Consumers have varying opinions on the gaming industry in the United States. Of course, gamers love the industry and find video games beneficial. Others call video games a waste of time and blame the industry for various issues. Individuals from both group wouldn't consider the industry vital to the economy, though. However, the nation's overall economy benefits from this industry in countless ways. Such benefits have a wide reach today.
In 2009, the gaming industry added nearly $5 billion to the country's Gross Domestic Product. While America's GDP has grown steadily this century, this particular industry has seen revenues double. Few industries have kept pace with the gaming industry in this regard. Revenue related to gaming reached over $20 billion in 2012, too. Therefore, this industry continues to grow, and America's economy has felt the impact in a positive way.
Over 100,000 Employees In The Gaming Field
Similarly, video game companies collectively employ over 120,000 Americans in various capacities. This includes employees directly employed by development studios and various software companies. Workers from Gamestop and other employers that sell video games are included in this tally. Each year, these employees receive billions of dollars in pay. Direct employees average $85,000 per year and $3.0 billion collectively. Such high salaries are hard to come by in other industries.
Explosive Growth In Revenue for Digital Content
Digital content continues to grow in popularity among gaming enthusiasts. Hardcore and casual gamers alike download digital games or utilize services like Netflix and Hulu. In 2012, consumers spent $6.0 billion on digital content, including subscriptions and games. The coming years will see digital content pull in more and more revenue through these channels, thanks to the gaming industry. America's economy benefits from every single digital content transaction placed today.
Competition Among States for Video Game Companies
Various states fight each other to draw the video gaming industry to their cities. Currently, California employs 40% of the industry's employees. Gaming accounts for $2.0 billion in revenue for the state annually. Other states have seen similar results on a smaller scale. For that reason, states continue to introduce tax breaks and other incentives to draw in these companies. States reap the benefits of higher tax revenue and more jobs after all.
The Future Looks Bright For Video Game Companies
Gaming's impact on America's economy is poised to grow in the coming years. Blockbuster releases like Grand Theft Auto V and Call of Duty titles have earned over $1.0 billion within days of release. Then again, even smaller releases earn hundreds of millions after their releases. The appeal of gaming is timeless, and digital content will only improve the industry's prospects moving forward. It's hard to imagine the industry faltering anytime soon.
Perhaps Gaming Isn't So Harmful After All
In the end, our nation's economy isn't propped up by the gaming industry. With Euro Palace games on the go to other rising gaming companies, few Americans realize how significant its contributions are, though. Billions of dollars in revenue are nothing to scoff at, especially when other sectors of the economy continue with slow growth. On the other hand, the gaming sector continues to rise and flourish with each passing year. Denying gaming's positive impact on the economy is a grave mistake.