Games industry contributed $5.1bn to Canada's economy in 2024
Canada's games industry contributed $5.1 billion to its GDP in 2024, reflecting a 3% increase in the sector since 2021.
This is according to a new economic report conducted by Nordicity for the Entertainment Software Association of Canada (ESAC), conducted between May and July 2024.
The total contribution of $5.1 billion to Canada's GDP is estimated to be $3.9 billion directly from the sector, with an additional $1.2 billion from broader economic effects including the supply chain and employee wages.
The survey also found that 88% of the industry's revenues come from exports, with 76% of companies remaining Canadian-owned.
There was a slight decrease in employment last year, which was down 3.5% compared to 2021. However, this was offset by an increase in full-time employees from 81% to 86%, in addition to a 21% rise in average salary across all roles to $102,000 per year.
The report suggested that the decline in employment is due to ongoing factors in the industry, including consolidation, studio closures, and layoffs.
There are currently 821 studios employing 34,010 people in Canada. Ontario has the most studios at 276, while Quebec has the majority of employees at 15,200.
However, the number of studios has declined by 9% since 2021, with the majority affected being in the "micro" category, consisting of two to four employees.
The ESAC suggests that these studios "are likely to have closed or downsized," noting that solely-owned companies rose from 52 in 2021 to 103 last year.
"The video game industry is a cornerstone of Canada's digital economy, creating high quality jobs, driving innovation, and showcasing our creativity on the global scale," said ESAC president and CEO Paul Fogolin.
"Our video game studios have had to navigate significant challenges coming out of the pandemic, but this report shows the maturity of the industry overall, and the importance of continuing to invest in its growth and success."
Read more on gamesindustry.biz
