Correct me if I'm wrong but didn't the PS2 sell about 130 million, gamecube 22 million, and xbox 24 million?

That means the total last gen systems equals about 150 million.

This generations the wii sold 75 million, xbox 360 44 million, and ps3 38 million. The total consoles sold this gen is about 158 million. And these consoles will sell for a few more years! The market is growing at a huge rate. Note that this is the most expensive consoles ever too.

Now let's look at handhelds. The GBA sold about 80 million.  The DS already crushed that with 135 million sold. Not to mention the PSP sold 60 million as well. The handheld market has more than doubled!

Now let's look at world wide week records records. Of the top 50 records set for first week, 27 of them were set from this generation.http://www.vgchartz.com/weekly_records.php

Beating last gen by 18 games. A few more games will enter the list such as black ops for the 360 and ps3, gears 3, gt5, fable 3, etc

 edit: the 360 set the record for highest attach rate. And this gen by far has the most ten million sellers.

discuss how much the gaming industry will expand

let me see:  Wii: 110M, 360: 86, PS3 : 94M, DS: 165M, PSP: 64M., yup pretty big, 350M

That would be about 176 million. So, the market hasn't "expanded" yet, but it will very shortly.

^ also i think the PS2 sold more

That is true. I just wanted to correct that error that stood out straight away, to get my opinion (although, it's pretty much fact that the market will be bigger soon) out.

It's 136 million here on VGC isn't it?

Market as has expanded, because people don't like to talk about the taboo talk.... the one about the PS2 being repurchased by the enthusiast 2-4 times. We should also talk aboutt he DS resell too. I own 2 DS(Phat and Lite). I know others who have bought multiples for preferred colors too.

Yes though the market is expanding this generation already.

The current console generation will eclipse the previous generations sales BEFORE 2011's holiday season. 

Depending on how the Wii does this holiday season, it might even happen in Jan 2011.

well other than a few mistakes you are onto the right idea.  Ps2 has an attach rate of over 10 games a system.  1.5 billion games would be 10 games per systems if it was 150million ps2s.  It's not that many ps2s  amd probably a little past the figure for the games. 

while you say a heap bough more than one Ps2,  doubt that the console was massive and the consoles didn't break. an console that had people buying more is the 360, the facts are people have bought many of them since the rrod broken millions. 

not being a fanboy but because the 360 is big in the US the american instead of getting it reparied would buy a new one. 

PS2 (137.15 million) GBA (81.49 million) Xbox (24.65 million) GameCube (21.75 million) Dreamcast (8.20 million) = 273.24 million (191.75 million home consoles and 81.49 million handhelds).

DS (135.04 million) Wii (74.42 million) PSP (60.22 million) Xbox 360 (43.75 million) PS3 (38.26 million) = 351.69 million (156.43 million home consoles and 195.26 million handhelds).

The handheld market has more than doubled.

The home console market is about the same, meaning that whatever the Wii is expanding, the PS3 and 360 are scaring away.