Canada's Economy Received $5.1 Billion Boost from the Gaming Industry in 2024

In 2024, the Canadian gaming industry made a substantial contribution of $5.1 billion to the country's GDP, marking a 3% expansion in the sector since 2021. This data comes from an economic report compiled by Nordicity on behalf of the Entertainment Software Association of Canada, conducted between May and July 2024. The $5.1 billion contribution consists of $3.9 billion directly from the sector and an additional $1.2 billion stemming from broader economic impacts, including supply chain effects and employee salaries. Notably, 88% of the industry's revenue is derived from exports, with 76% of companies remaining under Canadian ownership. Although there was a slight 3.5% decrease in employment compared to 2021, this was counterbalanced by an increase in full-time employees, rising from 81% to 86%, and a 21% increase in average salary across all roles to $102,000 per year. The report attributes the decline in employment to ongoing 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. According to the ESAC, these micro studios likely closed or downsized, as the number of sole-owned companies increased from 52 in 2021 to 103 last year. The ESAC president and CEO, Paul Fogolin, stated, 'The video game industry is a vital part of Canada's digital economy, generating high-quality jobs, driving innovation, and showcasing our creativity globally. Despite the significant challenges faced by our video game studios post-pandemic, this report demonstrates the industry's overall maturity and the importance of continued investment in its growth and success.'