When did a videogame release become such a big deal?

Well, the U.S. videogame industry is worth a whopping $18.8 billion a year--that's less than McDonald's makes selling burgers and fries but 2.5 times as much as all the music CDs sold last year. It's also enough money to turn even the most conservative of entertainment executives' heads. Scott Steinberg, vice president of product marketing at Sony Computer Entertainment America, predicts we're about to see the "GTA Effect"--box office sales, television ratings, Internet traffic will all dip as everyone "hunkers down" to play through "Grand Theft Auto IV" on game consoles. Of course, he gets paid to say things like that.