In 2024, the gaming industry generated $5.1 billion for Canada's economy

In 2024, the Canadian video game sector added $5.1 billion to the nation's GDP, marking a growth of 3% since 2021.

These findings come from an economic study prepared by Nordicity on behalf of the Entertainment Software Association of Canada (ESAC), conducted from May to July 2024.

The $5.1 billion GDP contribution comprises $3.9 billion directly attributable to the industry, with an extra $1.2 billion arising from broader economic impacts like supply chain activities and employee compensation.

Notably, 88% of the industry's revenue is derived from exports, while 76% of entities are still under Canadian ownership.

While there was a 3.5% dip in employment compared to 2021, this was balanced by an increase in full-time positions from 81% to 86% and a 21% boost in average salaries to $102,000.

The report indicated the employment decrease stems from ongoing industry trends such as consolidation, studio closures, and layoffs.

Currently, Canada hosts 821 studios employing 34,010 individuals. Ontario leads with 276 studios, whereas Quebec holds the largest workforce with 15,200 employees.

Since 2021, there has been a 9% reduction in studios, predominantly in the small-scale category of two to four employees.

ESAC notes an increase in solely-owned entities, rising from 52 in 2021 to 103 last year, attributing studio closures or downsizing as possible explanations.

According to ESAC president and CEO Paul Fogolin, "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."

Fogolin added, "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."