London - Disney plans to triple the amount it spends on video game development, the company's chief financial officer said on Friday, Reuters reported.

"We are ramping up our investment in video games ... It is a market where there is real opportunity," said Disney CFO Tom Staggs.

"Over the next five years or so we are ramping up to about a pace of $350 million per year in video game investment, principally consoles and handhelds."

Staggs added that about 70% of the funds will support development of titles based on existing franchises, with the rest to go towards creation of original properties.

The company spent about $100 million on game development last year, and will spend $130 million this year.

Upcoming titles from Disney include a massively multiplayer online game based on "Pirates of the Caribbean."

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http://tinyurl.com/39788f (Reuters)