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Game industry booms amid the economic gloom
During the Great Depression, Hollywood thrived because it offered Americans a cheap, communal escape from gloomy times. Now there's the Wii. Overall retail sales are horrible, the stock market has cratered, industry giants are laying off thousands with one hand and begging for billions with the other. But for the video game business, the good times continue to roll.
"The whole gaming industry is not only recession-proof, it can thrive in times of recession," said Robert Thompson, a professor of popular culture at Syracuse University. The latest evidence of that came Thursday, when market research firm NPD Group released its monthly report on the video game industry's retail sales. Through November, retailers have sold $16 billion worth of game hardware, software and accessories this year. That's a record for the first 11 months of a year, up 22 percent from the same period last year, according to NPD.
Posted by | Fri, Dec 12, 2008 - 11:00 AM
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