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Why is the Gaming Industry SO big in Australia & what is the benefit to the economy?

gaming - video games

Gaming has become one of the biggest industries in the world, adding billions of dollars to the economy. Australia has seen one of the largest growths in the sector in recent years, recording a massive $1.161 billion sales in 2012. This was based on traditional retail sales alone. Now, three years on, gaming is an even bigger deal down under.

So why has it become so big and how exactly is it helping Australia’s economy?

Keeping up to date with digital gaming

One of the reasons Australia has managed to hold its success in the gaming industry is because of its dedication to keeping up with digital gaming. It has been reported that mobile gaming will become the biggest gaming market by the end of 2015. The ability to play games wherever they are has attracted millions of gamers across the country. According to the Australia Gov site, games production businesses within Australia alone are responsible for producing games that bring in $100 million each year. Analysts have claimed that this figure is increasing with each passing year and, as yet, there’s no sign that the pace of economic growth for these gaming firms will slow.

There are more than 40 companies in Australia creating video games. Half of these companies are based in Victoria, Melbourne and Queensland. It isn’t just local independent game production companies drawing income into the country. There are also Australian developers who are working for larger, global companies such as Sony and Electronic Arts. The country has seen a huge potential for growth in the high tech industry and have fully heeded the opportunity.

It isn’t just online digital gaming sales that have helped the country’s economy. 2014 was one of the most successful years for the Australian console gaming industry, raking in a massive $2.46 billion. This is a 20% increase in annual sales. A lot of this has been credited to the launch of the Xbox One and PlayStation 4.

The rise of online gambling

Perhaps the biggest contributor to the Australian gaming sector is the online gambling industry. According to the Australian Wagering Council, more than 1000 Australians are employed in the country’s sports betting and online wagering industry. It also contributes more than $100 million each year in taxes. There has been a massive shift from offline traditional bookmakers to online gambling sites that cater for the twin desires of gambling and gaming.

There has been an estimated steady 4-5% annual increase in wagering turnover for the past five years. While online gambling has increased, it hasn’t contributed to a larger gambling problem as figures show online gamblers are actually more responsible than those offline.

Overall Australia has seen a massive boost in its gaming industry and it is really helping to boost the economy. As new technology continues to be developed, the rise in digital gaming is only set to become even more popular. It is bringing in millions of dollars and keeping a lot of Australians in full time employment. In terms of what the future holds for Australian gaming, it is difficult to predict. It is harder now than ever before to break into the industry as the advancements in technology have taught gamers to expect more from the games that are released. Australia is lucky in that its industry is ahead of the curve rather than behind it – but innovation is required to maintain its position at the forefront of a lucrative industry.

About the Author:

Debbie Fletcher is an enthusiastic, experienced writer who has written for a range of different magazines and news publications over the years.