Yep. Composers can earn a lot of buckos writing for the video game industry. A report in today's Los Angeles Times says that music for video games can garner as much as $2,000 per minute:
"The gigs pay well: Composers can receive as much as $2,000 for each minute of music they write, with a typical game requiring 60 to 90 minutes of music. Including the allowance for hiring musicians, renting recording studios and post-production work, the music budgets for top-notch games can reach as high as half a million dollars."
I know that John Paul, who teaches music at Marylhurst University, was one of the earlier composers in the video game arena. He wrote for Atari's games and has a number of other credits. You can read about it in his online bio here.