Online gaming to generate $1.1 bln by 2008

Revenue from online games will grow threefold to $1.1 bln by 2008, helping the nascent industry corner 10% of the global video game market, according to a new study by The Yankee Group. Falling console prices are a big driver in the shift, Yankee said. Priced at $299 when they launched, console prices are expected to fall to as low as $49 within the next five years. Currently, sales and subscriptions to Web-based games generate $353 million. Online-game advertisements generate between $450 million and $550 million, the research company said.