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A Verdict Research report has predicted that videogaming will be the largest form of entertainment in the UK this year, with the market expected to grow to be worth £4.64 billion in 2008.

That’s a £1.7 billion increase on 2007 sales.

By comparison, the music and video market is expected to come in at £4.46 billion this year.

“The music and video market is not just suffering from a slowing of growth but a massive transfer of spend to online,” said the report’s author Malcolm Pinkerton.

“So in actual fact, the sales via high street shops are being hit a lot harder than the overall growth figures would suggest.”

The reasons for the shift are well worn.

“Games represent a relatively cheap, but also exciting and innovative pastime,” said Matthew Piner, author of the Video Games and Consoles Retailing report.

“As more people save money by staying in, a video game, although it may cost three of four times as much as a DVD or CD, offers much more longevity and hence better value for money.”

More on Reuters.