As a community-engaged bank, the SF Fed seeks out real-time information on economic conditions by engaging with and learning from businesses, community organizations, and local leaders. These conversations are one of the many inputs into the decisions and policymaking at the Federal Reserve as we pursue our mission.
Here is a recap of what we learned about the video game industry through a recent outreach visit to a Los Angeles video game company from Qiana Charles, Vice President and Regional Executive of the SF Fed’s Los Angeles branch.
According to the Los Angeles Business Journal, there are 900 video game companies headquartered in California. The Los Angeles Times shares that 200 of them are in Los Angeles. The video game industry contributed nearly $66 billion to the U.S Gross Domestic Product (GDP) in 2023, according to the Entertainment Software Association’s 2024 Economic Impact Report.
Recently, my colleagues Louise Willard, Sylvain Leduc and I had the opportunity to visit Riot Games, a video game company founded in 2006 based in Los Angeles. It was eye-opening to see how the gaming industry is pushing boundaries and evolving with new technologies and creative strategies.
As a Regional Executive with the Federal Reserve Bank of San Francisco, I love public engagement visits like this. The conversations I have shine a light on the fascinating things happening throughout the district that support the broader regional and national economies.
It was a great opportunity to learn more about this industry, its contributions to the regional and broader economy, and how they are shaping the future! I am excited to see how this industry will continue to evolve.
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The views expressed here do not necessarily reflect the views of the management of the Federal Reserve Bank of San Francisco or of the Board of Governors of the Federal Reserve System.