Published On: Fri, Jan 13th, 2017

How Advances in Gaming is Growing the US Economy

Gaming 1 screen shot

 

By Contributing Author, Diana Rigg

How Advances in Gaming is Growing the US Economy

Advancements within the gaming industry have not only benefitted gamers but have also helped contribute to the global economy. In the US alone a report was recently published highlighting how the gaming industry is growing four times faster than the actual economy. When you take that into account, you soon realize just how beneficial the industry is in today’s economy.

Job opportunities and high salaries

As the gaming industry has grown, it has helped to put thousands of more people in employment. Not only is it providing more people than ever before with work, but it is also providing pretty high salaries. Due to demand and the amount of profit in the sector, developers are now being paid a record amount for their services. Helping to keep US citizens in employment is greatly benefitting the economy indirectly too through tax receipts from employees. As featured by the Huffington Post, the gaming industry now employs around 146, 000 people, with the majority of them based in California.

Contributing massive profit margins

The biggest benefit that has come with advances in the gaming industry has been the huge amount of profits added to the US economy. In 2012 the sector added $6.2 billion to the economy. When you consider that the interest in the gaming industry has hardly slowed since 2012, those profit margins are likely to have risen dramatically.

The Entertainment Software Association has printed a great table showing exactly how much the leading States have added to the economy. According to that, Washington made the highest contributions, totaling $595.2 million.

Social Media has made the biggest impact

One of the biggest advancements in recent years has been the advent of social media gaming. In particular, this has contributed to a massive growth in the online gambling sector or online casino. The majority of gamblers using these social networking casino games are based within Europe and North America. They basically allow the user to play for free, whilst giving them the opportunity to purchase additional credits and go on to play for real cash. These games alone are said to have contributed over $6 billion into the economy, with experts predicting it will rise to $7 billion in 2015. The ability of gaming to make the most of new platforms has been a big part in its growth and, as a result, the contribution it has made to the economy.

More opportunities for individuals and small businesses

It isn’t just large businesses that have benefitted from the rise in online and social gaming. Individuals and small businesses have been given an excellent opportunity to compete in this popular sector. Thanks to smartphones and tablets, for example, individuals who possess the relevant skills can now create, release and earn money from apps that they create. The creativity of tech-savvy young Americans has seized the initiative and made the most of the opportunities that this has provided.

Overall the gaming sector has contributed massively to the steady growth of the US economy. As advancements continue to be made, its success is only likely to continue. It is one of the only sectors currently providing job security. Online gaming, in particular, social media gaming, have been the biggest new contributors.

 

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