Social games like Xbox's Lips and PlayStation's Singstar are poised to rake in more revenue than either the music or the film industries. - Inspired by Don Mattrick, Microsoft

Recently, at the E3 games summit in LA, Microsoft announced its redesign for Xbox Live, which places more emphasis on social games like its social karaoke game, Lips. Playstation has its own similar social karaoke game called Singstar. The emphasis on social gaming comes at a time when the video game market is expanding rapidly.

At the summit, Microsoft's Don Mattrick predicted that the game industry is poised to become bigger than both the music and the film industries. "Games are now the leading driver of all industry spending, outselling music and outstripping box office revenue," he said.