Canada's Gaming Sector Injects $5.1 Billion into National Economy in 2024

In 2024, the Canadian gaming industry made a substantial contribution of $5.1 billion to the country's GDP, marking a 3% increase since 2021. This data comes from an economic report compiled by Nordicity on behalf of the Entertainment Software Association of Canada, conducted from May to July 2024. The $5.1 billion contribution includes $3.9 billion directly from the sector and an additional $1.2 billion from broader economic impacts, including supply chain and employee wages. The industry derives 88% of its revenue from exports, with 76% of companies remaining under Canadian ownership. Although there was a 3.5% decrease in employment compared to 2021, this was offset by an increase in full-time positions from 81% to 86% and a 21% rise in average salaries to $102,000 per year. The decline in employment is attributed to industry factors such as consolidation, studio closures, and layoffs. Currently, Canada is home to 821 studios, employing 34,010 people, with Ontario hosting the most studios at 276 and Quebec having the highest number of employees at 15,200. However, the number of studios has decreased by 9% since 2021, primarily affecting micro studios with two to four employees. The Entertainment Software Association of Canada notes that these micro studios likely closed or downsized, as the number of sole proprietorships increased from 52 in 2021 to 103 last year. According to ESAC president and CEO Paul Fogolin, 'The video game industry is a vital component of Canada's digital economy, generating high-quality jobs, driving innovation, and showcasing Canadian creativity globally.' Fogolin also emphasized that despite the challenges faced by the industry post-pandemic, the report demonstrates the sector's maturity and the need for continued investment in its growth and success.