We all know that the gaming industry is one of the most lucrative and that video games themselves are rapidly becoming the fastest grossing entertainment in the world. That’s not up for dispute and there’s a shift that has taken place in the last 5 years where superstars like Drake have started to play video games, people have come famous from live streaming their game play, and movie studios have begun to understand why they should take the industry seriously.
Last year the UK association for interactive entertainment was worth £5.11 billion, with game software having a market value of £3.6 billion, and the US have also reaped the benefits of being one of the world’s largest consumers and producers of video games.
Gaming is part of the modern economy, but more importantly, it is tied to the future of a huge number of industries: film, construction, defense, education, healthcare and of course computing. This is why we should watch a country like China, which is continuously chasing greater economic prosperity. The country’s focus on gaming and esports is not a coincidence, it’s a calculated move to ensure economic security and potentially economic dominance. Add the current explosion to the gaming market to the other uses of the technology across industry and its a potent mix. Then layer on top of that the potential for cryptocurrencies to be swapped in and out of games and used in the real world as well as the digital world, and its crystal clear how video games are a crucial part of our economies, and their importance will only grow in the future. As Andy Kessler wrote in the Wall Street Journal back in 2011, “From Silicon Valley to China to media, they are leading the next productivity revolution.”
There are even economists that oversee virtual economies in MMO games, so how long will it be before we will have MMO financial advisors? All around the world global leaders and governments need to take this industry seriously for their economies to prosper and employment rates to remain buoyant, as well as to ensure a robust GDP in the long run.
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