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Game dev here, have worked on AAA and indie.

First off let me get on my high horse and say the engineering in video gaming is generally more complex than the engineering I've done working in big tech. You need a lot more creativity and ingenuity to solve the unusual problems you run into in gaming.

From there, as others have said, it's a simple supply and demand issue. Nowadays I am a university professor, nearly every student who comes in wants to pursue one of the three fields: cybersecurity, video gaming, or recently ML/AI.

This shouldn't come as a surprise, they want to work on the things that influenced them and shaped their experiences so far. There's an absolute over supply of students who want to make video games.

Gaming, like most of entertainment, is a passion-driven industry. You trade good salary for your name in the credits. You trade nights, hobbies, marriages, and your health for this opportunity. That is unless you reach that lofty 1% of developers who are too valuable to be fired.

Not all areas of gaming are like this. Gambling, like working on slot/pachinko machines, pays very well and has pretty realistic work-life balance. However every student I've talked to about this has universally said "no I don't want to make slot machines. I only want to work on GTA/Stardew Valley/Hollow Knight/Fortnite."

There's seriously no shortage of starry-eyed students who are willing to accept minimum wage to solve SDE3 level problems. I was one of them once.

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Is it as simple as supply/demand? People love games and game-loving developers are willing to take lower compensation to be in the industry? As a former obsessed gamer, I remember in my 20s I almost would have been willing to work at iD Software without pay if they let me.
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It is actually quite a common occurrence in the arts and other creative fields, where there is a level of idealization for the work in itself outside of the remuneration. Musicians, architects, illustrators, cinematographers are all dealing with the same thing the more the work resembles their ideal type of artistic work, the less to pay usually.
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I would guess a big part of this is because the art _itself_ is a form of compensation: Artists have a passion for the end result in a way that organizations (e.g., corporations, collectives, movements, etc.) harness and take advantage of in lieu of financial compensation.
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This is usually framed in terms of greedy corporations cynically exploiting young workers, but having interviewed for a Sony studio myself a few years ago (and ultimately going back to my native robotics field for almost exactly double the pay), I think there is something tangible about the compensation that is working on something normal people encounter in every day life.

It may not pay the rent or put food on the table, but seeing your name in the credits of a movie your friends watched or a game they played is a perk that has real value. Writing a technical book rarely pays the bills either but it's the same story of getting to see your name on the shelf, maybe it leads to getting on a conference panel or something at some point.

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To a lesser extent the same has been said about Apple's low pay relative to peer (far less profitable) companies -- the mere honor of working at Apple is an implied part of the compensation package.
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I think it is mostly just margins. Sure there are lots of people willing to work for no very little money for game dev but I would say there are tons of people willing to work for very little money for FAANG companies because they want that on their resume.

In fact since we are on hackernews that is kind of thing people wanting to be entrepreneurs do. Work at recognizable big tech company for a few years. Leave to be a founder of a startup. Investors ... well that guy came from google they must know what they are doing etc (the irony is they probably have less of the skills to start a company going that path).

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They want it on their resume primarily to make more money and have a better career in terms of getting hired, etc. Very different motivation. They'd only work at a FAANG for free long enough to get that bump. Game devs however would work for many years underpaid because they like what they're creating.
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~~Perhaps now especially since these companies are predominately hiring oversees contractors but circa 2009-2015 when I was around entrepreneurs and startups this was discussed.~~

~~Ultimately the goal is the same: make more money. So I disagree the motivation is "very different" its just a lot harder now to do a startup.~~

You kept editing your comment so disregard the above. I misread it the first time and then it changed. I left my response thats makes no sense now.

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Sorry, I didn't make the point I was aiming for initially
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Your new point is excellent btw. I should have considered that.

I also hope it doesn't sound like I don't care for these developers who are being taken advantage of. They should be compensated fairly for their work.

EDIT I should add why I think it is a great point especially since I make recruiting software. The greatest increases in salary for most people is done by switching companies or jobs. If you don't want to leave the company because you really like what you do it would skew it so that salaries are lower.

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You're not wrong, but it's also so sad.

FAANG used to be the _dream_. Change the world. Work on groundbreaking tech. Solve harder problems than anywhere else. Get Paid incredibly well.

Then I guess a generation focused exclusively on that last part flooded the zone. I still believe that The Great Resignation of 2021 did more harm to our industry than COVID or any interest rate or VC changes.

It polluted the brains of most of the people in our industry from a missionary mindset to a mercenary, and it decimated big company's established cultural memory all to prop up a bunch of unicorns who will probably all slowly die over the next decade.

So now half of the people can't get a job, and the half that can are miserable. This was true BEFORE AI.

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It's just a natural progression. When the company is a startup working on a new exciting tech it's chasing the dream and changing the world. When it's a behemoth employing 200k people, it's impossible for all of them to be chasing the dream. Probably like 90% of them would be doing extremely boring "keeping the lights on" tasks and ensuring this gargantuan machine does not go to pieces under it's own weight. It still can pay incredibly well, but it won't be exciting frontier work anymore. It just can't be, 200k people company can't move with the agility of 200 people company.
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Interesting choice to blame FAANG demise on its workers
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People haven’t responded to your very first point, and I want to really stress it because I don’t think most people really get it.

Margins.

Game development doesn’t pay more because game development companies can’t afford to pay more.

Sure, an individual game dev company may make a lot due to the hit driven nature of the field, but the totality of the market simply makes less money per developer than big tech does.

In order for that to change, the market has to increase in size by appealing to a more casual audience, or existing gamers have to pay more. Not something I think most gamers would like. And these are the people who the workforce of game developers form from.

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> In order for that to change, the market has to increase in size by appealing to a more casual audience, or existing gamers have to pay more. Not something I think most gamers would like.

To really drive this point home, the gaming community recently lost their minds when it became clear that this generation of video games were going to retail for ~$90 per game. Never mind that even in the early 90’s an average game might retail for $40 and what we would call a AAA game could reach as high as $70. In 2025 gamers declared that $90 was highway robbery. But go look at the credits for an early 90s video game. That $40-90 per unit in the early 90s might need to cover the salaries of 23 people (the size of the credits list for Super Mario World on the SNES). Now $90 has to cover 435 people (the credit list for Super Mario Wonder on the switch). Sure we’re selling a lot more copies now, and (some of) the manufacturing costs are lower. But that’s a nearly 20x increase in personnel for a mere 2x increase in (non inflation adjusted) price.

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There's a cool 1990s magazine scan that breaks down the margins for an SNES cartridge: https://www.reddit.com/r/gaming/comments/11140t0/pricebreakd...
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> In order for that to change, the market has to increase in size by appealing to a more casual audience, or existing gamers have to pay more.

The fun part of all this is that when union demands start forcing the industry in the opposite direction - higher cost, higher prices, smaller market. In a sane world, we would connect this, but in this world, we will just blame management. The union will forever have an invincible PR shield no matter how crazy the demand.

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In what world are unions never criticised? I'm in the UK and they are often reviled in the press and among people who don't work in a unionised sector. America has an even stronger tradition of anti-union feeling (maybe partly due to historic links between unions and organised crime but also because the US has often had a stronger collectivisation than most European countries - consider that the political centre in the US would be considered into right wing in most Western countries on most issues)
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Also games are for leisure. The same thing is true in Hollywood—hundreds of crew members getting paid small wages relative to their long hours and a few stars getting millions.
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You have the causality inverted. People want big tech on their resume because it makes them look qualified. People with top qualifications work at big tech because of pay. If low quality engineers worked in big tech, it wouldn't be a coveted qualification.
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The causality of what? I'm probably missing something obvious here. The cause of people getting paid less in game development I said has to do with margins (although I now think there is more to it than that).

> People want big tech on their resume because it makes them look qualified.

I think I said that?

> People with top qualifications work at big tech because of pay.

Actually I am not sure if that is true. I think top qualification people work at these places because of other reasons than just money. I'm talking Carmack working at Facebook for example is because of more possibilities and less the pay. Like FB is we have this really smart team for you and this tech for you and you can make your own products etc.

After all there is academia and that mostly pays shit and plenty of qualified people there.

> If low quality engineers worked in big tech, it wouldn't be a coveted qualification.

And I think that is probably happening more now. The 10x developer was kind of a myth. More people for less money these days particularly with AI is becoming more of the norm.

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Carmack level folks are the exception. the vast majority of faang interest is money. In fact if youve been in dev long enough, youd see even the makeup of the tyipical eng has changed, there are quite a few normies in the field these days, many of whom im not sure even like coding at all. Its seen as a reliably high paying field worth steering towards regardless of interest. It has lately reminded me of the kinds of people id see in medicine. smart, capable, not particularly interested in the field as such.
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This is the answer to all price questions, including this one.

There are a large number of people that are passionate about games.

Moreso than say, ERP software.

And this holds true relative to demand (gaming is ~$300B/year globally).

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All else being equal, the cooler a job is, the less it will pay. It's why unions have been so successful in other "cool jobs" like professional athlete and working on movies and TV. There are some people who would do those jobs for free which completely destroys the market power of most individuals requiring collective action to prevent exploitation.
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Working for the amount of money one agrees to is not exploitation.
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"Agrees" is doing a lot of work in that sentence. Agreeing to $100/hour because you think it's fair and agreeing to $1/hour because you're starving may both qualify, but they're quite different.
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It would be prudent if you would dig a bit deeper into how unions came to be. Long story short, capitalism can easily create situations where you agree to be exploited to some degree, to avoid being exploited to another, worse, degree.
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I think this is part of it. I have heard some people turn to prostitution to afford working for the mickey mouse company in Tokyo. Second hand accounts. People go to insane lengths just to work at their dream place.
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I am a unionized software developer in media, not games. I helped the game workers at Blizzard unionize and they all spoke of the "passion tax". One reason the "passion tax" is possible for employers is that there seems to be a degree of labor monopsony for the kind of development done by AAA game studios. In this respect it's quite a bit like Hollywood film production in its heyday.
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>One reason the "passion tax" is possible for employers is that there seems to be a degree of labor monopsony for the kind of development done by AAA game studios.

How is the existence of a monopsony necessary or even related to a passion tax existing? Suppose the market were a fully free market with tons of software companies on one side and tons of developers on the other. It would fly in the face of reason, and fairness in my eyes, if all developers were paid the same but some got to work on fun stuff like games and others worked on the scheduling software for the scheduling software for the warehouse robot repairs. So a passion tax seems like something that should exist and not really be decried.

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> So a passion tax seems like something that should exist and not really be decried.

To put it the other way, work that is distasteful in some way, should also pay more, but this is missing the point.

I think the point of the unionization is that the monopsony of a small number of AAA game studios gives them excessive market power to reduce compensation and especially to reduce working conditions.

A union can acquiesce to the passion tax and say that top developers at a AAA should make $150k/year (a bit low), while simultaneously saying that that developer should be able to see their children on nights and weekends. The project management that leads to "perma-crunch" is something that ought to be resolved on the employer's side, not by the employees.

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I was under impression there were quite a number of independent game studios, is that no longer a case? What is the cause of a monopsony here - the barrier to entry, at least for making a game, doesn't seem too high. Marketing one successfully is probably harder, but that is a common problem not unique to gaming.
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Suppose you double their pay, make them more in line with other tech workers. How should you allocate these highly coveted game dev jobs? The supply of jobs won't magically increase (it would likely decrease with higher wages), and the number of people interested in working there would grow as well. Do you just have a lottery?

Now rather than being a relatively underpaid worker in an industry you're passionate about, you don't have the opportunity to work there.

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Your hypothetical is interesting, but it doesn't accord with the reasons these workers organized. They did not conceive of the issue as primarily about multiplying all worker compensation by some large factor (e.g. 2x). While they were certainly fighting for higher pay, it was as much about the arbitrariness of career paths as anything. Sexual harassment, crunch time, and layoff cycles were all problems they sought to address.

https://en.wikipedia.org/wiki/Activision_Blizzard_worker_org...

Regarding your hypothetical, two points. First, Hollywood unions did essentially go down the path you imagine. The solution there was to create a less arbitrary system that allowed actors to work their way into the union and get a degree of income stability and protection from (previously horrendous) employer abuse.

"The supply of jobs won't magically increase (it would likely decrease with higher wages)"

You should look into the economics of these game studios a bit more. The unit economics are not like those of producing bricks which an essentially linear (capital, labor) -> bricks production function. The distributive effects between the employers, workers, and consumers would be very difficult to model. You can't really figure out the marginal contribution of the factors of production. To use a Hollywood analogy: Do we know how much less one of George Clooney's films would net if a different actor were cast instead of him? If we can't be sure, can we know what his marginal contribution was?

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Regardless of whether it's pay or conditions, the changes would make it a more desirable place to work, which would increase the amount of people that want to work in that field.

> The solution there was to create a less arbitrary system that allowed actors to work their way into the union and get a degree of income stability and protection from (previously horrendous) employer abuse

Less arbitrary sounds good, but you need discretion. A lot of unionized jobs rely or pretty arbitrary rules, like how long the person had worked there. Why should someone doing the same job as me get paid more just because he was there longer? That seems more arbitrary to me than my manager's opinion of my work. You end up having an underclass of younger employees and all the benefits accruing to people that have been there longer. This could sink an entire industry or company as they would be stuck with more expensive labor they can't get rid of while a new company can just hire younger people at the bottom of the scale for the same work

> You should look into the economics of these game studios a bit more. The unit economics are not like those of producing bricks which an essentially linear (capital, labor) -> bricks production function. The distributive effects between the employers, workers, and consumers would be very difficult to model. You can't really figure out the marginal contribution of the factors of production. To use a Hollywood analogy: Do we know how much less one of George Clooney's films would net if a different actor were cast instead of him? If we can't be sure, can we know what his marginal contribution was?

I agree, but that's exactly why you don't want some union to do it that doesn't have the insights. The Hollywood analogy is exactly right, how much would George Clooney films net if they used a different actor. Movie studios have a direct incentive to find out. They can pay someone a lot less and if its comparable, they would. But the idea that a union can have a matrix that can capture George Clooney's worth and pay (how long have you been an actor for?) is unrealistic.

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We have the same problem in the rest of tech, though? Being unable to get into a AAA studio is as unfair as being unable to get into FAANG.

This just brings game development in line with other code monkeys. Top studios will pay top dollars, Indie studios will pay what they can, often almost nothing.

And I see nothing wrong with that, do you?

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Why are so many engineers unable to get into FAANG? Their hiring seems pretty straight forward. Cram leetcode. Most people can't get into it because they don't want to dedicate 100+ hours cramming these tests. But if you do and you're reasonably smart, you'll get in. Much better chance than something like banking/consulting (hire right out of school) or lawyers (must go through lots of schools). Out of the high paid jobs, it's extremely open and transparent.
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How should you allocate these highly coveted game dev jobs?

Would the company not conduct interviews and pick out whoever seems like the best candidates?

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Thanks, you taught me a new concept, monopsony today, I didn't knew it got a name!
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> monopsony

I had to look it up as well. I assumed it was a play on words about Microsoft, Nintendo, and Sony (the three big video game console players).

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For future people to look it up.

Monopoly is a single seller.

Monopsony is a single buyer.

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I've done some coaching work with college-age computer science majors. The answer is pretty obvious when you talk to enough of them: Most of them got into computers via video games. Many of them had phases where they worked on video game related code, like modding or trying to make their own games.

Not many people get into computers because they dream about staring at a console to figure out why the kubernetes cluster is misbehaving again (though some do).

Like another commenter said, it's the "passion tax": The more interesting a job, the more people seek it. The more people competing for a job, the lower the pay.

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It has not lagged behind depending on how you look at it, video game development can be split into engine programming and gameplay programming. For engine programming, you only need a handful of senior engineers specializing in low level details of a video game engine, and these will get paid high appropriate wages that match industry standard salaries. For the gameplay programmers, they just seek the cheapest labor that can do "quantity over quality" type of work to pump out content and there's a large pool of juniors/interns that will accept these low wages just because they want to be a part of something popular.
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But don't bad gameplay programmers implement gameplay badly? If that is truly the state of the industry that explains all the modern games with extremely mushy controls.
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Customers don't care about the code. They just care that the gameplay is fun.
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Are you implying the only differentiator between good and bad developers is the aesthetic of the code itself? And not the actual computation the code does? Wild take honestly.
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I assume by gameplay he means stuff like in game scripting - when you walk here it triggers this. Mushy controls would be down to the engine developers.
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Nope. Rendering, tooling, audio, core engine... None of these pay particularly well. More than just gameplay programmer, sure, but because many engines have moved to a visual node style of programming, it's also less and less programming in the gameplay department.

>there's a large pool of juniors/interns that will accept these low wages just because they want to be a part of something popular.

That's an unbelievably bad _and_ disrespectful take. They accept these low wages because it's their only way in the industry, and because the industry has made sure to keep a steady supply of fresh meat to burn out. "because they want to be a part of something popular" doesn't work when the vast majority work on unknown games in content factories for the first ten years of their careers.

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> That's an unbelievably bad _and_ disrespectful take. They accept these low wages because it's their only way in the industry, and because the industry has made sure to keep a steady supply of fresh meat to burn out

Is it really “disrespectful” to make an observation of how the world is even if it maybe isn’t how it should be? That fact of the matter is no one “needs” to accept these wages. Software development in general and game development in particular labor fields of choice. Being a software developer can pay you better in so many different parts of the field, even today long after the dot com boom. People are choosing to accept these bad offers because they value working in this part of the industry more than they value the higher wages they can get elsewhere. Just like plenty of us choose not to make FAANG levels of money because we value our work life balance, or our specific living locations or our principles and beliefs over the money that those companies are throwing at people.

We can talk about how these bad offers are knowingly abusive or artificially suppressed and still acknowledge that people are making informed choices to accept those offers.

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I think by “something popular” gp meant an industry that people are excited to be in — which dovetails with your implication about accepting low pay for a way in the industry
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Modern AAA video game development has much more in common with a traditional factory assembly line than a typical tech startup (for better or worse) - or maybe movie production is an even better comparison (especially now where most of the production seems to happen 'in post').

Also VC doesn't seem to be all that interested in investing into game dev companies, I guess because it's such an extreme hit-and-miss business (e.g. even when a game-dev company lands a massive hit, the next attempt may be a massive flop and sink the whole company).

> Ostensibly they are doing remarkable similar engineering problem solving

The engineering problems have been mostly outsourced to Unity and Epic Games (e.g. Unreal Engine)

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That’s only true in some instances. Do most AAA titles like Call of Duty, GTA, etc use Unity or Unreal?
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In the last few years the pendulum has been swinging back from inhouse engine to Unreal Engine. There are a couple of holdouts, but my guess is that the majority of AAA games currently released are back on UE - at least it feels that way ;)

And Unity always ruled supreme for AA and mobile games.

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There are many studios with their own engines that rival or exceed UE5 - which seems overhyped, because at this point they caught up with graphics fidelity without terrible performance that dread a lot of UE5 titles.

Recent notable example is Crimson Desert, they spent years building their own engine for this game and IMO they raised the bar when it comes to creating a huge realistic world.

Others that come to my mind are Decima and RE Engine.

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As a Korean freelancer, I’ve spoken with former developers from Pearl Abyss. They officially work 10 to 7, but the relentless crunch culture drives most people out.

While the company is extremely proud of its proprietary engine, I was told it causes severe internal politics. The studio is heavily biased toward the engineers who built the engine. Another huge downside is the lack of documentation—you can't just Google your bugs. (Granted, this was the situation two years ago).

The CEO is famously known in Korea for prioritizing developers while devaluing writers and planners. However, even within that developer-first environment, the proprietary engine has birthed a clear internal hierarchy among the programmers

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Companies I remember: CD Project RED, but they are now switching their newest game to Unreal Engine.

id Software, the new Doom series uses highly performant engine (as if there was some legacy there for that).

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The main point of using a 3rd-party engine like Unity or UE is not to buy technical excellence, but to get a 'good enough' asset pipeline, authoring tools and engine runtime cheaper than building and nurturing your own inhouse engine and tools team ... especially when the best programmers on those teams are then poached by Epic or Unity anyway ;)
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Crimson Desert's engine is heavily derived from Black Desert's engine (called BlackSpace Engine) so it wasn't really from the ground up, but your point still stands.
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I've read somewhere they had several attempts until they could comfortably support the scale of the game, so maybe it was just rebuilding some major parts
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Most massive studios have their own which they use across a bunch of titles
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I think a never-ending pool of young, fresh, and naïve graduates happy to sell their soul to make video games has been a strong contributor for low wages for a while. Any time someone gets too senior, just replace them with another graduate. Naturally, the product quality and timescale suffers too.
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Yep, 0-day contracts. Don't like it? Move on and we'll hire another set of university grads.

That's how most studios work.

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Employee pay depends on the margins of the industry. High margin industries can afford to pay high wages. Game publishers have nowhere near the margins of Google.
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In my time I heard some people called this the "Tower Records effect". If the workplace is cool enough (record store, video game company, rock band), enough kids will want to work there that the employer can pay peanuts and won't run out of applicants.
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Maybe the skill set in game dev is less portable to other domains? I'm on backend side, and I interviewed a lot of people over my career, with all variety of backgrounds, and I can hardly recall anybody coming from the gaming industry for some reason. It seems to be somehow separate from other tech fields, not sure why. If that's true, then the cause is that the market is smaller, so the gaming studios have more power.
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Supply and demand. There's a high supply of people who want to work in video game development, which drives down the price of labor. It's the same reason why nearly all actors work for a pittance.
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Because pay is not directly correlated to technical finesse. It is primarily dictated by how much money a company can expect to make.

And Advertising (FAANG) is insanely profitable, while doing software in other difficult fields (firmware in automotive or embedded, etc) may be technically challenging, but the margin is is only like 6-10% max

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Only 2 of the letters in FAANG are primarily advertising companies.
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They're all pretty high margin though.

I think flipping the question like this gets at the heart of the true answer.

The question is not why video game pay has lagged, but why tech pay has jumped ahead.

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I'm actually in the industry. I don't think it's as much about supply and demand as it is about expected value of the product.

Most games are expensive to make and most of them fail. Way more than normal software which doesn't have ultra-high marketing costs or diverse staffing needs (Art, QA, game design, etc).

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My guess would be that game prices haven't dramatically changed in 20-30 years and development costs have skyrocketed. Easiest way to save money is on payroll.
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Big video game industry never had to compete with META for top talent.

Tangible example: Walmart labs had to quadruple the salaries once it realized they could not attract any scientists or top tier engineers.

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Video game development is largely grunt work outside of the engine
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As opposed to making a crud app for a SAAS?
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This, and also, if you just take a step back and think of the bigger picture, the work isn't valuable. There's a lot more value in pushing ads, a CRM, an email app, etc than keeping a 14 year old kid entertained.

I don't really buy the supply/demand argument everyone else is saying here. The end product just doesn't provide value to people's lives. The amount of effort you'd need to put in to provide value in a video game is way higher than the effort you'd need to put into a productivity tool.

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You could invert this question and it would be equally valid.

The question is why the gulf, rather than why the lag. Why is big tech pay so high?

When you compare it to other trades and industries video game dev pay is much more “normal”

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Flipping the question like this was my instinct as well. I think the passion tax and supply and demand are definitely factors, but the real reason for the gap is that big tech has gotten increasingly exploitative and monopolistic, leading to larger margins and higher competition for talent.
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I work in tech. I would be happy to work on gta 6 for 30% of my current income.
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In addition to low salary, and crunchtime, the other big downside in the gaming industry is frequently layoffs, and studioes going bust.

You can't ride on a single game for long, and if the next one goes badly half the company will get fired. Not true of the bigger studios, but of course not everybody works in those.

I have friends who work in gaming, and it's a regular thing for studios to form with a great game, go bust a year or three later, and then a new studio get formed with largely similar staff.

Developers move between the same companies around and around again. The lack of stability is a real problem, especially with increasing use of "AI".

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Seconday question, for how long do you think you would be happy with that arrangement?
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Supply and demand would suggest that there's more supply of those willing to be paid less to work in entertainment 'on games' to meet the demand. Would be cool to see actual economics on it though.
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Passion tax.
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Individuals making choices.
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How can pay ostensibly be lagging behind big tech at Rockstar, yet GTA 6 allegedly has a budget of $3B? Granted not all of it will be allocated to development cost, but still.
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Major studio pay the same as in tech for the base salary, the big difference is in bonus/stock.
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I think the usual theory is: So many of us got into computers because we loved playing video games, and wanted to make them, and then loved making games. So the game companies that will pay you money to make games (even if there's a lot of non-fun to it) don't have to pay as much as, say, a surveillance capitalism company of sharp-elbowed careerists.

IIUC, the majority of FAANG is people who are there, first and foremost, for the paycheck. (And then maybe they get interested in the work, especially if it seems like progress towards a promotion for more money, or because it gave them skills or resume keywords that they can then use to get more money elsewhere. It's the money/career that's interesting first -- craft and product are only a consequence of wanting the money.)

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Sexy rarely pays.
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People are willing to work for less because they enjoy the work more. Also wouldn't be surprised if the gaming industry trends younger, so less experience negotiating.
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Supply/demand.

For example, GPU shader programming is something people will practically fight over doing because it's so non obviously utterly addictive.

I would say dev roles in tech in general that lack an operational component also lag in pay, and much of gamedev is pure dev in a sense the wider tech industry has since largely forgotten exists.

On the art side it's even more extreme.

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GPU programming has to be one of the highest paying jobs in the game industry, and it can transition quite easily into other industries as well. Mostly because it’s not an entry-level position. On top of being a solid C++ developer, you need to understand the entire hardware stack and be able to optimize shaders at the instruction level while juggling things like occupancy, memory coalescing, and other low level performance concerns.
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My experience of it, which is quite substantial both as dev and overseeing whole teams at it, is people do not pay for GPU programming, they do pay for integrating it into their framework, optimizing what the artists did already, and developing profiling tools, but the only part of that remotely competitive with ops related roles is "We didn't think we needed developers so our art team made an inefficient mess in Unreal and we're desperate to release the game on time and are throwing money around to make sure it actually runs on remotely normal hardware", after which they will sit around complaining about how expensive it was and the amount of damage that was done to their artistic vision in the process.
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There are more silos in the software engineering industry than you might expect as a "Big Tech" kind of engineer (assuming that's where you're speaking from). Gaming, embedded, audio, aviation, defense, automotive, medtech and pharmacy, deep enterprise, finance, etc.

Those silos maintain different processes and workflows, different company cultures, different skill specializations, etc and jumping around between them in mid-career or senior can be very challenging. So they tend to have their own org chart shapes and salary/benefit norms.

When a Big Tech company moves into or absorbs one of those silos, or emerges from one of those silos, it can shake up what the people within them get paid (and thereby have big knock-on effects for legacy employers), but otherwise it's just it's own little bubble in a lot of ways. People can share stories and ideas across the siloes in venues like HN, but many of the "what are you even talking about" reactions that happen on here often occur when people from these different silos stumble into what are sometimes deep differences in what they do and what their work experience is like.

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It's really the same in any creative industry. Employers exploit you through this combination of factors:

1. You love the area and are willing to take a cut to work in that area, particularly when the alternative is working on CRMs for a PBM;

2. Demand for these jobs still exceeds supply; and

3. The very top of this pyramid makes a shitload of money. If you get to like a Lead Engineer type position, you might be making points on unit sales. And for a big hit that can be big money; and

4. Historically, indie development wasn't a viable route to making a living but it suffers from the same distortions too. For every Notch or ConcernedApe, there are thousands of pepole who below the poverty line. Look at something as widely regarded (but niche) like Dwarf Fortress. They made bank (and deserved it) from the Steam release but they spent 10+ years making a couple of thousand of dollars a month between the two of them.

Just look at the music industry. There are artists and bands who are trying to make it, training for years and making $50 to play some local venue and they're just hoping to get noticed. In years gone by that was a record contract. Nowadays, there are alternate routes. Justin Bieber was a Youtube breakout.

Fun fact: the first artist to have a #1 single without a record contract was Lisa Loeb for Stay in the early 1990s because it was picked up for the sound track (those used to be a big deal) for Reality Bites.

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my guess is: the ENGINEERING problems they solve are harder, but they're still just video games at the end of the day, compared to something that solves an actual business need.
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Because building video games isn’t really work, it’s just fun. I’d do it for half of whatever these guys are being paid.
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Because they put up with it.
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More people dream about building the next game than building another CRM system.
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Too many people are willing to do it for low pay and long hours because of their passion for it. Also most games are not guaranteed clients and thus profits like with large corporate software.
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Has it? A lot of 'big tech pay' is based on US salaries which are astronomical compared with all of Western Europe. And big game companies are lot more spread out globally. For example, in this case they're in the UK so how do their salaries compare with UK dev salaries?
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Even in the US, game developer positions tend to pay much lower than the same skills can get you at a "big tech" company.
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