’s (annual Global Entertainment and Media Outlook), highlighting further profound shifts in consumers’ and advertisers’ media spending over the next five years.

Growth in online, mobile and casual gaming will drive a compound annual growth rate of 10.5 percent in consumer spending on video games, said PwC’s annual Global Entertainment and Media Outlook. This will bring industry revenues from USD51 billion to USD84 billion by 2014, PwC forecasts, contrasting with revenues of USD28 billion for recorded music.  PwC expects record labels’ revenues to stabilise, as growth in digital downloads finally returns the industry to modest growth of 0.5 per cent next year. For more information see the Financial Times website.

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