By Keri Algar
SYDNEY, NSW: Video game and console developers are creating new products suited to a broad range of people, which will expand the market and propel future growth, according to an IbisWorld industry report. The predicted growth has been credited to the expansion of the traditional target market of teenagers to adults, females and whole families.
“Once viewed as a teenage fad, video games continue to defy their doubters and are well and truly established as a booming part of Australia’s entertainment economy,” said the IbisWorld report.
“Growth in female gamers is of particular interest to the industry since key players have historically paid little attention to this market.
“The success of Nintendo’s Wii console and Xbox 360’s latest release, Kinect, highlights the potential of the female gaming market, intensifying competition in the industry, and the benefits of feeding gaming enthusiasts’ appetite for new technology.
“Cross-marketing of products and simultaneous releases of major entertainment franchises – such as Harry Potter – are a promotional must, attracting participants from outside the traditional gaming realm.”
Wired telecommunications carriers, telecommunications resellers and recorded media manufacturing and publishing (CDs, DVDs) were listed in the top five declining industries for 2011.