Video games are big money-spinners. According to dfc Intelligence, a market-research firm, the industry was worth almost $80 billion in 2012 (combining software, gaming revenue and devices), or roughly the same as the film industry's takings. Although gaming on smartphones, tablets and social-networking sites is growing fast, dedicated games consoles still dominate the business. So much anticipation surrounded Microsoft's unveiling, on May 21st, of a new version of its Xbox. Its existing consoles (the original Xbox, launched in 2001, and the Xbox 360, in 2005) are a success story for a company squeezed by falling pc sales, a difficult move into the mobile-phone business and a limp welcome for the latest version of its flagship Windows operating system.
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