Over 70% of Layoffs in Gaming Have Been in North America (Over 50% in California Alone)

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Combination of a lot of video game development being based out of the US/California alone in the first place, plus American business practises and culture, which tend to favour short term profitability at all costs.

The AAA business model is kinda broken, at least in the West. Even when companies post record profits, they lay off workers in droves.