Friday, November 4, 2011
Video Game Economics
It is no secret that many people, around the world, play video games. Some more than others, but it's obvious that video games are a huge part of our culture. To some, video games are a life style; to others, they are a way to waste time or hang out with some friends. In 1996, the video game industry sold a compiled $2.6 billion in sales revenue. In the 13 years to follow, video game industries upped their sales to about $20 billion dollars total. This is unbelievable. People spend more money on video games than other different goods produced by our country, and video games (although I play a good amount myself) are a huge waste of time. Also, from 2005-2009, video game industry's annual growth rate exceeded 10%. In the same time period, the entire US economy grew at a less than 2% growth rate. This is again, unbelievable. Maybe, if people put as much interest as they do in video games into other goods and services in our economy, things might get better than they have been.