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Games Industry Growth Outpacing US Economy
Gamasutra is reporting that the Entertainment Software Association believes the games industry has outstripped the US economy as a whole. In fact, the group found that the industry grew by an astonishing 17% between 2003-2006, some 13% faster than the general US economy. "The ESA states that the video game industry contributed $3.8 billion to the U.S. Gross Domestic Product in 2006. Though 24,000 are directly employed, according to the report in total 80,000 are employed directly and indirectly by the industry in 31 states and U.S.-based game industry employees received a total of $2.2 billion in compensation. Predictably, California is the largest employer in the video game industry, accounting for around 40% of the nation's industry jobs. California industry growth was 12.3% last year, which the ESA claims is "nearly three times faster" than the state's overall growth."
...people on the news start talking about bubbles and stuff.
It's likely eating at other parts of the entertainment industry. $50 and 20h spent on COD 4 is $50 and 20h not spend going to movies or buying CD's. Music and cinema have declined in the last 10 years. This may be why (not piracy).
"There are more things in heaven and earth, Horatio, than are dreamt of in your philosophy."
I'm not being facetious in asking why the growth RATE of the games industry being higher than the growth rate of the economy is a big deal? Don't all new technology industries have higher growth rates than the economy as a whole?
Children growth outpacing adults. We're doomed!
and people in other countries like to buy them. Of course it'll be just an excuse for Wall Street to start speculating, overvaluing game companies, then losing a lot of money.
bubble bobble bursts bubbles.
Is it a paradox or a catch-22?
I think it is a Crysis.
In fact, the group found that the industry grew by an astonishing 17% between 2003-2006, some 13% faster than the general US economy.
That's astonishing? 13% faster in 3 years is actually kind of weak, considering the fact that the videogame industry is still maturing, the fact that games used to be just for kids, but now have a much bigger audience than they did even in the 90s.
...seeing as how nowadays you can outpace the US economy just by not tanking.
that make me wish the economy was using a bartering system.
i mean, sure contributing 3.8 billion dollars to the U.S. GDP sounds like a lot.... but it wouldn't even hold a candle to someone saying:
"The video game industry contributed a whopping 3.8 billion 'chickens' toward the U.S. Gross Domestic Product."
Now thats a number that will raise some eyebrows!
We're in college now. There's girls here. They do stuff....
most of us still can't break into the industry! go figure.
They're using their grammar skills there.
...this means nothing. The game industry is a subset of the US economy. (partially) This means that it balances out with industries that arent doing so well. (housing, for instance) Consider it like this:
If we take the average of five numbers: 3,4,5,6,7
average is 5
if we raise one number (the 4), we have: 3,5,5,6,7
the average is now 5.2
one number went up 25%
the average went up 4%
if the trend continues, but a different number (the 5) goes down, but half as fast, then we still have a net increase, but the number that started as 4 has a much higher rate of increase.
I should hope so, since were in a recession if you take into account the value of the dollar.
More people are spending more time gaming and less time working :-)
Moderator hint: a comment is neither "Flamebait" nor "Troll" if it is true.
I think there's something called talent. Go figure.
How is the economy supposed to grow with all those people playing Halo 3 and WoW?
I thought EA was mostly based in Canada. There's a lot of great game companies in Canada (Bioware, Ubisoft's Montreal studios etc.) and I would never be so audacious as to say we have the best. Especially when there's a Wii sitting in my living room...
The article continues, "But for the 43rd year, European economic growth was exceed by the video game industry, the general consumer electronics industry, the potato industry, the chalkboard industry, and the marischino cherry industry."
(-1: Post disagrees with my already-settled worldview) is not a valid mod option.