Gaming is bigger than the box office, and has been since 2001.
Film execs claim this comparison is unfair to movies because it ignores ancillary revenues (DVDs, TV, merchandising). But games are beginning to produce ancillary revenues, too. Halo has spawned toys, novels, and a soundtrack; a movie is in the works.
Even more telling, gaming's biggest release day is more than twice that of the biggest blockbuster day one to date.
Halo 2: 125 million USD
Star Wars Ep. III: 50 million USD
The inescapable fact is that today's mega-release games are as big as any feature film, platinum album, or bestseller, and equally capable of spawning an IP franchise.