New York - Video game console market revenue in the U.S. is projected to reach a high of $12.8 billion this year, with the market set to generate cumulative revenues of $66 billion through 2012, according to a report from market research firm JupiterResearch.

Next year, the firm predicts, U.S. household penetration of video game consoles will surpass 50%.

Competition is also expected to be closer in this current generation of consoles; when the cycle ends in 2012, JupiterResearch projects that the range in market shares will be just under 10%, compared with the 33% range at the end of the last cycle in 2005.

"Each platform supplier brings a special set of strengths to the market and to competition in current generation of systems," said JupiterResearch vice president and research director Michael Gartenberg.

"On top of that we have seen a dramatic rise in the proportion multiplatform releases from independent publishers over previous generations. This is no longer the winner-takes-all market of the past."

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