Opposing Influences of YouTube Influencers: Purchase and Usage Effects in the Video Game Industry.

This article examines the causal impact of influencer-created YouTube videos on video game purchases and usage, leveraging a natural experiment known as the "Adpocalypse" that delayed video postings and helped address endogeneity concerns. Using detailed daily panel data from over 95,000 Steam users and nearly 91,000 YouTube videos from top gaming channels in 2017, the study finds that influencer videos generally substitute for game purchases—leading to a small but significant decrease in sales—but complement game usage by increasing playtime among existing owners. The effects vary by game genre and video characteristics, with story-driven, indie, and sports games experiencing more negative sales spillovers, while simulation and multiplayer games see positive effects; higher audience engagement in videos correlates with stronger substitution effects on purchases but increased usage. These findings suggest that video game firms should tailor their business models and influencer strategies according to whether influencer content acts as a complement or substitute, and they have implications for intellectual property rights considerations regarding user-generated content.