Is gaming market upbeat about console sales? Wii, Wii.(LICENSING UPDATE: Retailing & Entertainment)(Brief article)

After several mediocre years, video game sales came roaring back last year on the strength of several hit games, and the release of two new consoles should drive sales to record highs in 2007.

According to The NPD Group, retail sales of console and PC games increased 18%, to $13.5 billion in 2006. Those sales were led by an 88% increase in sales of console hardware helped in part by the debut of the PlayStation 3 and Nintendo Wii in November. Software sales contributed to a lesser degree, jumping 6% to $7.4 billion, compared to $7 billion in 2005. The top-selling games of the year were "Madden NFL 2007" and a "Cars" game based on the hit Pixar movie.

While …