The Video Game industry is one of the fastest-growing industries in today’s economy even despite the COVID-19 pandemic slowing down most other industries. According to data presented by Safebettingsites.com the market size of the video game industry in the US rose by over 50% since 2010, a growth of over $20bn.
Video game industry market size rose from $39.62bn to $60.4bn in the last decade
The industry is still one of the fastest-growing industries despite Covid-19 threatening to spoil the party in the last year of the decade. In 2010 the industry’s market size was estimated to be at $39.62bn but by the end of the decade, the market size of the industry had grown to $60.4bn, an impressive 52.45% increase.
Despite the industry expecting a decline of 0.4% for the year 2020 due to the effects of COVID-19, the last five years have shown an average growth of 12.1% per year between 2015 and 2020.
Number of businesses, employment and wage stats also up in the gaming industry
More data shows the increase in different facets of the Video Game industry such as Number of Businesses, Employment, and Wage as a direct result of the rise of the industry. As of 2020, there are 42,438 businesses that fall under the gaming industry category compared to less than 10K in 2010. Between 2015 and 2020 the number of businesses experienced an average growth of 12.1% per year. Notably, despite the pandemic crippling much of the globe, the number of businesses is expected to grow by 9.4% in 2020.
The number of people that are employed as part of the industry has also dramatically increased over the last decade. In 2020 an estimated 241,389 people work in the video game industry compared to less than 125K in 2010. In the last five years, the number of employed in the industry grew an average of 5% per year from 2010-2015. Employment growth is estimated to be at 2.3% for 2020.
Wages have also increased within the industry although 2020 failed to reach the record-high number recorded from 2016. In 2020 wages in the video game industry totalled $20.7bn compared to just under $130bn in 2010, but short of 2016’s high of $21.1bn. The average growth of wages per year is at 1.2% between 2015-2020 with wages expected to grow by 1.8% in 2020.