TROY, N.Y. (NEWS10) – U.S. Senate Majority Leader Charles Schumer visited Troy’s Velan Studios, best known for creating globally famous games, such as Mario Kart Live and Knockout City, to push for federal investment to ramp up video game development. Additionally, Schumer helped and launch the Game On Accelerator Program.
The program seeks to create 350 new jobs in the Capital Region game development industry and encourage participants to create their own companies. This program was proposed by the Center for Economic Growth (CEG) in collaboration with the Rensselaer County IDA, Velan Studios, and Rensselaer Polytechnic Institute.
“The gaming industry generates hundreds of billions of dollars in revenue and shows no signs of slowing down,” said Senator Schumer. “Internationally recognized companies, like Velan Studios, have taken root in the Capital Region, setting the area up to be a potential hub for game development and turbocharging the local economy, creating hundreds of new jobs. In order to continue the trend of industry growth, Troy will take no ‘console’-ation prize. The EDA should approve federal investment ASAP, help the Capital Region level up, and make Troy a ‘knockout city’.”
Global game sales in 2020 are estimated at $174.9 billion, with projections that they will top $217 billion by 2023. Even during the pandemic, game sales grew nearly 20%. An estimated 2.7 billion people worldwide spent roughly 7.4 billion hours on game streaming platforms last year alone. Therefore, Schumer says, with industry growth showing no signs of stopping, the EDA must quickly approve the CEG’s grant request and help ramp up the game development industry in the Capital Region.