The Video Game Industry Has Become One Of The Most Powerful Essays

1333 Words Dec 1st, 2014 6 Pages
Much like the decades that came and went before it, the 1970’s were a time for new trends, new inventions, and new events in society. From the bell-bottomed trousers (1970) and the tie-dye T-shirts (1970), the completion of the Aswan High Dam in Egypt (1970) and the Beatle’s break-up (1970), the introduction of the Video Cassette Recording (VCR) system (1971) and the introduction of the Pocket Calculator (1972), and even to the resignation of former USA President Richard Nixon (1974) and the election of the first ever woman Prime Minister of Great Britain, Margaret Thatcher (1979) (Rosenberg, 2010), the 1970’s produced many iconic events in the world’s timeline. Among those previously mentioned resides the formation of the video game industry which was introduced in 1971 with the first ever commercially sold video game titled, “Computer Space” (Edwards, 2011). Since that decade, the video game industry has become one of the most powerful, influential, and important economic sectors to date. Boasting a $66 billion revenue as of 2013 (Nayak, 2013), the video game industry has become one known for the use of cutting edge technology, innovative designs, and impressive results. Dealing with both the industry itself and with its companies, factors such as demand and supply, costs and profits, sales, advertising, technological change and usage, globalization, and trade potential can be examined from an economic standpoint. Examining these characteristics can help dissect what has…

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