It’s hard to ignore the immense growth that the gaming industry has seen over the past few decades,
going from what was considered a fad, to the video game crash of 1983, then slowly building itself back up into the titan it is today. Of course, the gaming industry is enormous, but how important is it to online economics?
How big is the gaming industry?
Major, unpredictable advancements in technology over the past few decades have caused a boom within the gaming industry. AI is having its big moment currently, with multiple uses in managing workflows and automation in various industries. This has created countless jobs within the industry.
For example, as video games become more extensive and complex, bigger teams of level designers, 3D animators and concept artists are being employed. Because of this, the industry has generated large amounts of wealth, with it being predicted to be worth 307 billion dollars by 2029, which certainly comprises a large slice of online economics.
What are some of the most successful video games?
The industry is huge, of course. But what are some of the big hitters that have caused this increase? Well, the best-selling game is Minecraft, which is rather obvious, having made 350,000,000 sales to date. Not only has that alone generated masses of wealth, but it has also spawned spin-off books, related games and even a feature-length movie. As well as this, the presence Minecraft has online has also created wealth, with YouTubers and Twitch streamers alike building careers off playing the game or creating animations and songs from it.
It would be wrong to talk about the impact of video games on online economics without bringing up Grand Theft Auto V, the second best-selling video game of all time, coming in at 215,000,000 sales to date. This game has gained the attention of the mainstream media, not always in the best way, with many arguing about the effects of the high level of violence. But it certainly seems that all publicity is good publicity, as this just leads more people to purchase the game.
On the topic of Grand Theft Auto, the upcoming and highly anticipated GTA 6 is set to be the most expensive game ever developed, with reports claiming development costs are over one billion dollars. This level of investment would simply not be possible for a less impactful, lucrative title.
The impact of influencers
Throughout the past decade, a new type of celebrity has emerged: the influencer. These predominantly online celebrities have brought with them a new way of making a lot of money, especially with things like affiliate marketing. If a popular influencer shares the offerings of a particular game company with their audience, enjoying a game and talking about it, there is a high likelihood that this would translate into more sales of that game.
New technology
Advancements in technology have allowed for a lot of progress within the gaming industry, and therefore, created much wealth. For example, the introduction of consistently good virtual reality headsets has created a whole new sub-industry of development studios that focus solely on VR games. Developers such as Stress Level Zero have made a name for themselves within the space with their Duck Season and Bonelab games. These games would simply not exist if the technology hadn’t been created.
Also, we are seeing unprecedented levels of innovation in graphics capability – being able to run a game at 60 frames per second at 4 or 8K is becoming more of an industry standard. Along with increasing fidelity, this has created a space for wealth to be generated. To get the most out of a game, gamers need to invest in top-of-the-line peripherals, such as an appropriate monitor or TV, preferably with a high refresh rate. Add surround sound speakers or headphones, and if you’re playing on a computer, a keyboard and mouse that suits your taste. All of this can generate a lot of income and jobs for engineers, salespeople and those engaged in the development of this new technology.
The impact of online slot machines
We’ve seen a big boom with online slot machines in recent years, but what kind of impact are they having? Progressive jackpot slots are a big talking point in the industry right now, and for good reason. These games give players the chance to win a large jackpot, as they take a small amount of each wager and add it to the overall jackpot. This accumulates over time and can grow exponentially.
Games like these have had a massive impact on overall online economics because of their popularity and the significant sums of money involved in the potential jackpot payouts, causing even more people to flock to these games.
Conclusion
The video game industry is bigger than it has ever been, now beginning to rival the movie industry, and it shows no signs of stopping or even slowing down. Its impact on the economy is undeniable, creating many jobs and considerable wealth.
