Look no further for proof that the video game business is big business indeed.  Media giant MTV has announced that it is sinking over a half billion dollars into the video game industry over the next two years.

“As we take our brands narrow and deep to serve our targeted, niche audiences, we’re putting well over $500 million behind building our games business across all of the brands in our portfolio,” explained MTV chairman and chief executive Judy McGrath.

MTV is set to make a big splash this fall when Rock Band is released.  MTV/Viacom recently purchased Rock Band and Guitar Hero developer Harmonix, so the success of the game will greatly impact any of the network’s future gaming endeavors.  In addition to the Harmonix acquisition, MTV/Viacom has snapped up Xfire and GameTrailers, quietly making itself a major player in the gaming scene.