UPDATE 2-Activision says "Call of Duty" sets launch record

* 4.7 million copies sold in North America, United Kingdom

* Estimated sales of $310 mln in first 24 hours

* Previous record held by Take-Two's "Grand Theft Auto IV"

* Shares rise 1.5 percent following sales figures (Adds share price move)

NEW YORK, Nov 12 (Reuters) - Activision Blizzard Inc (ATVI.O) said it sold 4.7 million copies of "Call of Duty: Modern Warfare 2" for $310 million on its first day, setting a new record for the video game industry.

The shooting game went on sale on Tuesday in the most highly anticipated debut of the year. Fans had lined up for hours outside retail stores like GameStop (GME.N) in advance of the midnight release. [ID:nN10317306]

Analysts projected unit sales of 11 million to 13 million by the end of 2009, saying "Call of Duty" would defy the weak economy because it appeals to hard-core gamers willing to shell out $60 for the title. Estimates for launch-day sales ranged from $300 million to $340 million.

Shares of Activision rose 1.5 percent after it revealed first day sales figures on Thursday.

The previous record for the biggest video game launch was last year's "Grand Theft Auto IV" from Take-Two Interactive Software Inc (TTWO.O), which sold 3.6 million units or $310 million on the first day. (See FACTBOX [ID:nN10328655])