Visiting Cutting Edge Video Game Creator, Velan Studios, Schumer Calls For Federal Investment To Ramp Up Game Development Industry In Capital Region; Velan, Creator Of Internationally Popular Mario Kart Live & Knockout City, Would Create 350 New Jobs By Launching Video Game Accelerator Program, Turbocharging Company & Growing The Capital Region's Footprint As A Leading Tech Hub

Press Release

U.S. Senate Majority Leader Charles E. 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 and launch the Game On Accelerator Program. The program, which was proposed by the Center for Economic Growth (CEG), in collaboration with the Rensselaer County IDA, Velan Studios, and Rensselaer Polytechnic Institute, seeks to create approximately 350 new, well-paying jobs in the Capital Region game development industry and encourage participants to create their own companies.

Schumer was joined by Guha and Karthik Bala of Velan Studios, Bob Pasinella, Director of the Rensselaer County IDA, Katie Newcombe of the Center for Economic Growth, Mayor Patrick Madden and representatives of the region's gaming cluster.

"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.

Velan Studios was founded in 2016 by industry veterans Guha and Karthik Bala who are best known for their first company, Vicarious Visions. Velan Studios was the driving force behind the recently-released Knockout City and the extremely popular Mario Kart Live: Home Circuit, which was sold out for months after its October 2020 release date.

Velan Studios is located in Troy's historic downtown district. The increased presence of game development companies in Troy has led to increased occupancy of the city's older Industrial Revolution-era buildings, bringing new life to the downtown area.

In addition to Velan Studios, the Capital Region is currently home to 23 game development companies, including Warner Brother Games, Activision, PUBG, MadGlory, and Agora Games, which collectively employ over 455 people. Games like Candy Crush, Guitar Hero, Tony Hawk's Pro Skater, and Fortnite have all been at least partially developed in the Capital Region.

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