The video game industry has been consistently growing in North America over the last several years, and while sales have slowed over the past few months, the overall impact of the terrible economic recession we're in appears to be minimal.
A new report from PricewaterhouseCoopers released today suggests that the video game industry (without hardware!) in the U.S. and Canada will reach $21.6 billion in sales by 2013. That represents an average growth rate of 5.8 percent over the next five years and is superior to other entertainment/media except for online advertising and web access.
PricewaterhouseCoopers estimates that sales (without hardware) for video games will total $17.2 billion in North America this year. By 2013, however, games will actually be three times larger than the recorded music industry, which continues to suffer mightily and is forecast to see a 4.4 percent annual decline, bringing it down to just $7.2 billion in 2013. The firm also predicts 5.5 percent growth for TV subscription and 3.3 percent for filmed entertainment. Other media, such as radio and book, magazine and newspaper publishing, are all expected to see declines.
Although the retail revenue from PC games is expected to continue to drop, PricewaterhouseCoopers said that sales from consoles, portables and wireless devices will easily offset that decline. In-game advertising is also expected to finally see some major growth, growing 13 percent annually to reach $1.4 billion in 2013.
On a global level, the numbers are even more impressive. PricewaterhouseCoopers said that by 2013, the worldwide video game market will be worth $73.5 billion, thanks to a 7.4 percent compound annual rate.
IndustryGamers is certainly encouraged by these numbers. The video game industry is already huge, and it appears that the audience (and market) will only continue to grow.
