You know this already, but maybe you don’t know the scope: video games are really big business. For Halo 3, in fact, it’s record-breaking.

Halo 3, the much-anticipated Xbox 360 game that launched Tuesday, set the all-time record for most revenue earned in a single day by any entertainment property, Microsoft said Wednesday.

The company said that Halo 3, the third and final episode in the hugely popular franchise, netted $170 million in sales in the U.S. in its first day. If true, that would top previous records set by the motion pictures Spider Man 3 and Harry Potter and the Deathly Hallows.

Most movies--except, of course, the big “event” movies--won’t make $170 million in their entire theater runs; Halo 3 made it in a day.

Now, here are some other considerations: Halo 3 makes its money at almost $60 per purchase and it doesn’t have the second tier market (DVD sales and rentals) that movies do. That second tier market is a very big deal for recouping costs for movies that don’t do well in the theaters. Video games that don’t do well just move to the bargain bin.

Microsoft has to be incredibly happy with their day; you have to wonder how much this game launch will push sales of the Xbox 360. I know the g-phrase will have to be working hard to keep me from spending our vacation money…

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