– The U.S. video game industry generated a record $43.4 billion in revenue in 2018, up 18 percent from 2017, according to new data released today by the Entertainment Software Association (ESA) and The NPD Group.
“2018 was another record setting year for the U.S. video game industry as consumer spending jumped 18 percent to over $43 billion. Whether it was playing on the go on a mobile device or at home on a PC or console, consumers of all ages and interests found compelling content that delighted in 2018,” said Mat Piscatella, video games industry analyst, The NPD Group. “Console, PC, and mobile platforms all saw significant growth, while developing portions of the market like subscription and streaming services gave us a peek into a future full of possibilities for the industry and gamers.”
Both hardware revenue, which includes peripherals, and software revenue across all platforms (console, PC, portable, and mobile), from physical and digital sales, including in-game purchases and subscriptions, experienced record growth in 2018.
|U.S. Video Game Industry Revenue||2018||2017||Growth Percentage|
|Hardware, including peripherals||$7.5 billion||$6.5 billion||15%|
|Software, including in-game purchases and subscriptions||$35.8 billion||$30.4 billion||18%|
|Total:||$43.4 billion||$36.9 billion||18%|
Source: The NPD Group, Sensor Tower
There are 150 million Americans who play video games, making the U.S. video game industry one of the nation’s fastest growing economic sectors. The industry provides more than 220,000 jobs in communities across all 50 states, and more than 500 colleges and universities across 46 states offer programs or degrees related to video games.
Mobile spend data, which includes paid downloads and in-game purchases for mobile and tablet devices through Apple’s App Store and Google Play, was collected from Sensor Tower.
Gap, JCPenney, and Victoria’s Secret announced more than 300 store closures over the course of 24 hours this week.
All three companies reported declining same-store sales during the critical holiday period.
Gap, JCPenney, and Victoria’s Secret announced more than 300 store closures over the course of 24 hours this week, sending a clear signal that the fallout from the retail apocalypse is far from over.
Gap said Thursday that it would close 230 namesake stores in the next two years, as it reported that the brand’s same-store sales fell 7% during the holiday quarter. The company also said it would spin off its Old Navy brand.
Earlier in the day, JCPenney said it would close 27 stores in 2019, including 18 full-line department stores and 9 home and furniture stores. The department store chain said same-store sales fell 4% during the fourth quarter.
Victoria’s Secret’s same-store sales also fell during the holidays, dropping 3% during the quarter. The company said late Wednesday that it would close 53 stores this year, citing a “decline in performance.”
Foot Locker announced Friday that it plans to close around 165 stores across the country, during its investor call.
These announcements will bring the number of planned store closures this year to nearly 4,500.
What does it mean to scale a business?
‘Scale‘ is increasingly being used as shorthand for ‘scale up’ (“to grow or expand in a proportional and usually profitable way”) and as a noun that means “proportional growth especially of production or profit” and/or “a large market position.”
Here are 5 steps to Scaling a business in 2018:
- Evaluate and Plan. Take a hard look inside your business to see if you are ready for growth
- Find the Money. Invest. Scaling a business doesn’t come free
- Secure the Sales.
- Invest in Technology.
- Find Staff or Strategically Outsource.
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