By: Eric Freeck
There are events all over the world that happen from running to gaming. Having these types of events are really good for your area. One because you get store owners to sell more products and also all the hotels that will be getting money. Things like these are great because who wouldn’t want money for their city and also profit for themselves. In this day and age more and more people are playing games and so everything that is associated with video games is going to make lots of money.
Here’s proof that in 2016 LA made around 25 million from E3 being there in 2016 and has only grown since then. Gaming has become this monster of a machine and people love it because one it helps people get away from there real-life problems and also make new friends. That's what the people need sometimes just something new, waiting for the next game to come out. That's what E3 does they give you an insight into what the biggest new games are going to be in the next year and what you should expect from them. Another thing is that they let you play games there like the ones that they show to everyone and you have to wait months or even a year or two. Or just games from other consoles that are coming out very soon. This event is a great thing that was invented and also it is a big money grab. The money that you get if your city hosts the event it’s just going to make more and more money. This is just because gaming is becoming a big thing. As you can see in the graph below people spend lots of money dealing with games and accessories. $30.4 billion is a lot and that's only in 2016 that number has grown a lot in the past two years. And it is around $36 billion. That includes all accessories, games, and hardware. People are willing to spend a pretty penny on things like these because it's their passion their hobby or even their job. Things like that happen because of popularity with the people and all these big companies make millions and billions of dollars on just making a game and also putting it in E3 makes the people more hyped for the games and so people would spend even more money on it. This is a really good marketing strategy because E3 helps the people get info on items while they get paid for doing that and the companies make money from it as well it is a win-win situation.
Works Cited
DomsPlaying. “ESA Report: Essential Facts About Computer & Video Games Industry.” Working Casual, 20 Apr. 2017, workingcasual.com/esa-report-essential-facts-about-computer-video-games-industry/.
“Electronic Entertainment Expo.” Wikipedia, Wikimedia Foundation, 18 Nov. 2018, en.wikipedia.org/wiki/Electronic_Entertainment_Expo.
Gaudiosi, John. “E3: Video Game Confab Generates $25 Million in Revenue to Los Angeles.” The Hollywood Reporter, The Hollywood Reporter, 13 June 2011, www.hollywoodreporter.com/news/e3-video-game-confab-generates-196703.
I agree with your statements. Gaming has a large affect on our economy through E3 like you said but also recently, at the beginning of November, Blizzcon, the Blizzard Entertainment convention. For Blizzcon and for the Overwatch League, Blizzard bought out a stadium! This stadium can hold up to 450 people, and with tickets being sold at 30 dollars, they are getting 13,500 dollars per game of the Overwatch League. There are multiple games played a day and the seasons last for 6 months. That is over a millions dollars from one season of ticket sales alone. So I do agree with your statement, because video games are becoming more and more prevalent in our economy.
ReplyDeleteI really like how you focused one of your interest which was gaming into to economics but I feel like you should have talked more about what gaming events do directly to a city or states economy. You should also explain more about the economic side of things rather then talking about gaming itself. But I do agree because I know how much gaming events and new games draws a lot of people in.
ReplyDeleteThis was written well and you have a lot of solid proof to stand by in your blog. But there's also a lot to worry about in gaming, and i'm not talking about cyberbullies or or cyber predators or anything like that. I'm talking about what it can do you you. For example, a guy named Ninja that plays video games all day everyday, had to get surgery on his eyes because all he ever did was stare at the TV screen and if he didn't get that surgery he would've lost sight. I'm just saying that gaming can be dangerous long term.
ReplyDeleteSo you might want to talk about what that does to the economy, and maybe how many people have gone through the same or similar things because of gaming.
DeleteIt isn't hard to believe the amount of money that is in gaming with all the accessories you need to be able to play with friends. It is interesting the amount gaming is gaining traction however and the value continues to rise. Only time will tell when that trend will start to even out or if new players continue to join each year.
ReplyDeleteWhile I agree that gaming events benefit the cities they are held in, this comes with a few drawbacks. One is that the event needs to be big enough to actually hold a large benefit. Plenty of gaming events out there simply don't get a huge attendance, with a very clear divide between popular and unpopular events. The other big issue is how often they happen. Events like conventions and tournaments aren't constantly popping up all the time, and if they do, they're out of the way for a lot of people who'd like to attend. Not to mention the travel distance needed for a lot of them, as well as how costly they can be for one person.
ReplyDeleteGaming has grown immensely in the 21st century. Records were being broken with sales and gaming companies continued to innovate and improve to gain an edge over their competitors. Although the events for gaming help the US economy greatly, the products lower our GDP. With many gaming consoles and accessories made in China, the US is importing more, and therefore lowering the overall GDP. However, with the popularity of games in the US, it is giving people jobs in the industry which in turn helps out the unemployment rate. Overall the gaming industry is good for the economy, whether it be the events of the jobs it creates.
ReplyDelete- Colin Pham
So real quick just some writing critique, I believe you meant “How does gaming events…”. You also start out saying “these types of events are good for your area” but what are these events? What is the area? I also imagine in the beginning you are talking about the big gaming conventions but reading this from a non-gamer view I would be very lost on what you are talking about at first. Now as for the actual content, you never actually addressed your own question of how gaming events affects the economy. Yes you talk about the event providing profit not just for the gaming businesses but all the local businesses as well and the town as a whole but that’s as close as you got to relating it to the economy. In the last paragraph you repeated a lot of information you’ve already stated. So from what I think you are trying to say I would have to agree that the gaming industry is one of many key factors in keeping the economy flowing.
ReplyDelete-Noah
From your paper, I'm not sure how it correlates to the economy. You short of skim the surface, by saying it helps local businesses and your city. But how do companies change their prices? Do they lower the prices, or higher the prices depending on the customers willingness to pay? What I got from you paper was that gaming has grown so much in the 21st century, and will continue to impact our community in many ways.
ReplyDeleteIf the event like E3 was not going on. How would that affect the economy? These are huge events that make a ton of money so if they were not running, then what would the effects look like? I think the gaming industry wouldn’t be nearly as large as it is today if these weren’t here, and also technology wouldn’t be as advanced or prominent in today’s society. Also, do you think that we could see a huge event like E3 out here in the midwest? I’m not sure if that is possible but I suppose it could be done.
ReplyDeleteI personally love gaming and I also love how much it is growing with more and more people getting involved into it but the one thing I do hate is the prices. When I looked into buying a new computer primarily for gaming it was way more than 1000$ and I don’t have nearly that much money to just spend away at a new computer. The problem that I do see is that if you want to buy a new game or console you are going to have to spend a lot more money then you would primarily want and these gaming conventions I can guarantee that they charge even more than what you could get at a local Best Buy. I do like the idea of gaming conventions showing new games and gear that will come out soon but everything is getting so expensive and I really don’t like it.
ReplyDeleteGaming is very popular nowadays and by having gaming events in different cities, it does bring in a lot of money and profit. However, are there any downfalls to having big gaming events? What does the aftermath look like, how much money does it cost to clean or purchase the event space? However, I do agree with you that the gaming events bring a lot of people and profit in.
ReplyDeleteGaming can go both ways to help the economy. To make or build a decent computer is about $1,000 just to skim by for most games nowadays because their graphics require a good graphics card. Then you have the big meets where people from all over the world come to one spot and play a game to win some money. Most of that money goes to the companies and sponsors of the event. So the invisible hand is in play because even the people who go there and watch helps the sponsors because they get some revenue from the profits made. Most of the time it’s the big companies that sponsors these events like Microsoft, Playstation, Xbox, and so much more. This can also drive up the value of everything because there are a lot of well known people that participate in such events.
ReplyDeleteYes events like theses help the city that they are happening in do to all the people that are or would be coming to this event the businesses owners would increase their prices do to a bigger prophet. Than after the event is done the prices would fall back down.
ReplyDeleteIt's not surprising to see how much money companies are making off a games nowadays. Kids/teenagers only ever play videos games now. Kids are starting to play with electronics at much younger ages now, so it's an early start for them to get hooked on the internet. Video games do effect the economy because without them, people would be saving their money for things they need, rather than what they want.
ReplyDeleteThis is great information and I play many video games myself and more than lots of people. Now, just say that there is a sudden crash with video games though, how would they fix that, make something new? Some games recently only keep you busy for about half a year to a year, over the past year you can just see how many people have dropped Fortnite and yes some have picked it up too but say they never did and people all around started dropping games in general. If we want the video game industry to keep going, they must start making different style games, for example, the new Black Ops 4 is combined of all the Black Ops and nothing entirely new. The new Red Dead Redemption is also somewhat the same but just a different story and same as the new Fallout. That’s all I have to question otherwise the numbers with people getting into games is entirely correct and especially with how good graphics are.
ReplyDeleteThis is cool information, it helps the economy in a very similar way to sports. It is similar in the aspect of local business, restaurants and hotels making money off of these events. I think that something like this could and will be very beneficial to areas around the US if they continue.
ReplyDeleteThis is a great topic to look deeper into because I also believe that professional gaming is going to be the next big thing. Large events like E3 as you mentioned has increased in popularity over the years and they will continue to grow just because they showcase and release the hottest gaming information on the market. I can definitely see big sports networks such as ESPN broadcasting these Esport events just because it is growing so rapidly which will generate tons of revenue and offer different viewing options for different demographics across the world. I look forward to see what the Esports world has to offer in the future and when the next big breakthrough will happen.
ReplyDeleteI agree that gaming is a very strong and growing business. I really liked how in the last two years esports teams have been competing in arena like event that is a lot like sporting. Gaming could totally rise to the level of the NFL where there could be teams in every state competing. With millions of view ship levels each day I think gaming arenas will really grow with this new generation of gamers.
ReplyDeleteYou bring up a good point about the sheer size of conventions like e3 and blizzcon, and they follow the same pattern as social media, in that they attract more consumers as more consumers are attracted, so there is a snowball effect where demand creates its own demand, and the accounting costs are very low after the product is produced because we live in a world where you don't need to deal with retailers as middlemen and you can just sell the file for your game on Steam. The up front cost for producing that game is high, but if you can make a good game and promote it you can make a lot of profit if you do happen to market well.
ReplyDeleteI like your topic and how you decided to focus specifically on gaming events and E-sports conventions. While people and gamers may not realize it, attending and participating in these wild events has a positive boost on the economy. When gaming first became popular and kids were addicted to video games, people were mad because they thought there was no point, it's just rotting their brains. What you talked about in your post gives hope to future gamers since it has become a big competition now. I liked how you mentioned that other businesses can profit from big gaming competitions including hotels. In what ways do you think hotels and restaurants benefit from having this large conventions? How does that help the growth of the economy?
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